摘要
本文以2006-2009年沪市A股上市公司为研究对象,实证考察了内部控制信息披露的市场反应。研究发现,从总体上看,我国上市公司内部控制信息披露具有明显的市场反应,但从不同侧面看,内部控制信息披露的市场反应存在显著差异:从披露内容看,内部控制有效引起股票价格上涨,而内部控制缺陷则引起股票价格下跌;从披露类型看,强制性披露较自愿性披露更具有价值相关性;从披露详略看,详细披露会引起股票价格上涨,而简单披露则不一定。此外,与单独的强制性披露或自愿性披露的市场反应相比,内部控制强制性披露和自愿性披露交互影响的市场反应更加显著。据此本文认为,在进一步加强强制性披露的日常监管的同时完善自愿性披露的激励政策,是当前规范我国上市公司内部控制信息披露行为和提高内部控制信息披露质量的关键。
In recent years,there is strong interest on the part of investors,company managements,auditors,and regulators to determine whether the internal control disclosure have any information content or do they provide 'value-relevant' information to the capital markets.This issue is important because increasing disclosure requirements without any attendant effect on valuation would impose unnecessary deadweight costs on the shareholders of a company.Thus,to understand whether such disclosures about the effectiveness of a company’s internal controls have any new information content and this disclosure is a significant determinant of the market reactions,we examine the market reactions to the disclosure of internal control using Chinese listed companies in Shanghai security market from 2006 to 2009 as research samples,We find that such disclosures convey valuationrelevant information as a whole,but there are significant differences among the market reactions to different aspects of these disclosures.To be concrete,control effect brings rise in share price and control deficiency does fall in share price from the contents of disclosure,compulsive disclosure of internal control offers more reliable information for decision-making than voluntary disclosure of that from the type of disclosure,detailed disclosure of control is more liable to brings rise in share price than brief disclosure.In addition,interaction effect of voluntary and compulsive disclosure of internal control is more significantly positively associated with the stock price than either of them.We conclude that,on the whole,internal control disclosure provides new information contents to the capital markets,but different types and contents of disclosure induce various reactions of the capital markets.So,policymakers should make pointed policies to improve corporate internal control disclosure,that is: governments should further strengthen oversight of compulsive disclosure control as well as perfect incentive policy for voluntary disclosure of internal control and thereby regulate corporate disclosure behaviors and promote disclosure quality.
出处
《南开管理评论》
CSSCI
北大核心
2012年第1期123-130,共8页
Nankai Business Review
基金
教育部人文社会科学研究专项任务青年项目(10YJC790330)
华中科技大学自主创新研究基金项目(2011TS056)资助
关键词
内部控制信息披露
市场反应
Disclosure of Internal Control
Market Reactions
