会计师事务所声誉与IPO折价关系的实证研究

会计师事务所是证券市场上的重要中介机构。国外审计实践和理论研究均表明,高声誉的会计师事务所有助于减少信息不对称,降低IPO的折价幅度,促进新股的顺利发行。随着我国《证券法》等证券法规的颁布实施,以及股票发行制度的改革,主承销商和发行公司在首次公开发行股票时日益倾向于聘请高声誉的会计师事务所。但是,在我国,会计师事务所的声誉并不能降低IPO折价幅度。

Empirical Study on The Relationship Between Accounting Firms Reputation and IPO Underpricing

Accounting firms are important intermediaries in the security market. Western practices and studies find that a prestigious accounting firm can provide favorable information to a firm's true value and reduce the ex ante uncertainty and IPO underpricing, so as to promote the smooth issuing of a new stock. With the promulgation and implement of Chinese Securities Exchange Act and other regulations and also with the increased reform of stock issuing system, major underwriters and listing companies tend to engage the prestigious accounting firms when issuing a new stock. We find that some prestigious accounting firms in China can't reduce the IPO underpricing.