承销商-审计师合作关系、盈余管理与IPO定价  

The Partnership between Underwriters and Auditors,Earnings Management and IPO Pricing

作　　者：白霄[1] 赵文耀 郑建明[1] BAI Xiao ZHAO Wen-yao ZHENG Jian-ming(School of Business, University of International Business and Economies, Beijing 100029 School of Bank and Finance, University of International Business and Economics, Beijing 100029, China)

机构地区：[1]对外经济贸易大学国际商学院,北京100029 [2]对外经济贸易大学金融学院,北京100029

出　　处：《山西财经大学学报》2017年第11期43-55,共13页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71541005;71502034;71203026);教育部人文社科规划基金项目(14YJA630097);教育部新世纪优秀人才支持计划(NCET-11-0623);财政部全国会计科研课题(2015KJB005);对外经济贸易大学研究生科研创新项目(2017024)

摘　　要：在IPO过程中,企业需要聘请承销商和审计师,这就构成IPO的中介策略。已有研究主要关注IPO中介机构各自的行为和经济后果,对于IPO中介之间的关系则鲜有关注。本文以2004-2015年A股上市公司为样本,研究中介关系对IPO盈余管理及发行定价的影响。研究发现:承销商与审计师之间紧密的合作关系与IPO盈余管理、发行定价显著正相关,且盈余管理对合作关系与IPO定价的正相关关系具有完全中介效应。本文结论为考察IPO中介之间的合谋和完善IPO制度提供了新的视角,为加强IPO监管提供了政策依据。IPO intermediaries, like underwriters and auditors, play important roles in the decision-making of IPO process. Most paper focus on the behavior and economic consequences of single intermediary, but little attention has been put on the relationship between each intermediary. In this paper, we test the impact of the partnership between underwriters and auditors on earnings management and IPO pricing, setting the data of A-share listed companies during 2004 and 2015 as an example. We find that, a close partnership between underwriters and auditors shows a positive correlation with IPO earnings management and IPO pricing. Furthermore,earnings management has a full mediation effect on the positive correlation between the partnership and IPO pricing. The study on above partnership is helpful in system improvement and IPO regulation.

关 键 词：IPO中介机构 合作关系 盈余管理 发行定价 

分 类 号：F830[经济管理—金融学]