我国上市公司内部控制信息披露与股价相关性的实证研究
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摘要
内部控制是影响公司经营状况和会计信息可靠性的重要因素,愈演愈烈的造假丑闻使我国监管机构已经意识到上市公司内部控制信息披露的重要性。内部控制信息披露的信息取决于公司是否建立完善、有效的内部控制以及信息披露的责任。本文针对内部控制信息披露与股价的相关性进行研究,具有一定的理论与现实研究意义。
本文通过内部控制信息披露的统计分析得到证券、银行、保险公司按照规定披露了内部控制信息,而其他上市公司内部控制披露状况较差,相当多的公司选择了简单披露,没有实质内容。2006年较前两年而言,详细披露内部控制信息的公司有所增加。被出具标准无保留审计意见的公司不披露内部控制信息的比例略低于被出具其他几种审计意见的公司。这说明我国上市公司内部控制信息的披露与会计报告质量也存在一定的联系。
通过累积超额收益率法得到我国上市公司内部控制信息披露与股价显著相关。
One of important reasons is the missing of the internal control, which is the key factor to the companies performance and the reliability of financial information. The message which internal control discloses depends on the company whether has established integrated and effective internal control system. This article researches the relationship between accounting message disclosure internal control and stock price, has theoretic and practical research significance.
Through statistical analysis of information disclosure of Internal control, we may reach a conclusion while securities, banks and insurance companies disclose their information of internal control according to regulation, the other listed companies do worse, and a number of companies only offer an incomplete and inane disclosure. Compare with previous two years, more companies offered a detailed disclosure of internal control information in 2006.
The Law of Excess Receipts has shown that disclosure of information controlled internally by listed companies is very related to the price of shares in China.
本文通过内部控制信息披露的统计分析得到证券、银行、保险公司按照规定披露了内部控制信息,而其他上市公司内部控制披露状况较差,相当多的公司选择了简单披露,没有实质内容。2006年较前两年而言,详细披露内部控制信息的公司有所增加。被出具标准无保留审计意见的公司不披露内部控制信息的比例略低于被出具其他几种审计意见的公司。这说明我国上市公司内部控制信息的披露与会计报告质量也存在一定的联系。
通过累积超额收益率法得到我国上市公司内部控制信息披露与股价显著相关。
One of important reasons is the missing of the internal control, which is the key factor to the companies performance and the reliability of financial information. The message which internal control discloses depends on the company whether has established integrated and effective internal control system. This article researches the relationship between accounting message disclosure internal control and stock price, has theoretic and practical research significance.
Through statistical analysis of information disclosure of Internal control, we may reach a conclusion while securities, banks and insurance companies disclose their information of internal control according to regulation, the other listed companies do worse, and a number of companies only offer an incomplete and inane disclosure. Compare with previous two years, more companies offered a detailed disclosure of internal control information in 2006.
The Law of Excess Receipts has shown that disclosure of information controlled internally by listed companies is very related to the price of shares in China.
