承销商话语,IPO利分配和审计质量:从承销商-审计师网络的角度进行透研究
Songling Yang1, Yafei Tai1, Yu Cao2
1School of Economics and Management, Beijing University of Technology, Beijing 100124, China.
Entropy (Basel, Switzerland)
|May 24, 2024
概括
有影响力的承销商增加承销费,降低审计质量. 强大的审计委员会和合理的市场情绪可以减少这些负面影响,改善IPO流程.
科学领域:
- 金融经济学 金融经济学
- 网络分析 网络分析
- 信息理论 信息理论
背景情况:
- 承销商对首次公开募股 (IPO) 有很大的影响.
- 信息量化了网络复杂性和不确定性.
- 了解承销商的影响对于市场监管至关重要.
研究的目的:
- 分析承保人的影响对IPO财务分配和审计结果的影响.
- 探索信息和网络分析如何衡量承保人的影响力.
- 确定减轻承保人影响的负面影响的因素.
主要方法:
- 建立了一个两方网络的承销商-会计师事务所关系.
- 应用信息来量化网络复杂性和节点中心性.
- 使用网络的中心性来衡量承保人的影响力.
主要成果:
- 更大的承保人影响与较高的承保费相对于审计费相关.
- 增加承保人的影响力与异常的承保费有关.
- 具有更有影响力的承销商的公司显示审计质量下降.
结论:
- 保证人的影响力对IPO的财务结果和审计质量产生重大影响.
- 审计委员会治理和市场情绪可以减轻承保人的负面影响.
- 这项研究创新地使用双边网络和信息来分析承销商对IPO的影响.
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