社会资本、产权性质与上市资格——来自中小板IPO的实证证据

发布时间：2019-07-11 06:23

【摘要】：上市资格是我国资本市场的一项稀缺资源。股票发行审核委员会是企业进入证券市场的最重要的一道关卡,在审核过程中存在不少寻租环节。IPO过会审核是企业进入证券市场的最重要的一道关卡,在这过程中存在不少寻租环节。发审委是这一关卡的把关者,本文采用中小板成立以来至2010年12月31日止参加中小板过会审核的公司为样本,从发审委社会资本的角度来研究IPO资源分配的影响因素。实证结果表明,过会时企业拥有的中介机构发审委社会资本,能够提高其上市成功率;区分企业性质后发现,中介机构发审委社会资本能够显著提高民营企业的上市成功率,但对国有企业影响不显著;单独检验各个中介机构发审委社会资本的作用时,则发现会计师事务所发审委社会资本能够显著提高上市成功率,律师事务所则没有显著作用。进一步研究发现,有发审委社会资本的会计师事务所能够收取约15%的审计收费溢价,但是中介机构的发审委社会资本降低了资源配置效率。
[Abstract]:Listing qualification is a scarce resource in China's capital market. The stock issue audit committee is the most important level for enterprises to enter the securities market, and there are many rent-seeking links in the audit process. IPO meeting audit is the most important level for enterprises to enter the securities market, and there are many rent-seeking links in this process. The Development and Review Committee is the gatekeeper of this level. This paper uses the companies that participated in the audit of the small and medium-sized board from the establishment of the board to December 31, 2010 as a sample to study the influencing factors of the allocation of IPO resources from the perspective of the social capital of the Development and Review Commission. The empirical results show that the social capital of the intermediary organization owned by the enterprise at the meeting can improve the success rate of listing, and after distinguishing the nature of the enterprise, it is found that the social capital of the intermediary agency development and review committee can significantly improve the listing success rate of the private enterprises, but the impact on the state-owned enterprises is not significant. When the role of social capital of each intermediary agency is tested separately, it is found that the social capital of the Development and Review Committee of accounting firms can significantly improve the success rate of listing, while the law firm has no significant effect. Further research shows that accounting firms with social capital of the Development and Review Commission can charge a premium of about 15% of the audit fees, but the social capital of the intermediary reduces the efficiency of resource allocation.
【作者单位】：广州大学商学院;厦门大学会计系;厦门大学会计发展研究中心;中山大学现代会计与财务研究中心;
【基金】：国家自然科学基金项目“审计师选择与审计质量”(70772080) 广东省人文社会科学重点基金重大项目“法律风险·政治关系与审计师选择”的研究成果
【分类号】：F832.51;F271;F224

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