ꆶ벼쫵뺭볃ꆷ뗚4웚(ퟜ뗚220웚)2006쓪컒맺탂막쫗듎릫뾪랢탐(IPOs)쪱펯폠맜샭뗄쪵횤퇐뺿뢣붨얩쇖듳톧뺭볃폫맜샭톧풺ꆡ퇮ꆡ컄[햪튪]놾컄뷨본컷랽맘폚쫗듎릫뾪랢탐벰펯폠맜샭뗄퇐뺿돉맻,뷡뫏컒맺막쫐뗄쪵볊,톡좡뮦쫐101횻막욱ퟷ캪퇹놾,톡좡뮦짮솽쫐릲147횻막욱ퟷ캪닎헕퇹놾,볆쯣짏쫐릫쮾쫗듎릫뾪랢탐쪱뗄훷맛쇷뚯펦볆샻죳ꆣ뺭볬퇩뗃돶,컒맺짏쫐릫쮾쫗듎릫뾪랢탐쪱웕뇩듦퓚펯폠맜샭ꆣ[맘붡듊]펯폠맜샭,쫗듎릫뾪랢탐(IPOs),탂막,훷맛쇷뚯탔펦볆샻죳(DCA)튻ꆢ퇐뺿놳뺰펯폠맜샭랢짺퓚맜샭떱뻖퓋폃횰튵에뛏뇠훆닆컱놨룦뫍춨맽맦뮮붻틗틔뇤룼닆컱놨룦쪱,횼퓚컳떼쓇킩틔릫쮾뗄뺭펪튵벨캪믹뒡뗄샻틦맘쾵죋뗄뻶닟믲헟펰쿬쓇킩틔믡볆놨룦쫽ퟖ캪믹뒡뗄웵풼뗄뫳맻(Schipper,1989쓪)ꆣ듓20쫀볍60쓪듺쒩웰,맺쓚췢톧헟쿠볌힢틢떽쫗듎릫뾪랢탐막욱듦퓚죽룶틬뎣쿖쿳,벴랢탐뚨볛욫뗍(Underpricing)쿖쿳ꆰꆢ죈쏅막쫐뎡ꆱ(HotIssueMarket)쿖쿳뫍탂막뎤웚쫐뎡뇭쿖쪧뎣쿖쿳(long-rununderper2formance),쏀맺횥볓룧듳톧뷌쫚돆횮캪IPOs횮쏕(1970쓪),폖돆ꆰ탂막횮쏔ꆱꆣ헢죽룶쿖쿳돉캪삧죅닆컱톧뷧뗄죽룶쓑쳢,탭뛠톧헟듓늻춬뗄샭싛폫쪵횤뷇뛈쫔춼뷢쫍ꆣ맺췢폐킩톧헟듓짏쫐릫쮾쫗듎릫뾪랢탐잰펯폠맜샭뗄뷇뛈살뷢쫍ꆰ탂막횮쏕ꆱ,늢쳡돶탂막뎤웚쫐뎡뇭쿖쪧뎣쫇평폚짏쫐잰릫쮾쪵쪩펯폠맜샭뗄뷡맻ꆣBurgstahler뗈(1997쓪)뛔짏쫐릫쮾캪뇜쏢뿷쯰뛸뷸탐펯폠맜샭뗄탐캪ퟷ쇋퇐뺿ꆣ쯻쏇랢쿖,퓚맜샭뫳펯폠뗄럖늼훐,캢샻뗄쟩뿶뇈뷏벯훐,뛸캢뿷뗄쟩탎뇈웚췻뗄짙ꆣ헢킩뷡맻틢캶ퟅ쓇킩풤닢떱쓪뿉쓜믡랢짺캢뿷뗄릫쮾,믡춨맽펯폠맜샭틔룄뇤떱쓪뗄ꆰ돠ퟖꆱꆣDegeorge뗈(1999쓪)ꆢMyers뫍Skinner(1999쓪)ꆢBeatty뗈(1999쓪)틔벰Beaver뗈(2000쓪)쿈뫳펦폃맜샭뫳펯폠럖늼램뛔짏쫐릫쮾뗄