Research On The Influencing Factors Of The Initial Public Offerings Audit Fees

With the gradual recovery of the global capital market,more and more companies are trying to meet the increasing financing needs through IPO,and the industry's attention to IPO audit has continued to heat up.IPO audit,as an indispensable part of publicly raising funds for the company's landing on the securities issuance market,plays an indispensable role in ensuring the quality of financial information disclosure.China is currently in a critical period of transition from approval system to registration system,and audit fees are gradually handed over to market pricing after long-term government control.Under such a background,it is particularly necessary to study IPO audit fees.Taking the successful IPO of A-share from 2015 to 2019 as the observation sample,on the basis of reconstructing the influencing factor model of IPO audit fees,this paper uses multiple linear regression method to empirically test the effect of various factors on IPO audit fees.Regression results show that: the association of IEC,accounting firm performance,length of queuing period and the number of participating and holding companies are positively and significantly correlated with IPO audit fees,and the cash flow to debt ratio is negatively and significantly correlated with IPO audit fees,which shows that accounting firms with top performance and IEC members can obtain higher audit fees,IPO companies with long queuing period,large amount of foreign investment and high level of financial risk need to pay higher audit fees.In view of the outstanding problems such as low efficiency and power rent-seeking in the IPO system under the approval system reflected in the above research conclusions,this paper puts forward some countermeasures and suggestions from the perspective of accounting firms and industry regulators respectively,aiming to help improve the current situation of audit fees in the securities market and promote fair competition among accounting firms.The paper has five figures,eight tables,sixty-seven references.