事务所转制、审计师声誉与IPO市场反应——基于审计需求方视角  

Accounting Firm Organizational Transformation,Auditor Reputation,and IPO Market Reaction:Based on the Aspect of Audit Demander

作　　者：李璐[1] 万怡[1] 杨敬静 LI Lu WAN Yi YANG Jingjing(School of Accounting, Zhongnan University of Economics and Law, Wuhan 430073, Chin)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《审计与经济研究》2017年第5期20-29,共10页Journal of Audit & Economics

基　　金：国家社会科学基金项目(11CYJ012);中南财经政法大学基本科研业务费创新团队培育项目(31541511102);中南财经政法大学基本科研业务费青年教师创新项目(2014115);中南财经政法大学研究生优秀学位论文培育项目(2017Y34)

摘　　要：基于审计需求方的视角,在新股发行这一独特市场环境下,考察我国事务所转制政策的实施效果,包括事务所转制的IPO市场反应以及审计师声誉对上述两者之间关系产生的影响。通过研究发现,由特殊普通合伙事务所执行上市前审计的公司IPO抑价水平更高。同时,审计师声誉会增强事务所转制对IPO抑价的影响力度。这表明事务所特殊普通合伙转制已获得新股发行市场上投资者的认可,IPO市场审计更多发挥的是信号传递作用;特殊普通合伙转制对高声誉事务所在新股发行市场上品牌价值的提升幅度更大。This paper attempts to investigate the relationship between accounting firm organizational transformation and IPO underpricing,and the auditor reputation＇s effect on the relationship above from the view of audit demand side in the IPO market.The study found that,with the gradual implementation of accounting firm organizational transformation policy,the IPO underpricing of companies audited by special general partnership firm is higher.At the same time,the auditor reputation will weaken the relation between accounting firm organizational transformation and IPO underpricing.These phenomena indicate that accounting firm organizational transformation has obtained the acceptation of investors in the IPO market,and the firms which have a low reputation acquire more greatly enhance in its brand value with the restructuring of the special general partnership.

关 键 词：事务所转制 IPO抑价 审计师声誉 审计质量 审计意见 审计费用 盈余管理 

分 类 号：F239.43[经济管理—会计学]