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

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.

参考文献

［1］赖少娟, 杜兴强. 权力的“恶之花”:IPO中的寻租、审计市场异化与资本市场惩戒［J］. 投资研究, 2012(12):10-32.Lai Shaojuan, Du Xingqiang. The power’s‘Les Fleurs Du Mal’: rent-seeking, the alienation of audit market, and capital market’s curse［J］.Review of Investment Studies, 2012(12):10-32.
［2］李敏才, 刘峰. 社会资本、产权性质与上市资格——来自中小板IPO的实证证据［J］. 管理世界, 2012,187(11):110-123.Li Mincai, Liu Feng. Social capital, ownership type and listing qualification——empirical evidence from Issues of small and medium-sized board［J］. Management World, 2012,187(11):110-123.
［3］ Yang Zhifeng. Do political connections add value to audit firms? evidence from IPO audits in China［J］. Contemporary Accounting Research, 2013, 30(3): 891-921.
［4］杜兴强, 赖少娟, 杜颖洁. “发审委”联系、潜规则与IPO市场的资源配置效率［J］. 金融研究, 2013,427(3):143-156.Du Xingqiang, Lai Shaojuan, Du Yingjie. Issuance examination committee connections, hidden rules and resource allocation efficiency of IPO market［J］. Journal of Financial Research, 2013,427(3):143-156.
［5］黄亮华, 谢德仁. 核准制下IPO市场寻租研究——基于发审委员和承销商灰色关联视角［J］. 中国工业经济, 2016(3):20-35.Huang Lianghua, Xie Deren.Rent seeking in approval-based IPO system——based on the perspective of the indirect connections between IEC members and underwriters［J］. China Industrial Economics, 2016(3):20-35.
［6］胡丹, 冯巧根. 信息环境、审计质量与IPO抑价——以A股市场2009-2011年上市的公司为例［J］. 会计研究, 2013(2):78-85.Hu Dan, Feng Qiaogen.Information environment, audit quality and IPO underpricing——based on the A-share IPO firms during 2009-2011［J］.Accounting Research, 2013(2):78-85.
［7］胡志强,胡渊,狄晨晨. IPO前后的企业产品差异化动态策略——引入股价信息学习的模型与实证［J］. 中国管理科学,2020,28(5):52-61.Hu Zhiqiang, Hu Yuan, Di Chenchen. Dynamic product differentiation competitive strategy before and after IPO: introducing the stock-price information［J］.Chinese Journal of Management Science,2020,28(5):52-61.
［8］张维迎.中国股市是一个“寻租场”［J］. 当代经济, 2007(8):1.Zhang Weiying. China’s stock market is a rent-seeking market［J］. Contemporary Economics, 2007(8):1.
［9］王兵, 辛清泉. 寻租动机与审计市场需求:基于民营IPO公司的证据［J］. 审计研究, 2009(3):74-80.Wang Bing,Xin Qingquan.Rent-seeking motivation and auditing market: evidence from IPO private firms［J］. Auditing Research, 2009(3):74-80.
［10］冉茂盛, 黄敬昌. 首次公开发行、盈余管理与发审委审核［J］. 证券市场导报, 2011(3):29-34.Ran Maosheng,Huang Jingchang. Initial public offering, earning management and the approval of the stock issuance examination and verification committee［J］. Securities Market Herald, 2011(3):29-34.
［11］林南. 社会资本:关于社会结构与行动的理论［M］. 上海:上海人民出版社, 2005.Lin Nan. Social capital: A theory of structure and action［M］. Shanghai, Shanghai People’s Publishing House, 2005.
［12］胡旭阳. 什么样的拟发行人受发审委“青睐”——我国股票发行审核委员会审核行为的实证分析［J］. 财贸经济, 2011(6):60-67.Hu Xuyang. What kind of Issuer is favored by the IEC——empirical analysis of the audit behavior of China’s stock issuance audit committee［J］. Finance & Trade Economics, 2011(6):60-67.
［13］ Klein A. Audit committee, board of director characteristics, and earnings management［J］. Journal of Accounting & Economics, 2000, 33(3):375-400.
［14］ Carcello J V, Neal T L. Audit committee composition and auditor reporting［J］. Accounting Review, 2000.
［15］ Chen K Y, Zhou Jian. Audit committee, board characteristics, and auditor switch decisions by andersen’s clients［J］. Contemporary Accounting Research, 2007.
［16］ Pfeffer J, Salancik G R. The external control of organizations: A resource dependence perspective［M］. Harper & Row, 1978.
［17］俞莹,易荣华. 来自新兴市场的公司上市对目的地市场的影响——以中国香港市场为例［J］. 中国管理科学, 2020,28(2):37-47.Yu Ying,Yi Ronghua.The impact of companies listing from emerging markets on the host market——the case of the hong kong market［J］.Chinese Journal of Management Science, 2020,28(2):37-47.
［18］ Akerlof G A. The market for “Lemons”: quality uncertainty and the market mechanism［J］. The Quarterly Journal of Economics 1970, 84(3):488-500.
［19］陈辉发, 蒋义宏, 王芳. 发审委身份公开、会计师事务所声誉与IPO公司盈余质量［J］. 审计研究, 2012(1):60-68.Chen Huifa,Jiang Yihong,Wang Fang. The releasing of members of stock issue appraisal committee, accounting firms reputation and earnings quality of IPO firms［J］. Auditing Research,2012, (1):60-68.
［20］ Hunt-McCool J, Sammel C K, Francis B B. Testing for deliberate underpricing in the IPO premarket: a stochastic frontier approach［J］. Review of Financial Studies, 1996, 9(4):1251-1269.
［21］ Rock K. Why new issues are underpriced［J］. Journal of Financial Economics, 1986, 15(1):187-212.
［22］ Balvers R, McDonald B, Miller R. Underpricing of new issues and the choice of auditor as a signal of investment bank reputation［J］. The Accounting Review, 1988, 63(4): 605-622.
［23］ Beatty R P. Auditor reputation and the pricing of initial public offering［J］. The Accounting Review, 1989, 64(4): 693-709.
［24］ Titman S, Trueman B. Information quality and the valuation of new issues［J］. Journal of Accounting & Economics, 1986, 8(2):159-172.
［25］ DeAngelo L E. Auditor size and audit quality［J］. Journal of Accounting & Economics, 2006, 3(3):183-199.
［26］ Datar S M, Feltham G A, Hughes J S. The role of audits and audit quality in valuing new issues［J］. Journal of Accounting and Economics, 1991, (14): 3-49.
［27］ Su Dongwei. Leverage, insider ownership, and the underpricing of IPOs in China［J］. Journal of International Financial Markets, Institutions and Money, 2004, 14(1):37-54.
［28］祝继高, 陆正飞. 融资需求,产权性质与股权融资歧视——基于企业上市问题的研究［J］. 南开管理评论, 2012, 15(4):141-150.Zhu Jigao,Lu Zhengfei. Financing demand, ownership type, and equity financing discrimination: a research based on the issue of going public［J］. Nankai Business Review,2012, 15(4):141-150.
［29］ Chairperson R B S, Leland H E, Pyle D H. Informational asymmetries, financial structure, and financial intermediation［J］. The Journal of Finance, 1977, 32(2): 371-387.
［30］ Beatty R P, Ritter J R. Investment banking, reputation, and underpricing of IPOs［J］. Journal of Financial Economics, 1986, 15(1-2):213-232.
［31］ Benveniste L M, Spindt P A. How investment bankers determine the offer price and allocation of new issues［J］. Journal of Financial Economics, 1989, 24(2):343-361.

