IPO盈余管理与会计师事务所的选择

考察了IPO盈余管理对会计师事务所选择的影响,研究发展盈余管理为正方向、盈余管理幅度越大的企业,越是倾向于聘请小所和同省所进行IPO审计。但并未找到审计费用由此而明显提高的证据。可能原因有二：一是会计师事务所为长期留住客户而对IPO盈余管理放弃收取审计风险补偿,二是IPO企业在上市公告书上披露的审计费用不完整。     

英、美、中三国会计师事务所组织形式演变研究

本文以英、美、中三国的会计师事务所为研究对象,深入追踪与分析其组织形式的产生过程与法律规定,同时从命名含义、法律责任以及合伙文化等方面,对外国"有限责任合伙制"与我国"特殊的普通合伙制"进行比较,从而得出我国"特殊的普通合伙制"是具有中国特色的、适合中国国情的新型会计师事务所组织形式这一结论,并对现阶段我国会计师事务所采用"特殊的普通合伙制"组织形式的关键性问题进行了深入分析,为我国会计师事务所做大做强和走出去战略的有效实施提供有益素材。     

论会计师事务所组织形式的选择

本文从分析注册会计师事务所的历史和现状为基础,探讨了四种组织形式的优劣,并说明普通合伙制为最适合我国目前发展状况的事务所组织形式。     

有限责任合伙制：21世纪我国会计师事务所的组织形式

现行《注册会计师法》规定，我国的会计师事务所可以采取合伙制和有限责任制的形式。但是，近年来“银广厦”等事件的发生，使社会公众对于作为社会中介机构的会计师事务所所提供审计服务的质量产生了质疑。众所周知，会计师事务所的组织形式影响着审计工作的质量，进而影响会计师事务所的长远发展。在《注册会计师法》的修订过程中，     

关于我国会计师事务所组织形式的探讨

上市公司重大财务造假案件不断发生,已经造成了社会公众对注册会计师的信任危机。会计师事务所普遍采用的有限责任制组织形式的约束力较弱,是审计失败的主要原因。当前,我国正在对《注册会计师法》进行修订,有限责任制这种组织形式应暂缓作为我国会计师事务所组织形式的选择。     

会计师事务所组织形式对审计质量影响探析

会计师事务所采用的组织形式对审计质量的影响已经越来越引起关注,如何健全和完善会计师事务所的组织形式,优化会计师事务所的运行机制以提高审计质量,是当前的重要研究课题。本文通过对会计师事务所组织形式的分析和影响审计质量的原因分析,探析会计师事务所组织形式对审计质量的影响,并试着论证何种组织形式能有效地提高审计质量。     

会计师事务所组织形式对审计质量影响探析

会计师事务所采用的组织形式对审计质量的影响已经越来越引起关注,如何健全和完善会计师事务所的组织形式,优化会计师事务所的运行机制以提高审计质量,是当前的重要研究课题。本文通过对会计师事务所组织形式的分析和影响审计质量的原因分析,探析会计师事务所组织形式对审计质量的影响,并试着论证何种组织形式能有效地提高审计质量。     

论会计师事务所的组织形式与内部治理

最近,财政部发布了《关于加快发展我国注册会计师行业的若干意见》,提出力争用5年左右的时间,努力实现以下主要发展目标:会计师事务所的规模结构优化合理,会计师事务所执业领域大幅度拓展,     

脱钩改制与会计师事务所组织模式选择

脱钩改制是我国建立规范运作的会计师事务会的重大改革举措，而恰当选择会计师事务所的组织模式有利于促进市场经济的发展，大力发展合伙制会计师事务所，在现有的基础上适当发展有限责任制会计师事务所，正是适应了我国的实际情况和事务所的发展要求，有利于规范审计行为，提高审计质量，完善会计师事务所的管理体制。     

大型会计师事务所是否有效抑制了IPO期间的盈余管理——基于会计应计与真实交易盈余管理视角

本文从会计应计与真实交易盈余管理视角,考察了大型会计师事务所在制约企业IPO过程中不同盈余管理方式上的有效性。研究发现,企业在IPO期间同时实施了应计盈余管理和实质盈余管理;国际"四大"或国内"十大"对IPO企业的应计盈余管理起到有效的制约作用,但增加了实质盈余管理水平,并且对不同真实交易活动盈余管理的影响差异较大。在真实交易活动中,IPO企业更可能操纵现金流来实施盈余管理,而操纵生产成本或费用支出的可能性较小。此外,本文还发现,发行定价更高或成长性更好的企业进行实质盈余管理的可能性更大。     

Ownership Structure and IPO Underpricing

Abstract:   Stoughton and Zechner (1998) and Brennan and Franks (1997) argue that underpricing can be employed to determine post IPO ownership structure, and thereby to influence monitoring and/or control of the company post issue. This paper employs unique data relating to shareholdings of firms listing on the London Stock Exchange, and provides compelling evidence that IPO underpricing does not arise from efforts to determine the ownership structure of the post IPO firm. It is suggested that research is directed elsewhere to find an answer to the underpricing phenomenon, and for means other than IPO underpricing to affect post IPO ownership structure.     

