本文選題：會(huì)計(jì)師事務(wù)所　切入點(diǎn)：聲譽(yù)　出處：《東北農(nóng)業(yè)大學(xué)》2014年碩士論文

【摘要】：世界各國(guó)的證券市場(chǎng)中,普遍存在IPO高抑價(jià)現(xiàn)象,新興市場(chǎng)尤為明顯。中國(guó)股票市場(chǎng)經(jīng)歷過(guò)8次暫停,又8次重啟。每一次IPO的重啟,抑價(jià)問(wèn)題都是不容忽視的重點(diǎn)內(nèi)容�，F(xiàn)如今,IPO再一次重啟,IPO高抑價(jià)問(wèn)題又成為市場(chǎng)關(guān)注的熱點(diǎn)問(wèn)題。 影響IPO抑價(jià)的因素有很多,本文從會(huì)計(jì)師事務(wù)所聲譽(yù)角度出發(fā),結(jié)合信息不對(duì)稱(chēng)等理論,研究其對(duì)IPO抑價(jià)的影響,有利于豐富IPO市場(chǎng)的理論研究,對(duì)于從制度層面探索強(qiáng)化事務(wù)所聲譽(yù)機(jī)制作用也有重要的理論意義；與此同時(shí),本研究對(duì)于降低信息不對(duì)稱(chēng)、減少I(mǎi)PO抑價(jià)、提高證券市場(chǎng)效率方面也有顯著的現(xiàn)實(shí)意義。 本文主要運(yùn)用了文獻(xiàn)整理法、理論實(shí)證結(jié)合法以及統(tǒng)計(jì)分析法。首先,介紹研究背景、目的及意義,分別從會(huì)計(jì)師事務(wù)所聲譽(yù)、IPO抑價(jià)和會(huì)計(jì)師事務(wù)所聲譽(yù)對(duì)IPO抑價(jià)的影響三個(gè)方面將國(guó)內(nèi)外文獻(xiàn)進(jìn)行梳理；其次,對(duì)相關(guān)概念和理論進(jìn)行了概述,同時(shí)對(duì)我國(guó)會(huì)計(jì)師事務(wù)聲譽(yù)的現(xiàn)狀、IPO抑價(jià)水平現(xiàn)狀以及分別不同上市板塊對(duì)會(huì)計(jì)師事務(wù)所聲譽(yù)對(duì)IPO抑價(jià)影響的現(xiàn)狀進(jìn)行了總結(jié)；然后,提出了本文三個(gè)假設(shè),并對(duì)三個(gè)假設(shè)分別進(jìn)行驗(yàn)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(xiàn)性回歸模型,實(shí)證檢驗(yàn)兩者之間是否存在負(fù)相關(guān)關(guān)系。研究結(jié)果表明：(1)基于A(yíng)股整體市場(chǎng)的會(huì)計(jì)師事務(wù)所聲譽(yù)與IPO抑價(jià)的實(shí)證檢驗(yàn)結(jié)果表明會(huì)計(jì)師事務(wù)所聲譽(yù)與IPO抑價(jià)負(fù)相關(guān),假設(shè)HI得到驗(yàn)證,并且通過(guò)顯著性檢驗(yàn),結(jié)果表明兩者顯著負(fù)相關(guān)。(2)基于主板和中小板研究數(shù)據(jù)的實(shí)證結(jié)果顯示,會(huì)計(jì)師事務(wù)所(Ar)前面的系數(shù)為負(fù),并且通過(guò)顯著性檢驗(yàn),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(huì)計(jì)師事務(wù)所(Ar)前面系數(shù)為負(fù),但并未能通過(guò)顯著性相關(guān)的檢驗(yàn)。實(shí)證結(jié)論：會(huì)計(jì)師事務(wù)所聲譽(yù)能夠降低IPO抑價(jià),兩者呈負(fù)向相關(guān)。事務(wù)所聲譽(yù)能夠減少I(mǎi)PO抑價(jià)。最后,從會(huì)計(jì)事務(wù)所、國(guó)家政策法規(guī)兩個(gè)方面提出對(duì)策建議,以期對(duì)提高會(huì)計(jì)師事務(wù)所聲譽(yù)以降低IPO抑價(jià)、不斷提高我國(guó)證券市場(chǎng)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(xué)位授予單位】：東北農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F233;F832.51;F275

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