风险投资、事务所特征与创业板IPO审计质量

Venture Capital, Firm Characteristics and GEM IPO Audit Quality

经过近四十年的发展,如今我国的风险投资业已形成一定规模,创业板多数企业上市时都获得风险投资资本的支持。本文选取2014~2021年创业板上市公司为样本,采用多元回归分析法发现有风险投资介入的IPO企业审计质量较低,且风险投资持股比例越高,审计质量越低。本文还通过研究事务所规模和注册会计师人数两个事务所特征对风险投资与审计质量的影响,发现事务所规模越大,注册会计师人数越多,越能抑制风险投资持股比例与IPO审计质量的负相关关系。因此对于有风险投资介入、风险投资持股比例较高的企业,可以选择规模较大、注册会计师人数较多的事务所进行审计,降低审计风险,控制审计质量。

After nearly forty years of development, venture capital in China has now formed a certain scale, and most companies on the Growth Enterprise Market receive support from venture capital when they go public. This article selects companies listed on the Growth Enterprises Market from 2014 to 2021 as samples and uses multiple regression analysis to find that IPO companies with venture capital involvement have lower audit quality, and the higher the shareholding ratio of venture capital, the lower the audit quality. This article also studies the impact of firm size and the number of registered accountants on venture capital and audit quality, and finds that the larger the firm size and the more registered accountants there are, the more it can suppress the negative correlation between venture capital shareholding ratio and IPO audit quality. Therefore, for enterprises with venture capital involvement and a high proportion of venture capital holdings, they can choose larger firms with a larger number of registered accountants for auditing to reduce audit risks and control audit quality.