内部控制信息披露译文.doc

Investor reactions to disclosures of material internal control weaknesses 投资者对内部控制信息资料披露缺陷的反应 The implementation of the Sarbanes-Oxley Act (SOX, 2002) Sections 302 and 404 changed the requirements for making public disclosures regarding internal controls. Section 302 of the Act requires that the chief executive officer and the chief financial officer in the periodic statutory financial reports evaluate the effectiveness of the internal controls and disclose any weaknesses in internal controls. Section 404 of the Act requires that public firm annual filings (10-K) contain the management’s assessment of the design and the effectiveness of the firm’s internal controls. Moreover, it also demands the auditor to provide a separate opinion on management’s assessment and the auditor’s evaluation of the internal controls. Research on both Sections 302 and 404 disclosures 萨班斯 - 奥克斯利法案的实施（SOX，2002年）第302和404部分要求作出有关内部控制的公开披露的改变。该法第302条规定，首席执行官和首席财政官员在法定的定期财务报告中需要评估内部的有效性管制和披露内部控制中的弱点。该法第404条规定公众公司的年度报表（10-K）要包含的对管理层的评估设计和公司内部控制的有效性。此外，它也要求审计人员对管理层的评估提供独立意见和审计内部控制的评价。研究302和404两部分披露 show that internal control weakness disclosures are associated with firms that are smaller, financially weaker, rapidly growing, more complex, have less expertise on the audit committee, less independent auditors, and recent auditor changes (Ashbaugh-Skaife et al., 2007; Doyle et al., 2007b; Zhang et al., 2007). As expected, weaknesses in internal controls are also related to decreased financial statement quality (Doyle et al., 2007a; Ashbaugh-Skaife et al., 2008). In existing literature, Beneish et al. (2008) find a negative investor reaction to Section 302 disclosures but no reaction to Section 404 internal control weaknesses. Hammersley et al. (2008) study the reactions to Section 302 disclosures and find that the information content of the internal control weakness disclosures depend on the severity of the weakness. In this paper, the abnormal returns, the change in volatility, and the