基于审计路径的发行人寻租动机、定价效力与市场甄别研究

doi:10.16381/j.cnki.issn1003-207x.2020.0686

Abstract

Abstract: The existence of Issuance Examination Commission (IEC) and Approval System in Chinese new issue market induce one unique problem-issuer rent-seekingtoward IEC. To be specific, it includes two types: the qualification rent-seeking, which aims at successful listing; and the pricing rent-seeking, which aims at high pricing efficiency. Prior studies mainly focused on qualification rent-seeking topic, and drawn consistent conclusion that this type of rent-seeking adopted external auditor as one of its main paths, and largely would succeed. In the meantime, pricing rent-seeking topic had never received the due attention. Combined with our market practical problem of unreasonably high underpricing, we believe this research would fill some gap.

Key words: issuer rent-seeking; audit firm; internal audit; new-issue pricing efficiency; market screening

CLC Number:

F830

HU Dan, LIANG liang. IPO Issuer Rent-Seeking Motivation, Pricing Efficacy and MarketScreening—— From the Perspective of Pre-IPO Audit[J]. Chinese Journal of Management Science, 2022, 30(9): 116-127.

References

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IPO Issuer Rent-Seeking Motivation, Pricing Efficacy and MarketScreening—— From the Perspective of Pre-IPO Audit

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