我国审计师声誉与IPO溢价率关系研究

发布时间：2017-12-31 17:02

本文关键词：我国审计师声誉与IPO溢价率关系研究　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来,随着股票市场市场化改革的不断推进,IPO定价已经实施询价制度,我国股权分置改革也已经基本完成。那么在询价制度下,我国的审计师声誉与企业IPO溢价率之间是否存在相关关系呢?自上个世纪六十年代开始,国外学者们纷纷开始研究审计师声誉对IPO溢价的影响,通过大量的数据实证研究发现,审计师声誉与IPO溢价率之间存在着相关关系,且为负相关。自改革开放以来,中国的证券市场得到了飞速发展,其国际地位以及国际影响力不断提高,规模也不断增大。因此,IPO溢价问题也成为了国内学者研究的热点。那么,在我国新兴的股票市场上,审计师声誉与IPO的高溢价率之间的关系是否与西方发达国家一致呢?理论上讲,高声誉的审计师能够提供高质量的信息,在询价制度下,上市企业发行定价更接近真实价格,更能得到投资者的认可,相反非高声誉审计师所审计的企业发行定价更容易受到抑制,因此IPO首日溢价率会更高。也就是说高声誉的审计师能够在一定程度上降低IPO首日溢价率。在本文中,作者选取了2006年6月—2012年12月间首发上市的1076家公司作为研究样本,实证研究审计师声誉与IPO溢价率之间的关系。并分别以审计师排名、审计费用、被审计企业发行价值三个方面来衡量审计师声誉,通过对比分析、描述性统计、多元线性回归分析等方法,研究审计师声誉与IPO溢价率之间的关系。最后发现：不管用什么方法衡量审计师声誉,都能够在一定程度上降低企业IPO溢价率。
[Abstract]:In recent years, with the stock market reform of the market, the IPO pricing inquiry system has been implemented, China's share reform has been basically completed. So in the inquiry system, the correlation between China's enterprise IPO auditor reputation and premium rate? Since the beginning of the last century in 60s, foreign scholars have begun to study the impact of auditor reputation on IPO premium, by empirical research data found in large amount, the relation between auditor reputation and premium rate of IPO, and is negative correlation. Since the reform and opening up, China's stock market has been rapid development, its international status and international influence continues to improve, the scale is increasing therefore, IPO premium has become a focus of academic study. So, in our emerging stock market, auditor reputation and IPO high premium rate of the relationship between The Department is consistent with western developed countries? Theoretically, high reputation auditors to provide quality information in the inquiry system, listed companies to issue pricing is more close to the real price, it can be recognized by investors, contrary to non high reputation auditors audit the enterprise pricing is more susceptible to inhibition, so IPO the first day of the premium rate will be higher. That is to say high reputation auditors can reduce the IPO on the first day of the premium rate to a certain extent. In this paper, the author chooses 1076 companies in June 2006 December 2012 debut as the research sample, empirical research on the relationship between auditor reputation and premium rate. IPO and ranked by the auditor, respectively. Audit fees, audit companies issued three aspects to measure the value of auditor reputation, through comparative analysis, descriptive statistics, multivariate linear regression analysis method, the research of auditor The relationship between reputation and IPO premium rate. Finally, it is found that no matter what method the auditor's reputation is measured, the IPO premium rate can be reduced to a certain extent.

【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F239.4

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