异常审计费用、审计质量与IPO定价——基于A股市场的分析  

Abnormal Audit Fees,Audit Quality and Initial Public Offering Pricing:Evidence from Chinese A-share Stock Markets

作　　者：朱宏泉[1] 朱露 ZHU Hongqun;ZHU Lu(School of Economic Management,Southwest Jiaotong University,Chengdu 610031,China)

机构地区：[1]西南交通大学经济管理学院,四川成都610031

出　　处：《审计与经济研究》2018年第4期55-65,共11页Journal of Audit & Economics

基　　金：国家自然科学基金资助项目(71473206;71773100;91746109)

摘　　要：以A股市场2006—2012年IPO公司为研究对象,探讨异常审计费用与审计质量的相关性及其在IPO定价中的作用。结果发现:对全样本,异常审计费用与IPO抑价水平显著负相关,与可操纵性应计利润的绝对值和股票上市后的长期市场表现不相关;当考虑异常审计费用的方向时,正的异常审计费用与IPO抑价水平、可操纵性应计利润的绝对值显著负相关,与股票上市后的长期市场表现显著正相关,而负的异常审计费用与三者的相关性均不显著。这表明作为会计师事务所努力程度的体现,正的异常审计费用不会损害审计质量,相反在一定程度上能提升审计质量。因此,监管部门应更多地关注审计收费不足所存在的风险。This study first explores the relationship between abnormal audit fees and audit quality,and then analyzes the impact of audit quality on initial public offering（ IPO） pricing in the Chinese market using a sample of 1119 firms over the period from 2006 to 2012. The results of various regressions find that the association between abnormal audit fees and audit quality is asymmetric,depending on the sign of the abnormal audit fees. Also,the relationship between abnormal audit fees and IPO pricing is asymmetric. For the full sample,abnormal audit fees are irrelevant to audit quality and long-term performance but they are negatively related to IPO underpricing. Similarly,for observations with negative abnormal audit fees,abnormal audit fees are unrelated to audit quality and IPO pricing. By contrast,for observations with positive abnormal audit fees,abnormal audit fees are negatively associated with IPO underpricing,while abnormal audit fess are positively related to audit quality and long-term performance. Our findings suggest that abnormally high audit fees reflect audit efforts,which do not impair the audit quality. Therefore,regulators should pay more attention to the risks of negative abnormal audit fees.

关 键 词：异常审计费用 可操纵性应计利润 IPO抑价 长期市场表现 审计质量 审计意见 盈余管理 

分 类 号：F239.43[经济管理—会计学]