发行人会为高质量审计服务买单吗?——基于审计师IPO项目经验的视角  

Do Issuers Pay for High Quality Audit Services?--Evidence from IPO-audit experience

作　　者：林润雨 王梦凯 李英 Lin Runyu;Wang Mengkai;Li Ying

机构地区：[1]清华大学经济管理学院,100084 [2]中国人民大学商学院,100872 [3]北京国家会计学院,101312

出　　处：《审计研究》2024年第3期50-62,共13页Auditing Research

基　　金：全国会计重点科研课题项目(项目批准号:2023KJA1-10)的支持。

摘　　要：本文以2006-2023年完成首次公开发行并在A股上市的公司为样本,探讨审计师项目经验对IPO审计定价的影响。研究发现,审计团队的IPO项目经验对IPO审计费用具有正向影响。机制检验发现,项目经验更丰富的IPO审计师,其发行人客户的IPO成功率较高、IPO抑价较低、上市后业绩表现更好。异质性分析发现,成功与失败项目经验均对IPO审计费用有正向影响;相较于第二位签字审计师,首位签字审计师的项目经验对IPO审计费用的正向影响更为明显;此外,上述正向影响在事务所市场份额较大、IPO审核通过率较低时以及注册制改革之后更为明显。本文从审计团队和审计师层面拓展了IPO审计定价的研究框架,并为我国IPO市场化改革提供一定的政策参考。Using A-share IPOs during 2006 to 2023, we investigate the relation between auditor's project experience and IPO audit pricing. We find that IPO audit experience is positively associated with IPO audit fees.Issuers with an experienced auditor exhibit higher IPO success rates, lower IPO underpricing, and better postIPO performance. Heterogeneity analysis shows that both successful and failed IPO experiences are positively associated with IPO audit fees. Compared to the second signing auditor, the first signing auditor's experience has a more significant effect on IPO audit fees. Additionally, the positive relations are more pronounced in audit firms with larger market share, during the period of low approval rate and after the register-based IPO reform. Our findings provide broad insights on IPO audit pricing from the audit team and personal perspective, and have policy implications for IPO regulation reform in China.

关 键 词：IPO审计 IPO项目经验 审计定价 审计费用 

分 类 号：F239.4[经济管理—会计学] F832.51[经济管理—国民经济]