中文摘要：

本文研究了法制环境对我国国有企业IPO时审计质量的影响，并在此基础上考察了审计质量对IPO首日回报的影响。结果发现，在法制欠发展地区本地审计师的审计质量显著低于外地审计师，而在法制发达地区本地审计师的审计质量与外地审计师之间不存在显著差异；同时，在法制欠发达地区选择本地审计师的公司IPO首目的收盘价和回报率均显著低于其他公司，但是发行价与其他公司之间不存在显著差异。这表明，在法制欠发达地区，较低的执业约束使本地审计师容易丧失独立性而表现出较低的审计质量，而由于政府对IPO发行价的管制，在法制欠发达地区选择本地审计师的行为所传递的有关公司盈余质量更低的信息反映在首日收盘价上，而与发行价之间不存在相关性。本文的研究对提高我国审计师的独立性和审计质量具有一定启示意义。

英文摘要：

This paper examines how legal environments affects audit quality when state-owned enterprises （SOEs） going public and then examines whether the audit quality conveys information in an initial public offering （IPO）. We find that the audit quality of local auditors in regions with less developed legal environments is significantly inferior to that of non-local auditors. In contrast, audit quality in regions with more developed legal environments is unaffected by the locality of auditors. TWe also find that for clients of local auditors in less legally developed regions both the closing price and stock return on the first day are significantly lower than other firms. However, the initial offering price is not affected by the auditor choice. This suggests that due to the control of offering price by the government, the information of firm quality conveyed by the audit quality is captured by the first-day closing price, but not by the offering price. This is contrast with the case observed in western developed stock market, where firms that use lower quality auditing are more underpriced upon IPO and correspondingly the initial return earned by their investors are much higher.