신기술금융회사와 창업투자회사의 투자기업 간 경영감시에 차이가 있는가? : 상장인근 이익조정을 중심으로

The Set-up Investment Company(SIC) and the New Technology Financing Company(NTFC) carry out roles of traditional venture capital in Korea. There are some differences between them. In detail, rules such as the operation of investment target and fund commitment. This study is to investigate whether these differences cause earnings management of IPO firms around the time of IPO using accruals due to the differences in monitoring SIC-backed and NTFC-backed firms. The domestic study for earnings management has been progressed through Kim et al.(2014), Song(2016), Song and Lim(2016), Song and Lee(2017), which used definition of a venture firm as firms invested by a venture capital. Up to now, this subject of earnings management around IPO for SIC_backed and NTFC_backed firms was not carried out. The purpose of this paper is to analyse the differences of earnings management around IPO for SIC_backed and NTFC_backed firms from 2000.1 to 2011.12 in KOSDAQ market. Results from the measured value of several discretionary accruals and regression of earnings management on venture capital backed are consistent as follows; First, although SIC_backed and NTFC_backed firms have upward earnings management in the beginning or just before the time of IPO, the difference of earnings management between SIC_backed and NTFC_backed firms is not significant. Second, this finding is supported by regression model considering fixed effect of year and industry, under other variables influencing IPO underpricing controlled. These results shows indirectly that there is no significant difference between monitoring role for SIC_backed and NTFC_backed firms unlike the early expectation that SIC's monitoring role would be higher than NTFC's.