The Research On Purchases Audit Opinions Of The Refinancing Listed Company

With the growth of China's securities market, false financial report of listed companies and failed audit of accounting firm occur continuously. Investors in listed companies, other external stakeholders as well as the public began to question the audit quality of accounting firm. The listed company of continuous operation and development can not leave the financing. In the important refinancing capital market, whether the listed company would purchase the audit opinions in the process of refinancing in order to meet the Commission on the conditions of the refinancing, and this is worthy of our attention. And whether the listed company purchases the auditing opinions, it is reflected audit fee finally. Based on the perspective of audit fee, this paper researches these that whether the listed company purchases the audit opinion motivation, whether to buy success.This paper bases on reviewing the purchase of audit opinion, audit fees factors, as well as the related literature of refinancing and its theoretical analysis, we choose Shanghai A shares refinancing listed company from 2007 to 2009 for sample, after sample selection,17 listed companies in 2007,4 listed companies in 2008,25 listed companies in 2009, is eligible finally. Firstly, calculate the relationship between assets and audit fees with the method of linear regression. Secondly, drawing on Lennox audit opinion prediction model, after identifying the company which has the motive to purchase audit opinion, find that the refinancing listed company has the motivation to purchase audit opinion; Finally, obtain the purchasing variables by applying the audit opinion predictive model, then bring the purchasing variables into model of abnormal audit fees, the result showed that the refinancing listed companies did not succeed in achieving the purpose of purchasing, which put forward a number of policy recommendations on standardizing audit fees targeted.