The IPO audit plays an extremely important role in improving the quality of listed enterprises from the source. Based on the sample data of Chinese IPO enterprises from 2014 to 2021, from the perspective of performance change, this paper empirically tests the role of audit report reform on improving the quality of IPO enterprises and its influence path. The research shows that the disclosure of key audit matters inhibits the change of IPO performance, and has a positive impact mainly through the number of KAM, matters of revenue and impairment; comparatively speaking, the effect of disclosure of income items is stronger than disclosure of impairment items. Further analysis shows that the disclosure of key audit matters inhibits IPO performance reversals by inhibiting earnings management. The conclusion of this study enriches the research results of the impact of audit report reform on the market, and provides a valuable reference for further playing the role of independent audit in the “gateway” of capital market.