Underwriter-Auditor Social Connection and IPO Auditor Choice——Evidence from China IPO Market

我国IPO市场普遍存在信息不对称问题，券商和审计师作为缓解信息不对称的外部治理机制，其职能是确保拟上市公司披露真实可靠的信息，帮助投资者做出合理投资决策。然而，近年来我国IPO市场券商和审计师业务捆绑现象愈演愈烈，即券商频繁选择特定审计师搭档合作进行IPO项目。财经媒体认为券商和审计师频繁业务合作关系会导致长期利益输送，并将之归为IPO财务造假的原因。学术界对券商和事务所业务捆绑现象给出了两种竞争性解释，一种是认为业务捆绑会导致合谋，正所谓“人熟好办事”，过往的合作关系会降低他们合谋的成本，券商和审计机构出于成功推动IPO的目的，有动机协助上市公司操纵盈余，降低拟上市公司的财务信息质量，进而损...Information asymmetry is a noteworthy matter in Chinese IPO market. Underwriter and Auditor ,as important mechanism to alleviate the information asymmetry between issuers and investors in order to help investors make reasonable decision .Recently the financial media blame the phenomenon that underwriters display obvious preference on certain auditors which will lead to the delivery of long-term in...学位：管理学硕士院系专业：管理学院_会计学学号：1752013115114