摘要
内部控制缺陷是一种负面信息,部分上市公司存在机会主义行为,会隐瞒不披露内部控制缺陷信息。选取沪深A股主板上市公司隐瞒披露的样本,探讨内部控制缺陷隐瞒披露对股价波动的影响。研究结果表明:短期内,隐瞒披露内部控制缺陷能阻碍投资者感知负面信息,避免股价大跌;长期内,隐瞒披露会使公司未来的股价崩盘风险更高。进一步分析发现,修复隐瞒披露的内部控制缺陷对股价崩盘风险没有显著影响,而修复如实披露的内部控制缺陷会降低股价崩盘风险;现有的监管与诉讼环境使内部控制缺陷隐瞒披露更可能避免惩罚,由此可能导致反向激励。
Internal Control Weaknesses(ICWs)are a kind of negative information,and some listed companies have opportunistic behavior and will not disclose the ICWs(Non-disclosure of ICWs).From the listed A-shares companies on the main board of Shanghai and Shenzhen,this paper selects a sample of non-disclosure of ICWs to explore the effect on the stock price.The results show that in the short term,non-disclosure of ICWs could prevent the sharp drop;in the long term,non-disclosure could lead to stock price crash risk.Further analysis reveals that the remediation of non-disclosure of ICWs has no significant impact on stock price crash risk,while the remediation of disclosure of ICWs reduces stock price crash risk.In addition,the existing regulatory and litigation environment makes it more likely that non-disclosure of ICWs will avoid penalties,which may lead to"perverse incentives".
作者
王俊韡
罗海东
李云
李香梅
W ANG Jun-wei;LUO Hai-dong;LI Yun;LI Xiang-mei(School of Accountancy,Shandong University of Finance and Economics,Jinan 250014,China;Hualu Hengsheng(Jingzhou)Company Limited,Jingzhou 434100,China)
出处
《经济问题》
北大核心
2026年第1期69-78,共10页
On Economic Problems
基金
山东省高等学校人文社会科学计划项目“内部控制对山东省上市公司非效率投资治理研究”(J18RA057)
山东省高端会计人才培养项目(学术类二期)。
关键词
内部控制缺陷
隐瞒披露
短期股价波动
长期股价崩盘风险
Internal Control Weaknesses(ICWs)
non-disclosure of ICWs
short term stock price fluctuation
long term stock price crash risk