펯폠맜샭탐캪뷸탐볬퇩,믱뗃쇋뫜잿뗄횤뻝뇭쏷짏쫐릫쮾좷쪵듦퓚펯폠맜샭쿖쿳,늢쟒늻춬샠탍뗄릫쮾믹폚늻춬뗄쒿뗄,펯폠맜샭뗄럹뛈튲늻뺡쿠춬ꆣ컒맺톧헟쯯뫍췵풾쳃(1999쓪)퇐뺿랢쿖:(1)평짏쫐릫쮾뺻닺쫕틦싊럖늼뗄ퟜ쳥볬퇩뿉틔뾴돶짏쫐릫쮾뻍ퟜ쳥뛸퇔좷쪵듦퓚닙ퟝ펯폠뗄쟣쿲,엻슶뗄믡볆탅쾢듦퓚쪧헦컊쳢ꆣ(2)짏쫐릫쮾닙ퟝ펯폠뗄뚯믺횱뷓폫헾뢮뗄볠맜헾닟폐맘,폈웤쫇볠맜헾닟훐뗄엤막헾닟ꆢ쳘뇰뒦샭헾닟틔벰햪없헾닟ꆣ헢훖ꆰ짏폐헾닟,쿂폐뛔닟ꆱ뗄뷡맻,퓚쒳훖돌뛈짏쮵쏷헾뢮볠맜헾닟뮹좱랦킧싊ꆣ슽붨쟅ꋙ(1999쓪)뛔퓚짏붻쯹짏쫐뗄22볒뿷쯰릫쮾뷸탐쪵횤퇐뺿,뷡맻쿔쪾쇋뿷쯰릫쮾퓚쫗듎돶쿖뿷쯰쓪럝,듦퓚쿔훸뗄럇헽뎣뗷복펯폠뗄펦볆믡볆뒦샭,퓚쫗듎돶쿖뿷쯰잰튻쓪뛈뫍얤뿷캪펯쓪뛈,폖쏷쿔듦퓚뗷퓶쫕틦뗄펯폠맜샭탐캪ꆣ뛾ꆢ퇐뺿짨볆(튻)퇹놾톡퓱뫍뾼달쪱볤뛎뗄좷뚨놾컄톡좡1996쓪1퓂1죕훁1998쓪12퓂31죕웚볤퓚짏몣횤좯붻틗쯹쫗듎릫뾪랢탐뗄101횻훆퓬튵막욱ꆣ퇹놾톡좡뫍뾼달쪱볤뛎뗄좷뚨훷튪뾼싇틔쿂벸룶풭틲:1ꆢ컒맺ꆶ막욱랢탐폫붻틗맜샭퓝탐쳵샽ꆷ(1993쓪)뗚9쳵뫍뗚30쳵훐맦뚨,풭폐웳튵룄ퟩ짨솢막럝폐쿞릫쮾짪쟫랢탐막욱뫍짪쟫짏쫐붻틗뗄,펦떱럻뫏ꆰ릫쮾뷼3쓪솬탸펯샻ꆱꆣ폖틲캪놾컄퓚볆쯣퇹놾릫쮾뗄훷맛쇷뚯탔펦볆샻죳(DCA)쪱,탫톡좡튻뚨쫽솿뗄닎헕퇹놾릫쮾(1995쓪횮잰쫗듎릫뾪랢탐막욱뗄짏쫐릫쮾),쯹틔놾컄톡좡1996쓪횮뫳쫗듎릫뾪랢탐막욱뗄릫쮾ꆣ2ꆢ19961998쓪뮦쫐릲랢탐249횻막욱,퇹놾웚볤IPO퓚룷탐튵횮볤럖늼늻뻹퓈ꆣ캪쇋춳볆럖컶뗄뿉뾿탔,쯹틔톡좡훆퓬튵뗄130막욱;웤쯼탐튵랢탐쫽솿뚼뫜짙,믘맩탐튵훷맛쇷뚯탔펦볆샻죳(DCA)랽돌쪱퇹놾쫽솿첫짙,맊즾돽ꆣ4ꆢ즾돽쫗듎릫뾪랢탐훐뗄샺쪷틅쇴막12횻막욱ꆣ폖틲캪폐17볒릫쮾퓚쓪돵랢늼헐막쮵쏷쫩뫍짏쫐릫룦쫩,잰튻쓪쓪훕뗄닆컱놨뇭캴릫늼,틲듋놾컄톡좡퇹놾쪱붫쯼쏇업돽퓚췢ꆣ(뛾)폐맘뇤솿뗄뚨틥릫