审计质量与IPO绩效——基于A股IPO公司盈余管理的实证研究

Audit Quality and IPO Performances——An empirical study of A-share IPO company earnings management

以2008-2011年在A股上市的IPO公司为研究对象,发现IPO公司在上市期间从事真实盈余管理和应计盈余管理,前10大会计师事务所审计对基于可操控性费用和应计项目的盈余操纵有约束作用,导致IPO公司寻求更高水平的销售操纵。结果显示,基于销售和应计项目的盈余管理都可预测IPO公司上市后收益表现不佳。基于销售的盈余操纵对未来收益的消极影响更为严重,由前10大会计师事务所审计的IPO公司在上市年度因大量运用销售操纵从事盈余管理,导致其上市后的收益大幅度下降。

Through surveys of companies undergoing IPO in A-share market between 2008 and 2011, it is found that IPO companies took real earning management and accrued earning management, that the audit given by top 10 accounting firms are binding to the company＇s manipulation of earning based on manipulable expenses and accruals, pushing IPO companies to seek higher-level sales manipulation. The results show that earning management based on sales and/ or on accruals predicts poor incomes after IPO.Earning manipulation based on sales have more serious negative effects on future incomes. As the IPO companies audited by top 10 accounting firms use large amounts of sales manipulation for earning management in their year of public listing, their incomes underwent sharp fall after the listing.