摘要
本文关注中国上市公司IPO的过程中的寻租、市场分割与市场惩戒现象,检验了失去约束的权力与权责不对称情况下滋生的"恶之花"。使用2006-2010年期间中国资本市场IPO公司的手工数据,本文研究发现:(1)证监会发行审核委员会(发审委)中的会计师关系显著提高了拟IPO公司的过会概率;(2)发审委中的会计师关系显著增加了关联事务所的审计收费以及在IPO审计中的市场份额;(3)公司IPO后的累计超额回报与发审委中的会计师关系显著负相关。上述研究发现联合支持了如下层层递进的逻辑与结论:发审委中的会计师委员使得特定的会计师事务所拥有了IPO过程中非常重要的"投票权"和权力,为此一些拟IPO公司通过将审计业务交由发审委中的会计师委员关联的会计师事务所进行审计,实现了有效率的寻租,结果是显著提高了公司IPO申请的过会概率。同时发审委中的会计师委员关联的事务所相应获得了IPO审计市场的超额审计收费、显著增加了IPO审计市场份额。但是,IPO后中国资本市场给予寻租的公司严厉的市场惩戒。上述研究发现敦促中国资本市场发审制度的改革。
This paper focuses on rent-seeking behavior, market segmentation and discipline phenomena during the IPO process of Chinese listed firms, and examines the power＇s ＇Les Fleurs Du Mal＇ that resulted from the unconstrained, asymmetric pow- er relative to the responsibilities. Using the manually collected data of IPO companies on Chinese capital market between the year 2006 to 2010, this study finds out： （1） the accountant connections which refer to China Securities Regulatory Commission＇ s Issuance Examination Committee （IEC） significantly increase the probability of firms＇ passing IPO application; （2） accoun- tant connections of IEC significantly increase the related accounting firms＇ audit fees and shares of the IPO auditing market; and （3） the companies＇ cumulative abnormal returns after IPO significantly and negatively correlate to the accountant connec- tions of IEC. The above findings jointly support the following logic and conclusions： the related accounting firms possess the ＇voting rights＇ and power that is important to the IPO process by serving as the IEC members, then some companies that plan- ning to go public hire the related accounting firms for efficient rent seeking from the IEC members, and leads to significantly higher probability of passing the IPO application. Simultaneously, the related accounting firms obtain abnormal audit fee and larger shares of the IPO auditing market. However, Chinese capital market will severely punish these companies after their IP- Os. The findings urge the reform of Chinese issuance system.
出处
《投资研究》
北大核心
2012年第12期10-32,共23页
Review of Investment Studies
基金
国家自然科学基金项目(71072053)
福建省社会科学重点项目(2010A012)
中央高校基本科研业务费专项资金(2010221021)
关键词
发审委
会计师关系
寻租
IPO的过会概率
审计收费
审计市场份额
累计超额回报(CAR)
Issuance Examination Committee
Accountant Connection
Rent-Seeking
Probability of Approving
Audit Fee
Au-dit Market Share
Cumulative Abnormal Return
