Using a sample of U.S. seasoned equity offering (SEO) during the period 2002–2017, we document that audit quality is associated with SEO issuance method choice. Specifically, firms with higher quality auditors are more likely to adopt the accelerated offerings issue method instead of using other seasoned equity offering methods. We also identify that audit tenure and industry audit specialization influence the relation between audit quality and the likelihood of undertaking accelerated SEO offerings, and that the relationship is more pronounced in the presence of weaker firm-level information and governance environments. Extending from the conclusion that accelerated offerings serve as a quality certification mechanism, we also find that firms completing accelerated offerings enjoy lower audit fees in subsequent years. These firms also exhibit superior post-SEO-issue long-term abnormal stock performance. Overall, our study shows that the certifying and monitoring role of auditors is valuable to clients, underwriters, and investors in SEO transactions.

使用 2002-2017 年期间美国经验丰富的股票发行 (SEO) 样本，我们记录了审计质量与 SEO 发行方法选择相关。具体而言，拥有更高质量审计师的公司更有可能采用加速发行方法，而不是使用其他经验丰富的股票发行方法。我们还发现，审计任期和行业审计专业化影响审计质量与加速 SEO 产品的可能性之间的关系，并且这种关系在公司层面信息和治理环境较弱的情况下更为明显。从加速发行作为质量认证机制的结论延伸，我们还发现完成加速发行的公司在随后几年享受较低的审计费用。这些公司还表现出卓越的 SEO 发行后长期异常股票表现。总体而言，我们的研究表明，审计师的认证和监督角色对 SEO 交易中的客户、承销商和投资者很有价值。