资本结构与盈余管理 - 南开管理评论.docVIP

内部控制信息披露与市场反应研究 —来自中国沪市上市公司的经验证据＊ 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；从披露程度看，详细披露更易引起股票价格上涨。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。 关键词 内部控制信息披露；市场反应 Research on Market Reactions to the Disclosure of Internal Control：Evidence from Chinese Security Market Abstract: Using Chinese listed companies in Shanghai security market from 2006 to 2009 as research samples, we examine the market reaction to the disclosure of internal control. We find that such disclosures convey valuation-relevant information as a whole, but there are significant differences among the market reactions to different aspects of these disclosures. To be concrete, control effective 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. In our opinion, to perfect incentive policy for voluntary disclosure of internal control at the same time strengthening oversight of compulsive disclosure is key measure of standardizing disclosure behavior and promoting disclosure quality of internal control. Keywords: Disclosure of Internal Control; Market Reactions 一、问题提出 21世纪以来，美国资本市场上爆发的安然、世通等一系列财务丑闻，极大地动摇了投资者的信心。这些财务丑闻产生的一个重要原因就是公司内部控制的缺失。[1]为此，2002年美国颁布了萨班斯法案（简称SOX法案），以加强对上市公司内部控制及其信息披露的监管。该法案要求上市公司管理层对公司内部控制的有效性进行披露报告，并要求注册会计师对管理层就企业财务呈报内部控制有效性的评价发表审计意见。随后，法国、日本等国家和地区也相继出台了内部控制信息披露制度。近年来，我国也十分注重上市公司内部控