法制环境、审计质量与IPO首日回报——来自国有IPO公司的证据

发布时间：2018-11-08 18:59

【摘要】：本文研究了法制环境对我国国有企业IPO时审计质量的影响,并在此基础上考察了审计质量对IPO首日回报的影响。结果发现,在法制欠发展地区本地审计师的审计质量显著低于外地审计师,而在法制发达地区本地审计师的审计质量与外地审计师之间不存在显著差异;同时,在法制欠发达地区选择本地审计师的公司IPO首日的收盘价和回报率均显著低于其他公司,但是发行价与其他公司之间不存在显著差异。这表明,在法制欠发达地区,较低的执业约束使本地审计师容易丧失独立性而表现出较低的审计质量,而由于政府对IPO发行价的管制,在法制欠发达地区选择本地审计师的行为所传递的有关公司盈余质量更低的信息反映在首日收盘价上,而与发行价之间不存在相关性。本文的研究对提高我国审计师的独立性和审计质量具有一定启示意义。
[Abstract]:This paper studies the influence of the legal environment on the audit quality of the state-owned enterprises (IPO) in China, and on the basis of this, investigates the influence of the audit quality on the first-day return of the IPO. The results show that the audit quality of local auditors in underdeveloped areas is significantly lower than that of foreign auditors, but there is no significant difference between the audit quality of local auditors and foreign auditors in developed legal regions. At the same time, the closing price and return rate of IPO in the underdeveloped regions are significantly lower than those of other companies, but there is no significant difference between the IPO price and other companies. This shows that in underdeveloped regions with less developed legal systems, lower practice constraints make local auditors vulnerable to loss of independence and show lower audit quality, and because of the government's control over the price of the IPO issue, The lower quality of earnings is reflected in the closing price of the first day, but there is no correlation between the listing price and the behavior of choosing the local auditor in the underdeveloped areas of the legal system. The research of this paper has certain enlightening significance to improve the auditor's independence and audit quality in our country.
【作者单位】：北京大学光华管理学院;国家审计署;汕头大学商学院;
【基金】：国家自然科学基金“政府治理对国有企业绩效的影响”(批准号:70602026)的阶段性成果
【分类号】：F239.4;F224

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