IPO审计与审计师后续行为交互影响研究——发行监管和审计业务高度竞争下专有性投资理论的视角

现有文献中，IPO审计主要被传统审计理论以及新兴市场中的寻租理论来解释。本课题认为中国IPO审计的重要业务特点是：面对严格发行监管与客户较差的财务基础和高价发行冲动，审计师在IPO过程中发生了普通年审之外的大量额外鉴证投入和合规咨询，但审计业务高度竞争使得IPO审计收费仍然与年审类似，使其实际投入和收费不匹配，形成了“IPO审计专有性投资”。因为该专有性投资较难转让，收回该专有性投资的动机和方式影响了审计师IPO后的一系列审计行为与审计风险。本课题旨在将IPO审计与IPO客户的后续年审、其关联方和中介其他客户的后续审计业务等置于统一的IPO审计专有性投资形成与收回的理论基础之上，并实证检验其具体的作用路径与微观和宏观的影响因素，更好地理解中国资本市场中高度竞争的审计师的系统性行为。当前注册制改革推进与审计师证券从业改为备案管理，IPO审计责任加大而竞争加剧，本课题具有重要的理论和现实意义。

In the extant literature, IPO audit is mainly explained by traditional auditing theory and rent-seeking theory in emerging markets. This project proposes that the important characteristics of China's IPO audit are: facing strict issuing supervision as well as poor financial bases and high-price issuance impulse of clients, auditors have experienced a large amount of additional assurance efforts and compliance consulting than annual financial statements audit. However, the highly competitive audit market makes the IPO audit fees similar to the annual financial statements audit, which does not match its actual efforts and services, forming an "IPO audit specific investment". Because the specific investment is difficult to transfer, the motivation and method of recovering the specific investment affected a series of auditors’ behaviors and audit risks after the IPO. This project aims to place the IPO audit and subsequent annual financial statements audit of IPO clients, the follow-up audit services of their affiliates and intermediary’s other clients on a unified theoretical basis of the forming and recovery of IPO audit specific investment, empirically test its role paths as well as micro and macro factors, so as to better understand the systematic behaviors of highly competitive auditors in China's capital market. During the current reform of the registration system and the deregulation of securities audit, IPO auditors’ responsibility has increased while competition intensified, this project has important theoretical and practical significance.