货币政策对内部控制质量的影响基于沪市A股市场的实证研究.docVIP

屮国软科学2015,08,106-115 货币政策对内部控制质量的影响 基 于沪市A股市场的实证研宄 尹美群赵刚张继东 北京第二外国语学院国际财务与会计研宄中心美国 加州州立大学富勒顿分校 导出/ 关注 分亨 收藏打印 本文通过对沪市A股2011年到2012年的数据分析，归结了货币政策的变化对企 业内部控制质量的影响，从而发现市场微观主体对宏观环境变化会产生共同反应， 继而提高企业应对货币政策变化的能力。经过对C0S0委员会《企业风险管理整 合框架》和我国内控指导规范的研究，本文合理确定了衡量企业内部控制质量的 变量及其影响因素。棊于上述两年数据的实证分析,我们发现，货H3政策的松紧对 企业内部控制质量呈负向影响，且与公司的信息披露质量呈现出反向变化的关系; 另外，信息质量高的公司对宏观货币政策波动的反应小于信息质量低的公司对宏 观货币政策波动的反应；由于货币政策的压力，公司治理水平也会推动内部控制 质量的改善。 关键词： 内部控制质量;货币政策;信息质量;公司治理; 尹美群(1971-)，女，黑龙江哈尔滨人，北京第二外语学院教授，傅士。 2015-06-16 基金：国家社科基金项0 (13BGL042) The Impact of Monetary Policy on the Quality of Internal Control:An Empirical Analysis Based on Shanghai Stock Market YIN Mei-qun ZHAO Gang ZHANG Ji_dong International Finance Accounting Research Center, Beijing International Studies University; California State University Fullerton College; Abstract： This paper used the 2011-2012 data from Shanghai Stock Market to find the connections between the change in monetary policy and the internal control of companies. Micro-entities jointly reacted to the changes of macroeconomic environment so as to improve their ability deal with changes in monetary policy. Based on the Internal Control-Integrated Framework issued by COSO committee and the internal control guidelines in China, the variables to measure the quality of internal control of enterprises and its factors are determined. Based on the two-year data, we found that the monetary policy has a negative impact on the enterprise’s internal control quality and the quality of companies’ information. In addition, the companies with high quality information are influenced less than those with low quality by the changes in monetary policy. Due to the pressure of monetary policy, corporate governance will improve the quality of internal control. Keyword： Quality of internal control; Monetary policy; Information quality; Corporate governance; Received： 2015-06—16 一、引言 自2012年末以来，央行逐渐收紧信贷并承诺不增加流动性，综合运用多种手段冋 笼货H5资金，钱荒和贷款难等成为对2013年货印市场最贴切的形容。在屮央政 府坚持稳健的货币政策这一制度背景下，企业对货币政策作何反应也