IPO现场检查与会计师事务所审核问询回复质量  

IPO On-site Inspections and the Quality of Audit Firms' Responses to Comment Letters

作　　者：王禹 于昊平 周会洋 俞珺楠 Wang Yu;Yu Haoping;Zhou Huiyang;Yu Junnan

机构地区：[1]南京审计大学会计学院,211815 [2]南京大学商学院,210093

出　　处：《审计研究》2025年第1期106-118,共13页Auditing Research

基　　金：教育部人文社会科学研究青年基金项目(项目批准号:24YJC630225);江苏省高校哲学社会科学研究一般项目(项目批准号:2024SJYB0265);江苏省研究生科研与实践创新计划项目(项目批准号:SJCX23_1011)资助。

摘　　要：现场检查是证监会严把上市准入关、从源头提高上市公司质量的重要实践。本研究基于注册制下首次披露会计师事务所IPO审核问询情况的场景,深入剖析证监会现场检查对会计师审核问询回复质量的影响。研究发现,证监会现场检查能够有效发挥监管效应和学习效应,提升会计师事务所同期IPO项目审核问询回复质量。进一步研究发现,当监管机构审核问询问题数量较多、问题涉及研发创新费用、公司IPO前盈利能力较差以及公司非专精特新时,现场检查对会计师审核问询回复质量的影响更强。此外,现场检查对会计师事务所回复函质量的提升作用有助于提高新股定价效率。本研究基于会计师事务所IPO审核问询回复函文本信息的分析,为如何压实中介机构责任提供了经验证据,对全面推行股票注册制具有重要启示。On-site inspections is an important practice of the China Securities Regulatory Commission(CSRC)to keep a high standard for listing and improve the quality of listed companies from the source.Based on the initial disclosure of audit firms'responses to IPO comment letters under the registration-based system,this study provides insights into the impact of on-site inspections on the quality of audit firms'responses to comment letters.This study finds that on-site inspections can effectively exert both regulatory and learning effects,and enhance the quality of audit firms'responses to comment letters on IPO projects during the same period.Further tests show that the impact of on-site inspections on the quality of audit firm comment letters'responses is stronger when there are more questions,the questions involve R&D,the company's pre-IPO profitability is poorer,or the company is not SRDI.The improvement of audit firms'responses to comment letters can improve the efficiency of IPO pricing.Based on the analysis of the textual information of audit firm comment letters'responses,this study provides empirical evidence on how to enhance the accountability of intermediaries.In addition,this study has important implications for promoting the stock registration system.

关 键 词：现场检查 IPO审核问询回复函 新股定价效率 

分 类 号：F83[经济管理—金融学]