会计师事务所声誉对IPO抑价影响的研究

发布时间：2018-03-28 19:06

本文选题：会计师事务所　切入点：声誉　出处：《东北农业大学》2014年硕士论文

【摘要】：世界各国的证券市场中,普遍存在IPO高抑价现象,新兴市场尤为明显。中国股票市场经历过8次暂停,又8次重启。每一次IPO的重启,抑价问题都是不容忽视的重点内容。现如今,IPO再一次重启,IPO高抑价问题又成为市场关注的热点问题。影响IPO抑价的因素有很多,本文从会计师事务所声誉角度出发,结合信息不对称等理论,研究其对IPO抑价的影响,有利于丰富IPO市场的理论研究,对于从制度层面探索强化事务所声誉机制作用也有重要的理论意义；与此同时,本研究对于降低信息不对称、减少IPO抑价、提高证券市场效率方面也有显著的现实意义。本文主要运用了文献整理法、理论实证结合法以及统计分析法。首先,介绍研究背景、目的及意义,分别从会计师事务所声誉、IPO抑价和会计师事务所声誉对IPO抑价的影响三个方面将国内外文献进行梳理；其次,对相关概念和理论进行了概述,同时对我国会计师事务声誉的现状、IPO抑价水平现状以及分别不同上市板块对会计师事务所声誉对IPO抑价影响的现状进行了总结；然后,提出了本文三个假设,并对三个假设分别进行验证。选取2005-2012年沪深两市A股IPO公司作为研究样本,采用多元线性回归模型,实证检验两者之间是否存在负相关关系。研究结果表明：(1)基于A股整体市场的会计师事务所声誉与IPO抑价的实证检验结果表明会计师事务所声誉与IPO抑价负相关,假设HI得到验证,并且通过显著性检验,结果表明两者显著负相关。(2)基于主板和中小板研究数据的实证结果显示,会计师事务所(Ar)前面的系数为负,并且通过显著性检验,假设H2得到证明。(3)基于创业板数据的研究结果表明,尽管会计师事务所(Ar)前面系数为负,但并未能通过显著性相关的检验。实证结论：会计师事务所声誉能够降低IPO抑价,两者呈负向相关。事务所声誉能够减少IPO抑价。最后,从会计事务所、国家政策法规两个方面提出对策建议,以期对提高会计师事务所声誉以降低IPO抑价、不断提高我国证券市场效率有所裨益。
[Abstract]:In the world's securities markets, there is a widespread phenomenon of high IPO underpricing, especially in emerging markets. China's stock market has experienced eight pauses and eight restarts. Each reboot of IPO, The issue of underpricing is an important issue that can not be ignored. Nowadays, the issue of IPO underpricing has become a hot issue in the market once again. There are many factors that affect the underpricing of IPO. From the perspective of reputation of accounting firms and information asymmetry theory, this paper studies its influence on IPO underpricing, which is beneficial to enrich the theoretical research of IPO market. At the same time, this study has significant practical significance in reducing information asymmetry, reducing IPO underpricing and improving the efficiency of securities market. This article mainly uses the literature collation method, the theory demonstration union method and the statistical analysis method. First, introduces the research background, the purpose and the significance, From the accounting firm reputation IPO underpricing and accounting firm reputation on the impact of IPO underpricing in three aspects of domestic and foreign literature combing; secondly, the related concepts and theories are summarized, At the same time, the paper summarizes the current situation of the reputation of accountant affairs and the current situation of the underpricing level of IPOs and the influence of different listed plates on the reputation of accounting firms on IPO. Then, three hypotheses are put forward in this paper. And the three hypotheses are verified separately. From 2005 to 2012, A share IPO Company of Shanghai and Shenzhen Stock Exchange is selected as the research sample, and the multivariate linear regression model is used. The empirical results show that there is a negative correlation between the reputation of accounting firms and the underpricing of IPO based on the A share market, and the empirical results show that the reputation of accounting firms is negatively correlated with the underpricing of IPO. Assuming that HI is verified, and through significance test, the results show that there is a significant negative correlation between them. 2) empirical results based on the main board and small and medium board research data show that the coefficient in front of the accounting firm Arg) is negative, and the significance test is passed. Assuming H2 is proved, the research results based on gem data show that, although the front coefficient of accounting firm Ars is negative, it fails to pass the significant correlation test. Empirical conclusion: accounting firm reputation can reduce IPO underpricing. The reputation of the accounting firm can reduce the IPO underpricing. Finally, from two aspects of accounting firm, national policies and regulations, the countermeasures and suggestions are put forward in order to improve the reputation of the accounting firm to reduce the IPO underpricing. Improving the efficiency of China's securities market is beneficial.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F233;F832.51;F275

【参考文献】