首次公开募股(Initial Public Offering,简称IPO)是指一家企业第一次将它的股份向公众出售。近年来,通过IPO在资本市场进行融资,以谋求企业快速发展、壮大,成为越来越多企业选择的一种有用手段。根据改革后的创业板企业IPO发行制度,IPO...首次公开募股(Initial Public Offering,简称IPO)是指一家企业第一次将它的股份向公众出售。近年来,通过IPO在资本市场进行融资,以谋求企业快速发展、壮大,成为越来越多企业选择的一种有用手段。根据改革后的创业板企业IPO发行制度,IPO过程通常涉及股份公司改制、中介机构对公司规范化运作辅导阶段,制作招股说明书报交易所并获取其受理阶段。展开更多
人们一提起高科技产业,自然就会想起这些耳熟能详的名字:微软(Microsft)、英特尔(Intel)、戴尔(Dell)、Sun等等。这些公司从襁褓中的婴儿发展成为今天的业界巨擎,只不过短短十数年的光景,但是,回溯历史,在歆羡比尔、盖茨之流富可敌国的...人们一提起高科技产业,自然就会想起这些耳熟能详的名字:微软(Microsft)、英特尔(Intel)、戴尔(Dell)、Sun等等。这些公司从襁褓中的婴儿发展成为今天的业界巨擎,只不过短短十数年的光景,但是,回溯历史,在歆羡比尔、盖茨之流富可敌国的时候,不应忘记他们成长的摇篮——NASDAQ。 一 NASDAQ(那斯达克),是指美国“全国证券交易商协会自动报价系统”,其英文全称为“The National Association of SecuritiesDealers Automated Quotation System”,中文直译“那斯达克”。在1971年以前。展开更多
This article investigates the relationship between fees for audit and non-audit services with Tobin＇s Q. Using a sample of Brazilian public companies in the period from 2009 to 2011, we estimate the association betwe...This article investigates the relationship between fees for audit and non-audit services with Tobin＇s Q. Using a sample of Brazilian public companies in the period from 2009 to 2011, we estimate the association between Tobin＇s Q and the auditors＇ remuneration scaled by total assets. Additionally, to strengthen the conclusions, we present a second model with the remuneration of the auditors in absolute terms. The results suggest a significant relationship between Tobin＇s Q and audit and non-audit fees, positive and negative, respectively. Specifically, increases in audit fees and non-audit fees respectively increase and decrease the Tobin＇s Q of the audited company. The results of this study have important implications for those interested in good corporate governance practices. Managers and board members concerned with value carefully evaluate the remuneration and nature of services creation, when engaging independent auditors, should provided.展开更多
文摘首次公开募股(Initial Public Offering,简称IPO)是指一家企业第一次将它的股份向公众出售。近年来,通过IPO在资本市场进行融资,以谋求企业快速发展、壮大,成为越来越多企业选择的一种有用手段。根据改革后的创业板企业IPO发行制度,IPO过程通常涉及股份公司改制、中介机构对公司规范化运作辅导阶段,制作招股说明书报交易所并获取其受理阶段。
文摘人们一提起高科技产业,自然就会想起这些耳熟能详的名字:微软(Microsft)、英特尔(Intel)、戴尔(Dell)、Sun等等。这些公司从襁褓中的婴儿发展成为今天的业界巨擎,只不过短短十数年的光景,但是,回溯历史,在歆羡比尔、盖茨之流富可敌国的时候,不应忘记他们成长的摇篮——NASDAQ。 一 NASDAQ(那斯达克),是指美国“全国证券交易商协会自动报价系统”,其英文全称为“The National Association of SecuritiesDealers Automated Quotation System”,中文直译“那斯达克”。在1971年以前。
文摘This article investigates the relationship between fees for audit and non-audit services with Tobin＇s Q. Using a sample of Brazilian public companies in the period from 2009 to 2011, we estimate the association between Tobin＇s Q and the auditors＇ remuneration scaled by total assets. Additionally, to strengthen the conclusions, we present a second model with the remuneration of the auditors in absolute terms. The results suggest a significant relationship between Tobin＇s Q and audit and non-audit fees, positive and negative, respectively. Specifically, increases in audit fees and non-audit fees respectively increase and decrease the Tobin＇s Q of the audited company. The results of this study have important implications for those interested in good corporate governance practices. Managers and board members concerned with value carefully evaluate the remuneration and nature of services creation, when engaging independent auditors, should provided.
