发审委身份公开、会计师事务所声誉与IPO公司盈余质量

本文以我国2000至2007年期间IPO公司财务报告为样本,以2003年我国由证监会遴选执业会计师出任股票发行审核委员会(简称"发审委")委员的身份公开为背景,研究被证监会遴选执业会计师出任股票发审委委员的会计师事务所是否有动机提高审计质量,以维护来自政府认可的信任声誉。实证研究发现,这些会计师事务所审计的IPO公司财务报告的盈余质量,无论横向比较还是纵向比较均有显著提高。据此推论,来自政府认可的会计师事务所声誉与源于市场口碑的会计师事务所声誉一样,对享有这些声誉的会计师事务所提高审计质量有明显激励作用。

The Releasing of Members of Stock Issue Appraisal Committee,Accounting Firms Reputation and Earnings Quality of IPO Firms

China Securities Regulatory Commission formally released the part-time and full-time members of Stock Issue Appraisal Committee(SIAC) in December 2003.The release of full-time members of SIAC increased the accounting firms’ reputation that the full-time members have been worked before.Using the Chinese Initial Public Offerings(IPO) firms from 2000 to 2007 as a research example,this study examines whether the establishment of accounting firms reputation mechanism can effectively restrict earnings management behavior of IPO firms,and then improves the earnings quality of IPO firms.We find that earnings quality has been improved significantly when they were audited by the accounting firms that are related to the full-time members of SIAC,regardless of the horizontal comparison or vertical comparison.The above results suggest that accounting firms’ reputation has an important role in increasing the audit quality,whether the accounting firms’ reputation generated from the audit market or from the regulatory body.