自愿性内部控制信息披露与资本市场信息不对称关系的实证检验—基于沪市的经验证据.docVIP

硕 士 学 位 论 文 （中文） 自愿性内部控制信息披露与资本市场信息不对称关系的实证检验——基于沪市的经验证据 （英文）The Empirical Study of the Relationship between Voluntary Disclosure of Internal Control Information and the Information Asymmetry in Capital Markets—Based on the Empirical Evidence from Shanghai Stock Market 作者姓名 胡芹 学院(系、部) 会计学院 学科专业 会计学 研究方向 审计学 指导教师 谢盛纹 教授 二年月 Abstract Due to the practical needs of the companies of our country and the revolutionary disclosing policies of foreign capital markets, the internal control disclosure policies for domestic listed companies are being changed dramatically. With the Chinese Internal Control Standard System released, the execution of compulsory disclosure policy has been put on the agenda. Based on this situation, this paper is trying to focus on the voluntary disclosing period when before the compulsory policies officially enforced. The reason of considering the voluntary period rather than the compulsory one is that voluntary information can provide more information than the compulsory. What’s more, because of its deeper-going content, it complements the original accounting information. In this way the disclosing quality has been improved, and also the information asymmetry of the capital markets. No matter before or after the SOX Act, the disclosure issue of internal control information, as a hot spot, has been discussed by western researchers all the time. From perspective of the signaling theory, this paper is trying to prove that the voluntary disclosing behavior has remarkably improved the information asymmetry in a relative long period. This paper selected sample companies in three voluntary years. And the companies which voluntarily disclosed both the self-evaluation report and the verification report by auditors on its internal control system are referred to as voluntary disclosing companies. And the measurements of the information asymmetry level always are as follows: the