导　　师： 刘国常

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 在目前的发行审核制度下，会计师事务所在IPO过程中可能具备双重身份，一方面为IPO公司提供审计服务，另一方面来自该事务所的审计师担任发审委委员对上市申请进行审核。公司上市带来的巨额收益，使IPO公司为顺利上市具有强烈的寻租动机。同时，会计师事务所为争得更大的IPO市场份额和高额的审计收入，也愿意参与到寻租活动中。当双方均能获得寻租租金时，寻租活动便由此产生。 基于IPO市场制度背景和寻租双方动机的分析结果，本文以2009-2012年创业板IPO公司为样本，实证检验了寻租活动的效果、IPO公司的审计师选择、寻租租金的存在以及寻租活动的后续影响。结果显示：关联所审计的IPO公司的过会率显著高于非关联所；关联所在IPO审计市场比非关联所获得更大的市场份额和更高的审计收费；在上市第一年年报审计市场中，关联所也比非关联所获得更大的市场份额和更高的审计收费。 研究结果表明，IPO公司为了能顺利通过发审委审核，通过将IPO审计业务，甚至是上市后的年报审计业务，交予拥有发审委委员资源的会计师事务所和向其支付超额审计费用等方式，形成了有效的寻租；会计师事务所凭借其在发审委的特殊资源优势向IPO公司提供上市帮助，显著提高了IPO公司的过会率。 In the stock issuance examination system, the accounting firm may have a dual identity inthe IPO process. The firm provides audit services to IPO companies and has auditor in the stockissuance examination committee at the same time. Listing brings huge gains to companies,making companies have strong rent-seeking motivation to pass the review of the stock issuanceexamination committee. On the other hand, the accounting firms are willing to participate inrent-seeking activities for higher market share and high audit fees. When both sides can getrent-seeking rents in the rent-seeking activities, the activities may become a reality. Based on the analysis results of the IPO market system background and rent-seekingmotivation, this paper uses data of the GEM /(Growth Enterprise Market/) IPO companies from2009to2012and tests the effects of rent-seeking activities, auditor choice of IPO companies,the existence of rents and subsequent impact of rent-seeking activities. The study finds that: thepassing IPO application probability of the companies audited by committee-related firms issignificantly higher than non-committee-related firms; committee-related firms have biggermarket share and higher audit fees than non-committee-related firms in the IPO audit marketand the post-IPO first annual report audit market. The results show the following conclusions: in order to pass the review of the stockissuance examination committee, some IPO companies hire the accounting firm which hasstock issuance examination committee resource for IPO audit or post-IPO annual report auditand pay the firm extra audit fees for efficient rent-seeking. Simultaneously, the accounting firmsassist the IPO companies by their special resource in the stock issuance examination committee.The rent-seeking activity leads to a significant higher passing IPO application probability of theIPO companies.

关 键 词： 寻租 发审委 审计需求 公司

分 类 号： [F239.4 F276.6]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]