李璐,万怡,杨敬静.事务所转制、审计师声誉与IPO市场反应——基于审计需求方视角[J].审计与经济研究,2017,(5):
事务所转制、审计师声誉与IPO市场反应——基于审计需求方视角
  
DOI:
中文关键词:  事务所转制  IPO抑价  审计师声誉  审计质量  审计意见  审计费用  盈余管理
英文关键词:accounting firm organizational transformation  IPO underpricing  auditor reputation  audit quality  audit opinion  audit fee  earnings management
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作者单位
李璐,万怡,杨敬静 中南财经政法大学 会计学院湖北 武汉430073 
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中文摘要:
      基于审计需求方的视角,在新股发行这一独特市场环境下,考察我国事务所转制政策的实施效果,包括事务所转制的IPO市场反应以及审计师声誉对上述两者之间关系产生的影响。通过研究发现,由特殊普通合伙事务所执行上市前审计的公司IPO抑价水平更高。同时,审计师声誉会增强事务所转制对IPO抑价的影响力度。这表明事务所特殊普通合伙转制已获得新股发行市场上投资者的认可,IPO市场审计更多发挥的是信号传递作用;特殊普通合伙转制对高声誉事务所在新股发行市场上品牌价值的提升幅度更大。
英文摘要:
      This paper attempts to investigate the relationship between accounting firm organizational transformation and IPO underpricing,and the auditor reputations effect on the relationship above from the view of audit demand side in the IPO market.The study found that,with the gradual implementation of accounting firm organizational transformation policy,the IPO underpricing of companies audited by special general partnership firm is higher.At the same time,the auditor reputation will weaken the relation between accounting firm organizational transformation and IPO underpricing.These phenomena indicate that accounting firm organizational transformation has obtained the acceptation of investors in the IPO market,and the firms which have a low reputation acquire more greatly enhance in its brand value with the restructuring of the special general partnership.
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