我国审计师声誉与IPO抑价关系研究

发布时间：2018-03-17 06:19

本文选题：审计师排名　切入点：审计费用　出处：《内蒙古财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：IPO抑价是一直困扰市场监管者的实际问题，新股的不败神话使大量资金囤积在一级市场，造成资源配置低下，发行制度的频频变迁似乎并没有从根本上解决这一问题，，学者们从发行制度、中介机构声誉等角度展开了大量研究，却没有得到一致结论，这也激发了越来越多的学者投入到IPO抑价的理论和实证研究中。有鉴于此，本文认为审计师作为发行市场的信息鉴证者，IPO过程中减少了发行公司与投资者的信息不对称，传递了公司质量优劣的信号，将对新股定价产生促进作用，降低新股发行抑价。那么，在实践中投资者是否关注了审计师的声誉信息？审计师声誉状况与IPO抑价水平之间是否存在显著关系？本文从审计师声誉、IPO抑价、审计师声誉与IPO抑价之间的关系三个方面对国内外文献进行了梳理，通过信号传递理论，供需理论分析了审计师声誉的产生与作用机理，选取股权分置改革后的IPO公司作为研究样本，分别以审计师排名、审计费用、审计师是否出具内部控制鉴证报告以及整改意见这三个方面衡量审计师声誉，通过对比分析、描述性统计、多元回归等方法研究审计师声誉与IPO首日抑价之间的关系。实证结果表明，审计师排名、审计费用与内部控制鉴证报告的披露与IPO抑价存在显著的负相关关系，但显著的程度相对较低，而内控报告整改措施披露对IPO抑价没有显著影响。说明审计师声誉在降低IPO抑价方面的作用已经开始凸现，审计师声誉具备了一定的信息含量，并且被投资者认可，但具体整改意见却没有得到普遍认同。本文的最后结合实证结论提出了建立审计师声誉的几点建议，最大限度的发挥审计师在IPO过程中的作用，提高独立审计质量，保护投资者利益。
[Abstract]:IPO underpricing has been a real problem for market regulators. The myth of new shares makes a large number of funds hoarding in the primary market, resulting in a low allocation of resources. The frequent changes in the issuance system do not seem to solve this problem fundamentally. Scholars have carried out a great deal of research from the perspective of issuing system and reputation of intermediary institutions, but they have not reached a consistent conclusion, which has also inspired more and more scholars to put into the theoretical and empirical research of IPO underpricing. In view of this, this paper holds that auditor, as the information identifier of the issuing market, reduces the information asymmetry between the issuing company and the investor, and conveys the signal of the quality of the company, which will promote the pricing of new shares. Reduce the underpricing of new issues. So, in practice, do investors pay attention to the auditor's reputation information? Is there a significant relationship between auditor reputation and IPO underpricing? This paper combs the domestic and foreign literatures from three aspects: auditor reputation underpricing, the relationship between auditor reputation and IPO underpricing. Through the theory of signal transmission, supply and demand theory, the paper analyzes the mechanism of auditor reputation. This paper selects IPO Company after the split share structure reform as the research sample, measures the auditor reputation in three aspects: auditor ranking, audit cost, auditor issuing internal control authentication report and rectification opinion. Descriptive statistics, multiple regression and other methods are used to study the relationship between auditor reputation and IPO's first day underpricing. The empirical results show that there is a significant negative correlation between auditor ranking, audit expenses and disclosure of internal control certification report and IPO underpricing. However, the degree of significance is relatively low, and the disclosure of corrective measures for internal control reports has no significant impact on IPO underpricing. It shows that the role of auditor reputation in reducing IPO underpricing has begun to show, and auditor reputation has a certain amount of information. And it is recognized by investors, but the specific corrective opinions are not generally accepted. Finally, combined with empirical conclusions, this paper puts forward several suggestions to establish auditor reputation, to maximize the role of auditors in the process of IPO. Improve the quality of independent audit, protect the interests of investors.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F239.4;F832.51;F224

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