| The stock issuing system is a gatekeeper to enter the securities market, which is one of the most important systems in the process of issuing new shares. Although the stock issuing system from the "local approval" system,"line manage-ment"," indicators management","channel system" to " recommendation system", but the issuance examination committee system is an important part of the stock issuing system from beginning to end there. According to the IPO issuance examination committee system, the issuance examination committee plays an ex-pert gatekeeper function, whether goes through the issuance examination commit-tee’s review has become the final hurdle in the process of the enterprises issuing shares. In this particular institutional context of rent-seeking firm which plays a dual role:the important task of both the IPO eligibility requirements-provide us with financial auditors, but also a giver to the IPO eligibility-a referee for the listed company. This system provides a larger space rent-seeking, which offers the possibility for the generation of rent-seeking motives to choose auditors. Therefore, in this study, we issued the approval system on IPO audit market firms choose to have great practical significance.In this paper, the background of China’s IPO issuance examination committee system, on the basis of the rent-seeking theory to define the meaning of the audit of rent-seeking, rent-seeking rent, rent-seeking main, rent-seeking object and other related concepts, reveals the premise of the audit of rent-seeking two aspects of the rent control process, and the intrinsic motivation from outside the institutional background and rent-seeking supply and demand mechanism of the auditor to choose audit of rent-seeking in the reality and possibility. Samples, and then to China’s securities market in2008and2010IPO companies through a regression model to verify the performance characteristics:selected by the auditor that the nature of property rights, agency costs and other factors on the choice behavior of the auditor on the IPO market, and also examined the existence of monopoly rents in rent-seeking activities:rent-seeking really can get a higher audit fees. From more than double the dimension, the empirical tests and analysis obtained an important conclusion:the existence of rent-seeking behavior in the IPO auditor choice. Overall, this total is divided into6chapters:The first chapter is the introduction of the full text of research background, framework and significance.Chapter2demands characteristics of auditor choice literature review, summary of the deficiencies of the existing research to comments.Chapter3describes the institutional background of auditor choice in the IPO market:the dual role of rent-seeking auditor in the current IPO issuance examina-tion committee system-as listed financial auditor listing the important task of financial audit is the listing of companies the referee on businesses to choose the possibility of rent-seeking.Chapter4, in order to rent-seeking theory as the theoretical basis, and clearly defines the connotation of the audit of rent-seeking and rent-seeking rent and other related concepts, revealing the root cause of the audit of rent-seeking-the con-trolled rent generation, supply and demand perspective, try analytic supply and de-mand in the current IPO issuance examination committee system audit of rent-seeking motives discussed the companies have chosen to rent-seeking "rent-seeking" reality.Chapter5, Chinese securities market in2008and2010IPO companies as a sample, the auditor choice regression model was established to verify the perfor-mance characteristics:the nature of property rights, agency costs and other factors on the IPO market auditor choice behavior effects, and also verifies the existence of monopoly rents in rent-seeking activities:rent-seeking really can get a higher audit fees.Chapter6,is to do full text of the conclusions of the overall summarized and discussed the main contribution of this paper, the lack of relevant policy recommendations.Some useful exploration and tentative, its main contribution is reflected in the following areas:Firstly, in this paper, the current IPO issuance examination committee system as the starting point, the first systematic study auditor choice behavior on the IPO market based on the rent-seeking perspective. Firstly, the external system from the IPO audit market, rent-seeking motives background and supply and demand move due to the internal mechanism of the two angles, more fully resolve the IPO companies choose to rent-seeking possibilities and reality, then the empirical re-search demonstrate the performance characteristics and the presence of rent-seeking behavior.Secondly, from rent-seeking and demand characteristics of the relationship be-tween the two dimensions in the audit fees, confirming the performance characteristics and the presence of the companies have chosen to rent-seeking "rent-seeking". Especially the "rent-seeking actually can get a higher audit fees,’ this conclusion, test the existence of monopoly rents in rent-seeking activities, this study to explore the audit of China’s IPO market rent-seeking behavior specifically and directly evidence. |
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