审计师声誉与新股发行抑价——来自我国资本市场的最新证据

Auditor's Reputation and IPO Under-pricing——New Evidence from China Market

本文以我国2006年6月-2010年6月首发上市的538家公司为样本,实证研究审计师声誉与新股发行抑价之间的关系,结果发现:(1)用"国际四大"作为良好声誉审计师的替代变量时,审计师的良好声誉可以显著地降低客户的新股发行抑价程度,提高股票发行价格;(2)用"全国大所"作为良好声誉审计师的替代变量时,尽管结果不显著,但审计师声誉与客户的新股发行抑价率仍然成反向变动关系。这些证据表明,在我国资本市场上,审计师声誉已经能够在一定程度上起到减少信息不对称、降低新股发行发行抑价的作用,而国际四大的声誉远比本土大所更能有效发挥这一作用。

Based on the data of the 538 IPOs from June 2006 to June 2010 in China, we find that the IPO Under - pricing is lower when the company hires an accounting firm which has better reputation. The four international accounting firms＇ reputation is better than that of the native accounting firms. The reforms of IPO pricing and accounting firm in China do work in recent years.