Forecasts in IPO Prospectuses: The Effect of Corporate Governance on Earnings Management

Prior research suggests that managers may use earnings management to meet voluntary earnings forecasts. We document the extent of earnings management undertaken within Canadian Initial Public Offerings (IPOs) and study the extent to which companies with better corporate governance systems are less likely to use earnings management to achieve their earnings forecasts. In addition, we test other factors that differentiate forecasting from non‐forecasting firms, and assess the impact of forecasting and corporate governance on future cash flow prediction. We find that firms with better corporate governance are less likely to include a voluntary earnings forecast in their IPO prospectus. In addition, we find that while IPO firms use accruals management to meet forecasts; the informativeness of the discretionary accruals depends on whether or not the firm would have missed its forecast without the use of discretionary accruals.     

盈余管理、信息风险与审计意见

盈余管理和信息风险是影响审计意见的两个重要因素。已有研究主要关注当期盈余管理与审计意见的关系,少有关注信息风险对审计意见的影响。本文运用我国上市公司的数据,同时研究盈余管理和信息风险对审计意见的影响。检验结果表明,公司的信息风险与审计师出具非标意见概率显著正相关,而当期盈余管理与审计师出具非标意见的概率无显著相关性。这表明,审计师出具审计意见时主要考虑信息风险,而没有证据表明审计师出具审计意见时考虑了盈余管理。本文的研究结论深化了已有审计意见和审计质量决定因素方面的研究。     

A Comparison of Earnings Management Between KSE Firms and KOSDAQ Firms

Abstract:   This study investigates differences in earnings management practices of Korea Stock Exchange (KSE) firms and KOSDAQ (a Korean version of the NASDAQ market) firms during the period of 1996–1997. A sample of 1,256 KSE and 577 KOSDAQ firm‐year observations is used to compare earnings management practices of firms listed in the two different stock exchanges. The results of the study reveal that KOSDAQ firms tend to more actively manipulate earnings to avoid losses than KSE firms. KOSDAQ firms generally tend to increase reported earnings more aggressively than KSE firms when their operating cash flows are poor, and play down their reported earnings more when their operating cash flows are exceptionally good. The results of the study are quite robust in the sense that more aggressive earnings management practices of KOSDAQ firms persist even when operating cash flows are controlled.     

询价制下IPO抑价的成因分析

本文依据信息不对称理论对中国证券市场在询价制下IPO抑价的成因进行分析。本文结舍近期我国股市IPO的实际情况，对我国询价制下上市公司IPO抑价原因和应对策略进行探讨，以期为承销商提供有益的帮助。     

Voluntary Disclosure of Management Earnings Forecasts in IPO Prospectuses

Asymmetric information and mechanisms for its resolution in the initial public offering (IPO) process are subjects of extensive research and debate. In this paper, we investigate the impact of one such mechanism, namely voluntary disclosure of management earnings forecasts by issuers of IPOs, as a means of reducing asymmetric information as well as ex ante uncertainty. Our focus is on the relative importance of this voluntary disclosure mechanism on both IPO underpricing and post‐issue return performance. Our results indicate that management earnings forecasts provide important and incremental information compared to other means of reducing asymmetric information, and these disclosures appear to improve the environment of IPO issuance. For example, our underpricing results show that firms that choose to provide forecasts leave 'less money on the table' with a lower degree of underpricing. In terms of post‐issue performance, firms whose forecasts turn out to be optimistic are penalized significantly relative to other forecasters and non‐forecasters.     

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。     

Uncertain Demand,Heterogeneous Expectations,and Unintentional IPO Underpricing

Distinguishing between intentional and unintentional incentives to underprice initial public offerings (IPOs), I develop sufficient conditions for the winners' curse postulated by Miller (1977) and implications for intertemporal changes in the magnitude of underpricing. Specifically, I show that unintentional underpricing (and occasional overpricing) of IPOs is a consequence of investors' heterogeneous expectations of the uncertain value of a stock when the supply is constrained and the underwriter's price discovery process only partially identifies aggregate demand. Moreover, an IPO that is oversubscribed in the premarket sale almost certainly will experience a short‐term price increase in the secondary market.     

Legal Liabilities, Audit Accuracy and the Market for Audit Services

In quality-differentiated audit markets with client-firms of unknown types, insider-managers of client firms strategically select auditors who respond to legal liabilities to decide their care level. In this signaling game, uninformed-investors use the audit report and the auditors' identity for firm valuation. The analysis shows that increased legal liability increases the auditor's effort and audit accuracy but reduces the demand for high quality auditing because, apart from the increased audit costs, the adverse selection benefit of the worse type reduces with increased accuracy. Furthermore, alternative legal regimes and damage allocation rules alter informational efficiency of the financial market.     

股权结构与上市公司应计和真实盈余管理行为

过高的股权集中度会导致显著更高的应计盈余操控行为,而对真实盈余管理行为的影响总体上不显著;无论对于应计盈余操控还是真实盈余操控,机构持股均具有较好的抑制作用;国有控股会导致显著更高的应计盈余操控,但在真实盈余操控方面,更多地体现在异常酌量费用方面;国有控股上市公司管理层持股越高,其应计盈余管理行为越显著,而在真实盈余管...