The Research On The IPO Premium Effect Of The Firms Audited By Special General Partnership Accounting Firms

In order to comply with the requirements of the times and the development of the industry, the organization form of the accounting firms in our country has experienced several reforms. Since 2011, some accounting firms have gradually changed from lim-ited liability system to the special general partnership, which has attracted many scho-lar s'attention. However, related researches have been focused on the influence of the transformation of accounting firms on audit quality. Based on capital markets, the article uses IPO premium effect as the breakthrough point, studies if the degree of IPO premium of companies audited by special general partnership accounting firms increased and reveals its transmission mechanism, reveals more intuitively the impor-tance of accounting firms to regulate the order of socialist market economy.First of all, this paper introduces the background and significance of the topic, and summarizes the domestic and foreign research results related to this topic. Secondly, based on legal risk deciding audit quality hypothesis, information theory of audit demand, reputation theory of audit quality, noise trading theory, this paper discusses the influence mechanism of the transformation of accounting firms on audited companies'IPO premium, and puts forward three hypothesizes:the transfor-mation would improve the IPO audit quality, IPO audit quality and IPO premium could be related in which IPO audit quality would play mediating role, the transfor-mation could enhance degree of IPO premium. Thirdly, this paper uses 2011 to 2014 year non-financial A-share IPO companies as the research sample, uses the transfor-mation of accounting firms as the independent variable, IPO audit quality as the mediating variable, the degree of IPO premium as the dependent variable, determines the relevant control variables and establishes three models of the test of the mediating effect. Finally, through the statistical analysis, we get the conclusion that the special general partnership accounting firm auditing and the company IPO premium is positively correlated, between the two variables, IPO audit quality has played a role of incomplete mediating effect. Empirical results show that after the implementation of stock issue registration system audit quality will occupy an important position, it will directly affect success of the IPO as well as the size of the funds raised by IPO. Accordingly, this paper puts forward three policy recommendations.-consumma-te audit quality control system, play a role of industry association self-discipline, construct the appraisal system of audit personnel.