引文
[1]余利.我国上市公司内部控制信息披露研究[D].合肥:合肥工业大学,2006
[2]中国证券监督管理委员会.中华人民共和国证券期货法规汇编[M].法律出版社,2000(下),387-389
[3]中国证券监督管理委员会.中华人民共和国证券期货法规汇编[M].法律出版社,2001(上),402-403
[4]中国证券监督管理委员会.中华人民共和国证券期货法规汇编[M].法律出版社,2004(上),453-455
[5]赵宇龙.会计盈余披露的信息含量-来自上海股市的经济证据[J].经济研究,1998(7):58-64
[6]陈晓,陈小悦,刘钊.A股盈余报告的有用性研究-来自上海、深圳的实证研究[J].经济研究,1999(6):21-28
[7]沈艺峰,吴世农.我国证券市场过度反应了吗?[J].经济研究,1999(2):21-26
[8]吴水澎,陈汉文,邵贤弟.企业内部控制理论的发展与启示[J].会计研究,2000(5):2-8
[9]金德环.上市公司信息披露与个股异常波动相关性研究[J].财经研究,2002(7):51-55
[10]彭卉.规范上市公司会计信息披露要从制度抓起[J].经济论坛,2003(8):17-18
[11]李华.对上市公司内部控制信息披露建议的思考[J].会计之友,2004(4):45-46
[12]周勤业,王啸.美国内部控制信息披露的发展及其借鉴[J].会计研究,2005(2):24-31
[13]张宗新,张晓荣,廖士光.上市公司自愿性信息披露行为有效吗?中国证券市场的检验经济学(季刊)[J],2005(1):369-386
[14]饶盛华.加强企业内部控制是当务之急-“ST”郑百文的警示[J].中国注册会计师,2001(6):6-9
[15]蔡吉甫.我国上市公司内部控制信息披露的实证研究[J].审计与经济研究,2005(2):85-88
[16]李伟,施家芳.对上市银行内部控制信息披露的思考[J].浙江金融,2007(10):40-41
[17]毛乾梅.萨班斯-奥克斯利法案对我国上市公司内部控制信息披露的启示[J].金融会计,2006(12):32-33
[18]杨朝霞.对我国上市公司内部控制信息披露的探讨[J].西安财经学院学报,2006(19):93-94
[19]梁晶.证券市场强制信息披露的理论思考[J].商业研究,2003(19):79-81
[20]戴晓锋,潘俊.我国上市公司内部控制信息披露的现状与启示[J].特区经济,2005(10):104-105
[21]迈克尔·J.塞勒.金融研究方法论大全必备[M].北京:清华大学出版社.2006,216-242
[22]J.M.伍德里奇.计量经济学导论-现代观点[M].北京:中国人民大学出版社.2005,107-143
[23]SEC v.Capital Gains Research Bureau,Lnc.375U.S.1963:38-41
[24]Frank H.Easterbrook、 Daniel.Fischel。Mandatory Disclosure and the Protection of Lnvestors,Virginia Law Review,79U.S.1985:169-153
[25]Fama,Eugene.The Behavior of Stock - Market Prices,Journal of Business,U.S.1965:25-27
[26]Ragahunandan and D.V.Rama.Management Reports after COSO.Internal Auditor,Aug.U.S.1994:267-270
[27]Hermanson,Heather M.An Analysis of the Demand for Reporting on Internal Control.Accounting Horizons,Sep.U.S.2000:124-128
[28]David M.Willis.Management reports on internal controls.Journal of Accountancy,Issue,Oct.U.S.2000:321-325
[29]Ball,R.J.and P.Brown.An empirical examination of accounting income number.Journal of Accounting Research,U.S.1968:43-49
[30]Beaver.The Empirical research in information contents annual earnings announcements,accounting:selected studies.Journal of accounting(supplements),U.S.1968:88-93
[31]Jim Emanuels,Oscar van Leeuwen.Abnormal Returns aroundDisclosure of Problems in "Internal Control over FinancialReporting"l,Please do not quote without permission, U.S.2005:49-52
[32]Jacqueline S.Hammersley,Linda A.Myers.Market Reactions to the Disclosure of Internal Control Weaknessesand to the Characteristics of those Weaknessesunder Section 302 of the Sarbanes Oxley Act of 2002,http://ssrn.com/abstract=951085.U.S.2007:386-392
[33]Baruch,Paul.Fundamental information analysis.Journal of Accounting Research,1999:9-13
[34]Ball,R.,S.P.Kothari,and A.Robin.The Effect of International Institutional Factors on Properties of Accounting Earnings.Unpublished Working Paper,University of Rochester and Rochester Institute of Technology,2000:426-431
[35]L.Eng,Y.T.Mak.Corporate governance and voluntary disclosure Journal of Accounting and Public Policy,2003:26-29