쮾믡볆샻죳냼삨뺭펪쿖뷰쇷솿뫍펦볆샻죳뛮솽늿럖,뺭펪쿖뷰쇷솿뗄뿉닙ퟝ탔늻잿,뛸펦볆샻죳쿮쒿쿠뛔떯탔뷏듳ꆣ틲듋,릫쮾펯폠맜샭훷튪춨맽뗷볁펦볆샻죳뛮살쪵쿖ꆣ펦볆샻죳쿮쒿내웤뿉뇤쿖돌뛈럖캪쇷뚯탔펦볆샻죳(CurrentAccruals)뫍럇쇷뚯탔펦볆샻죳(Non-currentAccruals)ꆣ럇쇷뚯탔펦볆샻죳훷튪쫇횸만뚨닺헛뻉ꆢ컞탎닺뫍뗝퇓닺뗄첯쿺틔벰뗝퇓쮰뷰,헢킩쿮쒿뫜쓑뷸탐뗷볁,돽럇뷸탐믡볆뗷헻,뛸믡볆뗷헻폐튪릫뾪엻슶1ꆣ틲듋,릫쮾펯폠맜샭폖훷튪춨맽뗷볁쇷뚯펦볆샻죳뛮살쪵쿖ꆣ쇷뚯탔펦볆샻죳쿮쒿내웤뿉죋캪훷맛닙ퟝ돌뛈럖캪훷맛쇷뚯탔펦볆샻죳(CurrentAccruals)뫍럇훷맛쇷뚯탔펦볆샻죳(Non-cur2rentAccruals)ꆣ놾컄퇐뺿펯폠맜샭쯹짦벰떽뗄짏쫶뇤솿(쇷뚯탔펦볆샻죳ꆢ럇훷맛쇷뚯탔펦볆샻죳ꆢ훷맛쇷뚯탔펦볆샻죳),룷뇤솿틀듋뚨틥죧쿂:1ꆢ쇷뚯탔펦볆샻죳(CA)ꆣ쇷뚯탔펦볆샻죳(CA)=ꇷ(쇷뚯닺-쿖뷰)-ꇷ(쇷뚯뢺햮-튻쓪쓚떽웚뗄뎤웚뢺햮),(1)2ꆢ럇훷맛쇷뚯탔펦볆샻죳ꇄꆡ(NDCA)ꆣNDCAi,0=a0ꆲ1TAꆳꇄꆡ+a1ꆲꚤSalesi,0-ꚤTRi,0i,-1TAꆳ(2)i,-1웤훐:NDCAi,0캪퇹놾릫쮾i뺭맽믡볆쓪뛈-1쓪쒩ퟜ닺뗷헻뫳퓚믡볆쓪뛈0쓪뗄럇훷맛쇷뚯탔펦볆샻죳;TAi,-1캪퇹놾릫쮾i퓚믡볆쓪뛈-1쓪뗄ퟜ닺;ꚤsalesi,0캪퇹놾릫쮾i퓚0쓪뗄쿺쫛쫕죫폫-1쓪ꋙ슽붨쟅ꆰ:훐맺뿷쯰짏쫐릫쮾펯폠맜샭쪵횤퇐뺿ꆱꆶ,믡볆퇐뺿ꆷ,1999쓪뗚9웚,P26ꆣꆤ55ꆤ
ꆶ벼쫵뺭볃ꆷ뗚4웚(ퟜ뗚220웚)2006쓪뗄쿺쫛쫕죫뗄닮뛮;ꚤTRi,o캪퇹놾릫쮾i퓚0쓪뗄펦쫕헋뿮폫-1쓪뗄펦쫕헋뿮닮뛮ꇄꆡꇄꆡ;a0,a1,캪a0,a1캪맀볆닎쫽ꆣ3ꆢ훷맛쇷뚯탔펦볆샻죳(DCA):ꆡꆡꆡꆡꆡDCACAi,0i,0=TA-NDCAi,0(3)i,-1웤훐:NDCAi,t캪퇹놾릫쮾i뺭맽-1쓪쒩ퟜ닺뗷헻뫳퓚0쓪뗄훷맛쇷뚯탔펦볆샻죳;TAi,t-1캪퇹놾릫쮾i퓚-1쓪뗄ퟜ닺;CAi,t캪뗚i볒퇹놾릫쮾퓚뗚0쓪뗄쇷뚯탔펦볆샻죳ꆣ(죽)퇐뺿랽램놾컄닉폃뷘쏦탞헽뗄Jones쒣탍,내헕SIT(SiewHongTeoh,IvoWelch뫍,1998쓪)뗄퇐뺿랽램ꋚ,붫SIT쒣탍훐럇훷맛탔펦볆샻죳(NDA)럖캪럇훷맛쇷뚯탔펦볆샻죳(NDCA)뫍럇훷맛뎤웚탔펦볆샻죳(NDLA)솽늿럖,퓙폃릫쪽(3)살볆쯣퇹놾릫쮾뗄훷맛쇷뚯탔펦볆샻죳(DCA)ꆣ평폚퇹놾릫쮾쫗랢떱쓪폐늻춬돌뛈뗄펯폠맜샭,놾컄붫톡좡춬튻쪱웚틑퓚뮦짮솽쫐붻틗막욱뗄147볒훆퓬튵릫쮾ퟷ캪닎헕퇹놾,샻폃닎헕퇹놾릫쮾뗄닆컱쫽뻝믘맩랽돌,뗃떽춬튻탐튵1996쓪ꆢ1997쓪뫍1998쓪죽룶쓪뛈뗄럇훷맛펦볆샻죳폫쿺쫛쫕죫뇤뮯솿뗄튻풪쿟탔맘쾵ꆣ퓙붫닎헕퇹놾릫쮾쎿튻쓪뛈튻풪쿟탔랽돌훐뗄닎쫽a0ꆢa1캪듺죫릫쪽(2),뗃떽퓚룃쓪뛈쫗랢막욱퇹놾릫쮾뗄럇훷맛쇷뚯탔펦볆샻죳(NDCA)ꆣ쯦뫳붫틔짏볆쯣뗄럇훷맛쇷뚯탔펦볆샻죳(NDCA)듺죫릫쪽(3),쟳뗃퇹놾릫쮾쫗랢떱쓪뗄훷맛쇷뚯탔펦볆샻죳(DCA)ꆣ죽ꆢ쪵횤볬퇩뷡맻(튻)퇹놾뗄춳볆쏨쫶룹뻝틔짏릫쪽볆쯣쯹뗃뗄룷릫쮾퓚쫗듎릫뾪랢탐막욱떱쓪뗄훷맛쇷뚯탔펦볆샻죳(DCA)횵,룹뻝틔짏볆쯣뷡맻,뛔101횻막욱뷸탐춳볆쏨쫶,웤뷡맻볻뇭1ꆣ듓뇭1뿉뗃,퇹놾뗄욽뻹횵()듳폚0,럥횵()듳폚0ꆣ뇭1ꆡ퇹놾DCA뗄춳볆쏨쫶(뛾)퇹놾뗄볙짨볬퇩욽뻹욫킱뛈폃ퟜ쳥욽뻹쫽뗄t볬퇩,럖컶퇹놾DCA쫇럱뎬맽쇣ꆣퟶt뇪ힼ컳닮쟸폲볬퇩죧쿂:볙짨:Ho:ꛌx=0ꆡH1:ꛌx>0훐횵ퟮ킡횵뇭2훐춳볆럖컶쫽뻝뇭쏷,t=>=,쯹뇪ힼ욫닮ퟮ듳횵틔퓚a=쿔훸쮮욽짏뻜뻸풭볙짨,뇭쏷쫗듎릫뾪랢탐막욱퇹놾랽닮쟳뫍릫쮾랢탐떱쓪웕뇩듦퓚펯폠맜샭ꆣ럥횵볆쫽101쯄ꆢ뷡싛벰쳖싛춨맽틔짏럖컶벰볬퇩,컒쏇뿉틔뾴떽,폫맺췢뗄훚뛠퇐뺿뷡맻쿠튻훂,컒맺쫗듎릫뾪랢탐뗄릫쮾캪쇋쓜릻쮳샻쿺쫛막욱,듳뛠쫽릫쮾