本文選題：會計師事務(wù)所　切入點：聲譽　出處：《東北農(nóng)業(yè)大學》2014年碩士論文

【摘要】：世界各國的證券市場中,普遍存在IPO高抑價現(xiàn)象,新興市場尤為明顯。中國股票市場經(jīng)歷過8次暫停,又8次重啟。每一次IPO的重啟,抑價問題都是不容忽視的重點內(nèi)容。現(xiàn)如今,IPO再一次重啟,IPO高抑價問題又成為市場關(guān)注的熱點問題。 影響IPO抑價的因素有很多,本文從會計師事務(wù)所聲譽角度出發(fā),結(jié)合信息不對稱等理論,研究其對IPO抑價的影響,有利于豐富IPO市場的理論研究,對于從制度層面探索強化事務(wù)所聲譽機制作用也有重要的理論意義；與此同時,本研究對于降低信息不對稱、減少IPO抑價、提高證券市場效率方面也有顯著的現(xiàn)實意義。 本文主要運用了文獻整理法、理論實證結(jié)合法以及統(tǒng)計分析法。首先,介紹研究背景、目的及意義,分別從會計師事務(wù)所聲譽、IPO抑價和會計師事務(wù)所聲譽對IPO抑價的影響三個方面將國內(nèi)外文獻進行梳理；其次,對相關(guān)概念和理論進行了概述,同時對我國會計師事務(wù)聲譽的現(xiàn)狀、IPO抑價水平現(xiàn)狀以及分別不同上市板塊對會計師事務(wù)所聲譽對IPO抑價影響的現(xiàn)狀進行了總結(jié)；然后,提出了本文三個假設(shè),并對三個假設(shè)分別進行驗證。選取2005-2012年滬深兩市A股IPO公司作為研究樣本,采用多元線性回歸模型,實證檢驗兩者之間是否存在負相關(guān)關(guān)系。研究結(jié)果表明：(1)基于A股整體市場的會計師事務(wù)所聲譽與IPO抑價的實證檢驗結(jié)果表明會計師事務(wù)所聲譽與IPO抑價負相關(guān),假設(shè)HI得到驗證,并且通過顯著性檢驗,結(jié)果表明兩者顯著負相關(guān)。(2)基于主板和中小板研究數(shù)據(jù)的實證結(jié)果顯示,會計師事務(wù)所(Ar)前面的系數(shù)為負,并且通過顯著性檢驗,假設(shè)H2得到證明。(3)基于創(chuàng)業(yè)板數(shù)據(jù)的研究結(jié)果表明,盡管會計師事務(wù)所(Ar)前面系數(shù)為負,但并未能通過顯著性相關(guān)的檢驗。實證結(jié)論：會計師事務(wù)所聲譽能夠降低IPO抑價,兩者呈負向相關(guān)。事務(wù)所聲譽能夠減少IPO抑價。最后,從會計事務(wù)所、國家政策法規(guī)兩個方面提出對策建議,以期對提高會計師事務(wù)所聲譽以降低IPO抑價、不斷提高我國證券市場效率有所裨益。
[Abstract]:In the world's securities markets, there is a widespread phenomenon of high IPO underpricing, especially in emerging markets. China's stock market has experienced eight pauses and eight restarts. Each reboot of IPO, The issue of underpricing is an important issue that can not be ignored. Nowadays, the issue of IPO underpricing has become a hot issue in the market once again. There are many factors that affect the underpricing of IPO. From the perspective of reputation of accounting firms and information asymmetry theory, this paper studies its influence on IPO underpricing, which is beneficial to enrich the theoretical research of IPO market. At the same time, this study has significant practical significance in reducing information asymmetry, reducing IPO underpricing and improving the efficiency of securities market. This article mainly uses the literature collation method, the theory demonstration union method and the statistical analysis method. First, introduces the research background, the purpose and the significance, From the accounting firm reputation IPO underpricing and accounting firm reputation on the impact of IPO underpricing in three aspects of domestic and foreign literature combing; secondly, the related concepts and theories are summarized, At the same time, the paper summarizes the current situation of the reputation of accountant affairs and the current situation of the underpricing level of IPOs and the influence of different listed plates on the reputation of accounting firms on IPO. Then, three hypotheses are put forward in this paper. And the three hypotheses are verified separately. From 2005 to 2012, A share IPO Company of Shanghai and Shenzhen Stock Exchange is selected as the research sample, and the multivariate linear regression model is used. The empirical results show that there is a negative correlation between the reputation of accounting firms and the underpricing of IPO based on the A share market, and the empirical results show that the reputation of accounting firms is negatively correlated with the underpricing of IPO. Assuming that HI is verified, and through significance test, the results show that there is a significant negative correlation between them. 2) empirical results based on the main board and small and medium board research data show that the coefficient in front of the accounting firm Arg) is negative, and the significance test is passed. Assuming H2 is proved, the research results based on gem data show that, although the front coefficient of accounting firm Ars is negative, it fails to pass the significant correlation test. Empirical conclusion: accounting firm reputation can reduce IPO underpricing. The reputation of the accounting firm can reduce the IPO underpricing. Finally, from two aspects of accounting firm, national policies and regulations, the countermeasures and suggestions are put forward in order to improve the reputation of the accounting firm to reduce the IPO underpricing. Improving the efficiency of China's securities market is beneficial.
【學位授予單位】：東北農(nóng)業(yè)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F233;F832.51;F275

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