IPO异常审计收费与IPO后的业绩表现

Abnormal IPO Audit Fees and Performance Change after IPO

在IPO审核制的背景下,所有实现首次公开发行(IPO)的公司不仅要在财务数据上达到要求,还须获得清洁审计意见,但其中仍不乏出一些业绩变脸的公司,这可能意味着公司与审计师存在合谋。以往文献表明控制可观察因素后的异常审计收费能够度量二者之间的合谋,基于此,文章对异常审计收费与IPO后的业绩表现进行了考察。研究发现,异常审计收费与IPO后的业绩增长显著负相关,即与IPO后的业绩变脸显著正相关。进一步的研究发现,当券商声誉较差、公司注册地市场化程度较低时,二者关系更显著。本文的研究为IPO中审计相关信息的解读及IPO后业绩变脸的预测提供了经验证据。

In the context of the IPO review system, all companies with successful IPOs meet requirements on financial data and receive clean audit opinions. However, there are still many companies with performance deterioration after the IPO, which means that there may be collusion between the company and the auditors. Previous literature shows that abnormal audit fees that has controlled observable factors can measure the collusion between companies and auditors and predict the deteriorating post-IPO performance. As a result, this study studies the relation between abnormal audit fees and firms’ performance after IPO. The results show that the abnormal audit fees are significantly negatively associated with post-IPO performance, which means the higher the audit fees, the more likely the firm's post-IPO performance decline. Moreover, when the brokerage reputation is poor or the degree of marketization of the company's registration is lower, the above relationship is more significant. The research in this paper provides empirical evidence for the interpretation of audit-related information in IPOs and the prediction of performance deterioration after IPO.