| Summary: | 碩士 === 東吳大學 === 會計學系 === 99 === The first objective of this thesis is to explore the relation between the internal ownership and auditor choice in the emerging stock market. The second objective of this thesis is to analyze the key determinants of successful transfer from emerging stock to listed markets. In addition, I further examine whether the key determinants can help listed firms transfer market by shorter days .
Basing on a sample of OTC 162 emerging firms during 2002-2007, I find that, consistent with my prediction, internal ownership is not related to auditor choice since emerging firms tend to choose industry-specialist auditor no matter the internal ownership ratio is high or low.
Second, I find that the emerging firms’ profitability is positively related to the probability transferring to listed markets; however, the size and emerging days (from emerging company to listed company) of emerging firms are negatively related to the probability. In addition, for the successfully transferring firms, I find that the size, profitability, and underwriter reputation are negatively related to emerging days.
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