합병기업의 실제이익조정에 관한 연구

다국어 초록 (Multilingual Abstract)

Generally, the acquiring firms have a incentive to raise the earnings of firms before M&A for the purpose of profit maximization of shareholders. The previous studies showed that the acquiring firms had raised the earnings before M&A. The earnings management is divided into the earnings management by accruals and by real activities. The earnings management through real activities are considered as comparatively safe method in a regard that they do not receive the external audit and the regulation from supervisory institution compared to the earnings management through accruals.
This study analyzed that the firms prefer the earnings management through real activities rather than the earnings management through accruals to raise the earnings of firms before M&A targeting acquiring firms.
According to the analysis result, there was no significant difference between the earnings management through discretionary accruals and the earnings management through real activities during previous period of M&A(from 3 year before to 1 year before). However, we finded that the increase of earnings management by earnings management through real activities rather than earnings management through discretionary accruals was high during current M&A year. In additional analysis for whether M&A wold be accomplished or not as dummy variable, the increase of earnings management through real activities regarding acquiring firms was statistically high compared to the earnings management regarding non-acquiring firms.
In conclusion, we fined that the acquiring firms prefer the earnings management through real activities which was more safe method rather than the earnings management through discretionary accruals in M&A.
This study is meaningful in the point that we analyzed the type of earnings management for acquiring firms through discretionary accruals and real activities.

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