会计师事务所外部治理效用探究——基于创业板上市公司IPO审计的面板数据分析

Research on Accounting Firm's External Governance Effectiveness:Evidence from Panel Data Analysis of IPO Auditing in China's Growth Enterprise Market

基于2009—2012年257家创业板上市公司的432个IPO审计样本,检验审计质量与企业长期资本市场回报、投资回报率的关系,实证结果表明:应计利润和审计收费显著地表明了审计质量的高低,同时有微弱证据表明行业专长代表了较高的审计质量;事务所声誉与企业经营业绩呈正相关,但是与企业长期资本市场回报呈现显著负相关,该结果源于中国资本市场的非效率性。总体上说,会计师事务所在IPO审计市场上起到了一定的外部治理效用,但仍然有待加强。

Based on 432 samples from 257 growth enterprise market＇s corporations from 2009 to 2012 as IPO audit sample, we test the relationship between audit quality and capital market return and investment return. Results show that accrual income and audit fee are stable indicators of audit quality and a slight evidence suggests that industry expertise means higher audit quality. Accounting firm＇s reputation is positively related with investment return but negatively related with capital market re- turn, this outcome owes to the inefficiency of capital market. In general, the accounting firms as outside governance force in IPO audit market somehow do effectively but more efforts are needed.