[1]	罗鹏飞, 陈银银, 陈彪, 陈黎明. 政府刺激性投资政策下中小微企业银税互动设计及其投融资决策[J]. 中国管理科学, 2022, 30(8): 12-20.
[2]	吴金宴, 王鹏. 哪些因素影响了股市风险传染？——来自行业数据的证据[J]. 中国管理科学, 2022, 30(8): 57-68.
[3]	瞿慧, 沈微. 引入投资者关注的中国股市协方差预测——基于多元HAR类模型[J]. 中国管理科学, 2022, 30(7): 9-19.
[4]	杨朝军, 周仕盈, , 丁专鑫, 马征程. 资产配置中投资者风险偏好的量化——兼论长短期风险偏好的关联[J]. 中国管理科学, 2022, 30(6): 11-21.
[5]	黄金波, 吴莉莉, 尤亦玲. 非对称Laplace分布下的均值-VaR模型[J]. 中国管理科学, 2022, 30(5): 31-40.
[6]	杨莲, 石宝峰. 基于Focal Loss修正交叉熵损失函数的信用风险评价模型及实证[J]. 中国管理科学, 2022, 30(5): 65-75.
[7]	蒋崇辉, 刘林. 惯性因子跟踪策略的有效性：来自中国股票市场的证据[J]. 中国管理科学, 2022, 30(5): 86-97.
[8]	朱光伟, 杨涛, 杜在超. 融资融券约束与股市波动[J]. 中国管理科学, 2022, 30(4): 13-29.
[9]	梁超, 魏宇, 马锋, 李霞飞. 我国黄金期货价格波动率预测研究：来自模型缩减方法的新证据[J]. 中国管理科学, 2022, 30(4): 30-41.
[10]	张鹏, 李影, 曾永泉. 现实约束下多阶段模糊投资组合的时间一致性策略研究[J]. 中国管理科学, 2022, 30(4): 42-51.
[11]	朱莉, 刘向丽, 杨晓光. 投资者情绪影响股指期现货市场的价格动态关系吗？[J]. 中国管理科学, 2022, 30(4): 52-62.
[12]	黄金波, 陈伶茜, 丁杰. 企业社会责任、媒体报道与股价崩盘风险[J]. 中国管理科学, 2022, 30(3): 1-12.
[13]	文书洋, 林则夫, 刘锡良. 绿色金融与经济增长质量：带有资源环境约束的一般均衡模型构建与实证检验[J]. 中国管理科学, 2022, 30(3): 55-65.
[14]	刘志东, 赵致远. 基于状态依赖Hawkes过程的我国股市限价指令簿事件激励效应研究[J]. 中国管理科学, 2022, 30(2): 1-13.
[15]	丁川, 万泊伦, 王开弘. 基于质量努力和管理努力的风险投资金融契约设计与学习机制[J]. 中国管理科学, 2022, 30(2): 58-68.