CAJ | 학술논문

着眼于中介机构声誉这一视角,运用2010-2012年在沪深 A股上市的非金融企业样本,分析 IPO 公司上市后业绩下滑现象。研究结果表明,在我国证券市场,IPO 公司上市当年存在明显的“业绩变脸”现象；整体而言,承销商声誉机制效应并不显著。承销收入占主营业务收入比重较高的承销商,其承销的公司“业绩变脸”的可能性更大；选择大型会计师事务所与支付较高会计师事务所报酬的 IPO公司,“业绩变脸”的可能性更大。
착안우중개궤구성예저일시각,운용2010-2012년재호심 A고상시적비금융기업양본,분석 IPO 공사상시후업적하활현상。연구결과표명,재아국증권시장,IPO 공사상시당년존재명현적“업적변검”현상；정체이언,승소상성예궤제효응병불현저。승소수입점주영업무수입비중교고적승소상,기승소적공사“업적변검”적가능성경대；선택대형회계사사무소여지부교고회계사사무소보수적 IPO공사,“업적변검”적가능성경대。
From the perspective of the reputation of intermediary agencies,the performance decline of IPO company after going public is analyzed by using non-financial enterprise sample in Shang-hai and Shenzhen A-share list during 2010-2012.The result shows that in the stock market,there is an obvious"performance change"in the year of IPO companies listed in China's stock market. Overall,the effect of the mechanism of underwriter's reputation is not significant.The higher pro-portion of main business income of underwriting accounts will have greater possibility of"per-formance change".IPO companies which choose larger accounting firms and pay higher compensa-tion to accounting firms have greater possibility in"performance change".