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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 article focuses on the phenomenon of rent-seeking, market segmentation and market discipline in the IPO process of listed companies in China, and examines the “evil flower” which is born under the asymmetrical power and responsibility. Using the manual data of IPO companies in China’s capital markets from 2006 to 2010, this study finds that: (1) the accountant relationship in the issuance examination committee (issuance examination committee) of the CSRC significantly improves the probability of meeting the IPO company; (2) The CPA relationship in the issuance examination committee significantly increased the audit fee of the affiliated firm and the market share in the IPO audit. (3) The cumulative excess return after IPO was significantly and negatively related to the CPA relationship in the issuance examination committee. The above study found that the joint support of the following layers of logic and the conclusion: the CPA commissioners make a particular accounting firm owns the very important “voting rights” and powers in the IPO process, for which some proposed The IPO company audits the audit business by the accounting firms affiliated with the CPAs in the issuance examination committee to achieve efficient rent-seeking. As a result, the IPO probability of the IPO application of the company is significantly raised. At the same time, the CPAs in the issuance examination committee have obtained the excess audit fee for the IPO audit market accordingly, which significantly increased the IPO audit market share. However, the IPO after China’s capital market for rent-seeking companies harsh market discipline. The above study found that China urged the reform of the issuance system of capital markets.