摘要
会计师事务所组织形式由有限责任制变为特殊普通合伙制,增加了审计师的法律责任,提高了审计的鉴证价值和保险价值,有利于审计师在IPO审计过程中更好地发挥信息中介作用。以保荐制下IPO公司为样本,实证考察事务所组织形式对IPO盈余管理和IPO折价的影响。研究发现,相比有限责任制事务所,特殊普通合伙制事务所审计的发行公司的正向盈余管理水平更低,IPO折价率也更低。研究结论表明事务所转制后,审计师加强了对发行公司盈余管理行为的约束,提高了IPO定价效率,监管部门推动的事务所转制对IPO市场具有积极治理效果。
The change of the legal structure of audit firms increase auditors＇ wealth at risk from litigation damages and increase the audit value.This paper examines the relationship between audit firm legal structure and IPO earnings management/IPO underpricing.We find that IPO firms audited by limited liability partnerships have lower upper earnings management and lower underpricing.The results indicate that auditors strengthen the constraints on earnings management behavior and improve the efficiency of IPO pricing after the change in the legal structure of audit firms.The change in the legal structure of audit firms has a positive governance effect in IPO market.
出处
《财经理论与实践》
CSSCI
北大核心
2016年第2期45-51,共7页
The Theory and Practice of Finance and Economics
基金
国家自然科学基金面上项目(71272189)
中国审计学会项目(14SJ04001)
教育部人文社会科学研究项目(12YJA790193)
天津市财政局重点会计科研项目(KJKYXM151001)
天津财经大学研究生创新基金项目(2013TCB002)
关键词
事务所组织形式
盈余管理
IPO折价
有限责任制
特殊普通合伙制
legal structure of audit firms
earnings management
IPO underpricing
limited liability
limited liability partnerships