[2]中国证券监督管理委员会.中华人民共和国证券期货法规汇编[M].法律出版社,2000(下),387-389
[3]中国证券监督管理委员会.中华人民共和国证券期货法规汇编[M].法律出版社,2001(上),402-403
[4]中国证券监督管理委员会.中华人民共和国证券期货法规汇编[M].法律出版社,2004(上),453-455
[5]赵宇龙.会计盈余披露的信息含量-来自上海股市的经济证据[J].经济研究,1998(7):58-64
[6]陈晓,陈小悦,刘钊.A股盈余报告的有用性研究-来自上海、深圳的实证研究[J].经济研究,1999(6):21-28
[7]沈艺峰,吴世农.我国证券市场过度反应了吗?[J].经济研究,1999(2):21-26
[8]吴水澎,陈汉文,邵贤弟.企业内部控制理论的发展与启示[J].会计研究,2000(5):2-8
[9]金德环.上市公司信息披露与个股异常波动相关性研究[J].财经研究,2002(7):51-55
[10]彭卉.规范上市公司会计信息披露要从制度抓起[J].经济论坛,2003(8):17-18
[11]李华.对上市公司内部控制信息披露建议的思考[J].会计之友,2004(4):45-46
[12]周勤业,王啸.美国内部控制信息披露的发展及其借鉴[J].会计研究,2005(2):24-31
[13]张宗新,张晓荣,廖士光.上市公司自愿性信息披露行为有效吗?中国证券市场的检验经济学(季刊)[J],2005(1):369-386
[14]饶盛华.加强企业内部控制是当务之急-“ST”郑百文的警示[J].中国注册会计师,2001(6):6-9
[15]蔡吉甫.我国上市公司内部控制信息披露的实证研究[J].审计与经济研究,2005(2):85-88
[16]李伟,施家芳.对上市银行内部控制信息披露的思考[J].浙江金融,2007(10):40-41
[17]毛乾梅.萨班斯-奥克斯利法案对我国上市公司内部控制信息披露的启示[J].金融会计,2006(12):32-33
[18]杨朝霞.对我国上市公司内部控制信息披露的探讨[J].西安财经学院学报,2006(19):93-94
[19]梁晶.证券市场强制信息披露的理论思考[J].商业研究,2003(19):79-81
[20]戴晓锋,潘俊.我国上市公司内部控制信息披露的现状与启示[J].特区经济,2005(10):104-105
[21]迈克尔·J.塞勒.金融研究方法论大全必备[M].北京:清华大学出版社.2006,216-242
[22]J.M.伍德里奇.计量经济学导论-现代观点[M].北京:中国人民大学出版社.2005,107-143
[23]SEC v.Capital Gains Research Bureau,Lnc.375U.S.1963:38-41
[24]Frank H.Easterbrook、 Daniel.Fischel。Mandatory Disclosure and the Protection of Lnvestors,Virginia Law Review,79U.S.1985:169-153
[25]Fama,Eugene.The Behavior of Stock - Market Prices,Journal of Business,U.S.1965:25-27
[26]Ragahunandan and D.V.Rama.Management Reports after COSO.Internal Auditor,Aug.U.S.1994:267-270
[27]Hermanson,Heather M.An Analysis of the Demand for Reporting on Internal Control.Accounting Horizons,Sep.U.S.2000:124-128
[28]David M.Willis.Management reports on internal controls.Journal of Accountancy,Issue,Oct.U.S.2000:321-325
[29]Ball,R.J.and P.Brown.An empirical examination of accounting income number.Journal of Accounting Research,U.S.1968:43-49
[30]Beaver.The Empirical research in information contents annual earnings announcements,accounting:selected studies.Journal of accounting(supplements),U.S.1968:88-93
[31]Jim Emanuels,Oscar van Leeuwen.Abnormal Returns aroundDisclosure of Problems in "Internal Control over FinancialReporting"l,Please do not quote without permission, U.S.2005:49-52
[32]Jacqueline S.Hammersley,Linda A.Myers.Market Reactions to the Disclosure of Internal Control Weaknessesand to the Characteristics of those Weaknessesunder Section 302 of the Sarbanes Oxley Act of 2002,http://ssrn.com/abstract=951085.U.S.2007:386-392
[33]Baruch,Paul.Fundamental information analysis.Journal of Accounting Research,1999:9-13
[34]Ball,R.,S.P.Kothari,and A.Robin.The Effect of International Institutional Factors on Properties of Accounting Earnings.Unpublished Working Paper,University of Rochester and Rochester Institute of Technology,2000:426-431
[35]L.Eng,Y.T.Mak.Corporate governance and voluntary disclosure Journal of Accounting and Public Policy,2003:26-29