关键审计事项披露与上市公司IPO溢价

Key Audit Matter Disclosing and IPO Premium of Listed Companies

IPO公司自2018年开始适用新的审计报告准则,需要对2017年及之后的财务报表审计业务披露关键审计事项。本文以此为契机,比较研究了新审计报告准则实施前后首次信息披露中关键审计事项披露对上市公司IPO溢价的影响。实证结果表明,IPO时,根据新审计报告准则规定披露关键审计事项的公司,溢价更高,表明关键审计事项的披露,增进了投资者对财务报告的信任,提高了投资者对公司股票的估价。研究结果在控制内生性等多种稳健性检验后仍然成立,在区分涉及收入和资产减值的关键审计事项后也依然成立。该研究结论不仅有助于更全面地认知关键审计事项的沟通价值,而且进一步扩展了IPO溢价影响因素的相关研究。

The new auditing report standards enforced since 2018 require IPO companies to disclose key audit matters of their financial statements auditing process in 2017 and beyond,and we take this opportunity to compare how key audit matters disclosed for the first time will influence IPO premium before and after the implementation of new auditing report standards.Empirical results show that companies according to new audit report standards disclosing key audit matters have higher IPO premiums,indicating that the disclosure of key audit matters will enhance the credibility of financial statements,leading to higher valuations by investors.Our findings still hold after controlling for a series of robustness tests including the endogeneity test,and after distinguishing key audit matters of revenue and asset impairment.The findings make contributions to better understand the communication value of key audit matters and factors that affect IPO premium.