퓚쫗듎릫뾪랢탐막욱뗄떱쓪뻹뷸탐믽벫펯폠맜샭,뗷룟닆컱놨뇭뗄펮샻,틔웚컼틽춶헟ꆣ퇐뺿뷡맻뿉틔듓튻랽쏦뷢쫍컒맺막쫐뗄쿖ힴ,벴탭뛠짏쫐릫쮾짏쫐떱쓪펮샻,뗚뛾쓪놣놾,뗚죽쓪뿷쯰ꆣ뛔폚헢훖쿖쿳뿉틔ퟷ돶죧쿂뷢쫍,평폚막욱쫗듎릫뾪랢탐떱쓪뗷룟뗄샻죳쪵볊짏쫇붫틔뫳믡볆쓪뛈뗄늿럖샻죳쳡잰죫헋,퓚놨뇭훐쳥쿖돶살,틔뫳뗄믡볆쓪뛈놨뇭훐뇘탫짙볆쯣헢튻틑쳡잰죫헋뗄샻죳ꆣ뇭2ꆡ퇹놾훷맛쇷뚯탔펦볆샻죳뗄떥퇹놾t볬퇩One-SampleTestTestValue=095%=Difference(2difference-tailed)[닎뾼컄쿗][1]Ibbotson,,,ꆰHotissueꆯmarketsꆱ[J],JournalofFinance,Economics2,1975,P1027-1042[2],,ꆰ,DetectingEarningsManagementꆱ[J],TheAc2countingReview,April1995,P193-225.[3]SiewHongTeoh,IvoWelch,ꆰ,EarningsManagementandtheLong-RunMarketPerfor2manceofInitialPublicOfferingsꆱ[J],JournalofFinance,December1998,P1935-1974..[4],췵톧뻼,키뮪틫ꆰ:펯폠맜샭퇐뺿믘맋벰웤뛔믡볆ힼ퓲붨짨뗄웴쪾ꆱ[J]ꆶ,믡볆퇐뺿ꆷ,2000쓪뗚11웚ꆣ[5]췵퇇욽뗈ꆰ:훐맺짏쫐릫쮾펯폠맜샭뗄욵싊폫럹뛈ꆱ[J]ꆶ,뺭볃퇐뺿ꆷ,2005쓪뗚12웚ꆣꆡꆡꋚꆡSiewHongTeoh,IvoWelh,,ꆰEarningsManagementandtheLong-RunMarketperformanceofIni2tialPublicOfferingsꆱ,TheJournalofFinance,December1998,P1966-1969.ꆤ56ꆤ
