基于审计路径的发行人寻租动机、定价效力与市场甄别研究

doi:10.16381/j.cnki.issn1003-207x.2020.0686

中国管理科学 ›› 2022, Vol. 30 ›› Issue (9): 116-127.doi: 10.16381/j.cnki.issn1003-207x.2020.0686

基于审计路径的发行人寻租动机、定价效力与市场甄别研究

胡丹^1,2, 梁樑^1,2

1.合肥工业大学管理学院，安徽合肥230009;2.过程优化与智能决策教育部重点实验室，安徽合肥230009

收稿日期:2020-04-17 修回日期:2020-08-21 出版日期:2022-09-20 发布日期:2022-09-01
通讯作者: 胡丹(1987-)，女(汉族)，安徽合肥人，合肥工业大学管理学院，副教授，博士，研究方向：审计、公司治理、企业社会责任等，Email：deborah_hu@hfut.edu.cn. E-mail:deborah_hu@hfut.edu.cn
基金资助:
国家自然科学基金青年资助项目（71904040）；国家自然科学基金基础科学中心项目（72188101）；教育部人文青年基金资助项目（16YJC790029）

IPO Issuer Rent-Seeking Motivation, Pricing Efficacy and MarketScreening—— From the Perspective of Pre-IPO Audit

HU Dan^1,2, LIANG liang^1,2

1. School of Management, Hefei University of Technology, Hefei Anhui 230009, China;2. Key Laboratory of Process Optimization and Intelligent Decision-Making, Ministry of Education, Hefei Anhui 230009, China

Received:2020-04-17 Revised:2020-08-21 Online:2022-09-20 Published:2022-09-01
Contact: 胡丹 E-mail:deborah_hu@hfut.edu.cn

摘要/Abstract

摘要： 为了获取上市资格、合理定价等价值不菲的“经济租金”，结合我国独存的股票发行审核委员会(发审委)制度，发行人进行“发审寻租”是新股市场长久存在、且亟待解决的重要问题。本文选择“发行价格”议题与“审计”视角，运用回归模型(Logit、OLS)与随机前沿模型(SFA)，探索性地研究了我国A股市场2009-2018年间、非金融行业发行人寻租的动机、定价效力及相应的市场甄别。结果表明：(1)寻租发行人多具有典型“风险”特征与较高“内审”能力、并出于“规避失败”的动机；(2)寻租具有“提高发行定价、降低抑价损失”的定价效力；(3)现阶段新股市场尚不具备对该寻租行为的甄别能力。整体而言，我国A股市场发行人进行“发行价格”寻租的行为切实存在，且多能成功。本文结论首次为“发行价格”寻租提供了稳健的经验证据，为发审委近年来大幅缩减审计专家成员的政策科学性提供了支持；也对进一步规正审计、尤其是外部审计职能定位，梳理、总结发审委工作具有重要启示意义。

关键词: 发行人寻租；会计师事务所；内部审计；新股定价效率；市场甄别

Abstract: The existence of Issuance Examination Commission (IEC) and Approval System in Chinese new issue market induce one unique problem-issuer rent-seekingtoward IEC. To be specific, it includes two types: the qualification rent-seeking, which aims at successful listing; and the pricing rent-seeking, which aims at high pricing efficiency. Prior studies mainly focused on qualification rent-seeking topic, and drawn consistent conclusion that this type of rent-seeking adopted external auditor as one of its main paths, and largely would succeed. In the meantime, pricing rent-seeking topic had never received the due attention. Combined with our market practical problem of unreasonably high underpricing, we believe this research would fill some gap.

Key words: issuer rent-seeking; audit firm; internal audit; new-issue pricing efficiency; market screening

中图分类号:

F830

胡丹, 梁樑. 基于审计路径的发行人寻租动机、定价效力与市场甄别研究[J]. 中国管理科学, 2022, 30(9): 116-127.

HU Dan, LIANG liang. IPO Issuer Rent-Seeking Motivation, Pricing Efficacy and MarketScreening—— From the Perspective of Pre-IPO Audit[J]. Chinese Journal of Management Science, 2022, 30(9): 116-127.

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基于审计路径的发行人寻租动机、定价效力与市场甄别研究

IPO Issuer Rent-Seeking Motivation, Pricing Efficacy and MarketScreening—— From the Perspective of Pre-IPO Audit

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