我国创业板IPO市场审计师选择行为研究
发布时间：2018-07-20 11:22
【摘要】：“融资难”一直以来都困扰着我国的创业型中小企业，2009年10月我国创业板市场的设立为这些创业型企业提供了融资的平台，如何成功上市是许多创业型IPO企业需要面对的问题。但是创业型IPO企业一般不被资本市场所了解，存在着严重的信息不对称，因此依赖于高质量的审计师对企业的财务信息进行鉴证，。因此，我国创业板公司在IPO时如何选择审计师值得我们去研究。 企业对审计师的选择实质是对审计质量的选择，通过对国内外相关文献进行综述，本文总结认为大规模的会计师事务所代表着高质量的审计服务，并将这一结论作为本文的研究基础。在对国内外有关审计师选择的研究进行综述以后，本文总结出企业审计师选择的三大动因：降低代理成本动因、传递有利信号动因以及保险动因。本文针对这三大动因进行了理论分析，同时根据我国创业板市场的特殊情况提出三个其他影响因素，分别是地域因素（ADDRESS）、行业因素（HY）以及市场化因素（IM），对这些因素进行分析以后提出了假设。 最后选取了2009年至2012在创业板上市的352家公司作为样本，，采取了Logistic回归模型进行分析，最终得出以下结论： （1）本文选取了五个代表代理成本的变量中只有公司规模和资产负债率与高质量审计师选择存在显著性关系，但是对总体模型的贡献度不高，因此本文认为代理理论对我国创业板IPO市场审计师选择行为解释力不足。 （2）本文选取承销商声誉（UND）这一变量作为信号传递因子，发现承销商声誉与企业选择高质量审计师显著正相关，说明企业在选择审计师有着向外界传递有利信号的动机，信号理论能够解释我国创业板IPO市场审计师的选择行为。 （3）本文没有对审计师选择的保险动因进行实证检验，而是通过理论分析，以及结合我国的法律环境和创业板的现实情况，得出审计师选择的保险动因比较薄弱的结论。 （4）本文还根据我国创业板市场的特殊情况，选取了地域因素（ADDRESS）、行业因素（HY）以及市场化因素（IM）三个变量对审计师的选择行为进行了分析，发现了地域因素与行业因素与高质量审计师选择显著相关，而且都模型整体的贡献度比较大，因此本文得出结论地域因素和行业因素是两个决定高质量审计师选择的重要因素。
[Abstract]:"financing difficulty" has been puzzling the entrepreneurial SMEs in our country all the time. In October 2009, the establishment of the gem in our country has provided the financing platform for these entrepreneurial enterprises. How to successfully go public is the problem that many entrepreneurial IPO enterprises have to face. However, entrepreneurial IPO enterprises are not generally known by the capital market, there is serious information asymmetry, so rely on high-quality auditors to verify the financial information of enterprises. Therefore, how to choose auditors in IPO of gem is worth our research. The choice of auditors by enterprises is essentially the choice of audit quality. By summarizing the relevant literature at home and abroad, this paper concludes that large scale accounting firms represent high quality audit services. This conclusion is taken as the basis of this paper. After summarizing the research on auditor selection at home and abroad, this paper summarizes the three motivations of auditor selection: reducing agency cost, transmitting favorable signals and insurance. This paper makes a theoretical analysis of these three motivations, and puts forward three other influencing factors according to the special situation of China's gem market. They are regional factors (ADDRESS), industry factors (HY) and market-oriented factors (IM). Finally, 352 companies listed on the gem from 2009 to 2012 were selected as samples, and logistic regression model was used to analyze them. Finally, the following conclusions are drawn: (1) among the five variables representing agency cost, only the company size, asset-liability ratio and high quality auditor selection have significant relationship, but the contribution to the overall model is not high. Therefore, this paper argues that agency theory has insufficient explanation for auditor selection in gem IPO market. (2) in this paper, underwriter reputation (UND) is chosen as the signaling factor. It is found that the reputation of underwriters is significantly positively correlated with the choice of high-quality auditors, indicating that firms have an incentive to send favorable signals to the outside world. Signal theory can explain the behavior of auditor selection in gem IPO market. (3) this paper does not empirically test the insurance motivation of auditor selection, but through theoretical analysis. Combined with the legal environment of our country and the reality of gem, we draw the conclusion that the insurance motivation of auditor selection is weak. (4) this paper also according to the special situation of gem market in our country. Three variables, regional factor (ADDRESS), industry factor (HY) and market-oriented factor (IM), are selected to analyze auditor selection behavior. It is found that regional factor and industry factor are significantly related to high-quality auditor selection. And the overall contribution of the model is relatively large, so this paper concludes that regional factors and industry factors are two important factors to determine the choice of high-quality auditors.
【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F239.22
本文编号：2133355
[Abstract]:"financing difficulty" has been puzzling the entrepreneurial SMEs in our country all the time. In October 2009, the establishment of the gem in our country has provided the financing platform for these entrepreneurial enterprises. How to successfully go public is the problem that many entrepreneurial IPO enterprises have to face. However, entrepreneurial IPO enterprises are not generally known by the capital market, there is serious information asymmetry, so rely on high-quality auditors to verify the financial information of enterprises. Therefore, how to choose auditors in IPO of gem is worth our research. The choice of auditors by enterprises is essentially the choice of audit quality. By summarizing the relevant literature at home and abroad, this paper concludes that large scale accounting firms represent high quality audit services. This conclusion is taken as the basis of this paper. After summarizing the research on auditor selection at home and abroad, this paper summarizes the three motivations of auditor selection: reducing agency cost, transmitting favorable signals and insurance. This paper makes a theoretical analysis of these three motivations, and puts forward three other influencing factors according to the special situation of China's gem market. They are regional factors (ADDRESS), industry factors (HY) and market-oriented factors (IM). Finally, 352 companies listed on the gem from 2009 to 2012 were selected as samples, and logistic regression model was used to analyze them. Finally, the following conclusions are drawn: (1) among the five variables representing agency cost, only the company size, asset-liability ratio and high quality auditor selection have significant relationship, but the contribution to the overall model is not high. Therefore, this paper argues that agency theory has insufficient explanation for auditor selection in gem IPO market. (2) in this paper, underwriter reputation (UND) is chosen as the signaling factor. It is found that the reputation of underwriters is significantly positively correlated with the choice of high-quality auditors, indicating that firms have an incentive to send favorable signals to the outside world. Signal theory can explain the behavior of auditor selection in gem IPO market. (3) this paper does not empirically test the insurance motivation of auditor selection, but through theoretical analysis. Combined with the legal environment of our country and the reality of gem, we draw the conclusion that the insurance motivation of auditor selection is weak. (4) this paper also according to the special situation of gem market in our country. Three variables, regional factor (ADDRESS), industry factor (HY) and market-oriented factor (IM), are selected to analyze auditor selection behavior. It is found that regional factor and industry factor are significantly related to high-quality auditor selection. And the overall contribution of the model is relatively large, so this paper concludes that regional factors and industry factors are two important factors to determine the choice of high-quality auditors.
【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F239.22
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