深市主板A股上市公司内部控制缺陷信息披露的影响因素分析

发布时间：2018-04-21 16:59

本文选题：内部控制缺陷 + 信息披露　；参考：《西南财经大学》2012年硕士论文

【摘要】：2002年以来,美国Enron(安然)公司、WorldCom (世界通信)等国际大公司的破产揭露出了一系列震惊全球的公司财务欺诈丑闻；而在我国资本市场上发生的“琼民源”、“银广夏”、“中航油”等一系列的上市公司财务舞弊案件也同样震撼着我们。这些上市公司的财务丑闻极大地打击了公众投资者的信心,也极大地影响了资本市场的正常有序运行。深究这些案例的背后,上市公司内部控制的有效性引起了大家的亲密关注。安然事件之后,美国出台了《萨班斯—奥克斯利法案》(Sarbanes-Oxley Act)强制性要求上市公司对外披露内部控制信息以及审计师对管理当局的内部控制评价发表的审计意见,意在通过内部控制信息的对外公开披露来加强对上市公司的监管。之后,美国公众公司会计监督委员会(PCAOB)也制定出相关的内部控制审计标准。我国在经历了长时间地研究探索,在借鉴国外先进经验的基础上,结合我国资本市场的实际情况,也制定出了一系列的有关内部控制的规范。2006年上海证券交易所和深圳证券交易所分别发布了上市公司内部控制指引,其中要求董事会应对内部控制情况进行审议评估并形成内部控制自评报告,同时注册会计师进行年度审计时也应就公司的财务报告内部控制情况出具评价意见。之后,2008年我国五部委(财政部、证监会、审计署、银监会、保监会)联合发布了《企业内部控制基本规范》;五部委于2010年又发布了《企业内部控制配套指引》,至此我国已经基本上形成了一套完整的内部控制规范体系。这一系列政策的出台使得我国上市公司的内部控制信息尤其是内部控制缺陷的披露成为了社会关注的焦点；这一系列政策的实施也在不断地推动我国上市公司完善其内部控制制度并积极地履行对外披露内部控制自评报告的义务；同时这也标志着我国上市公司的内控信息、的对外披露开始从自愿性披露走向强制性披露阶段。虽然我国在建设内部控制信息披露规则方面的起步较晚,但是随着政策法规的不断完善,我国的外部监管部门也对上市公司的内部控制信息披露提出了更为严格的要求。在政策法规的规范下,在外部的严格监管下,上市公司也开始更加重视内部控制建设,我国上市公司对外披露内部控制信息的质量也在不断提高。内部控制信息、披露尤其是内部控制缺陷的对外披露能够反映出公司对自身的内部控制系统的执行和完善情况以及对内部控制信息披露的责任；上市公司对外披露的内部控制缺陷的信息含量也直接影响着广大投资者及监管部门的决策和判断。公司存在内部控制缺陷可能意味着其具有更高的财务风险。为了让外界能够充分了解公司的经营状况及内部控制的有效性,在相关规范中明确要求企业应在进行内部控制评价时对内部控制缺陷进行认定,在内部控制自评报告中应披露内部控制缺陷及认定情况、内部控制缺陷的整改情况及针对重大缺陷拟采取的整改措施。通过法规对上市公司内部控制信息披露行为的规范,我们可以比较方便地从中获取关于公司内部控制缺陷的信息,使得我们能够进一步对上市公司的内部控制缺陷的披露开展深入研究。鉴于目前我国上市公司的内部控制总体情况还是比较薄弱,内部控制制度还有待完善,外部监管还有待加强的情况,我们对上市公司的内部控制缺陷披露的影响因素进行研究还是具有一定的积极意义。对内部控制缺陷披露的影响因素研究有利于提高人们对内控缺陷信息披露的激励和约束因素的认识,也有利于加深投资者和监管部门对内部控制缺陷披露的重要性和迫切性的认识,更有利于上市公司不断提高其内部控制水平。在我国有关内部控制信息披露制度不断完善规范的背景下,本文以2010年深圳证券交易所主板A股上市公司作为研究样本,以上市公司对外披露的内部控制自我评价报告为研究对象,对我国上市公司的内部控制缺陷披露的情况进行研究分析。之所以选择深交所上市公司为研究样本是因为通过统计研究发现深市上市公司内部控制信息披露的质量整体上优于上交所；为了使得选择的样本之间具有横向可比较性,也仅选取了深市主板A股上市公司,因为中小企业板块与创业板的公司相对于主板上市公司具有明显不同的自身特征,其经营风险也较高。本文通过对2010年深交所主板A股上市的472家公司的内部控制缺陷的披露情况进行实证分析,来判断哪些因素影响和制约着我国上市公司对外披露其内部控制缺陷的积极性。本文内部控制缺陷信息披露的数据来自上市公司内部控制自我评价报告并通过手工收集完成,其余数据均来自上市公司年报和CSMAR数据库。本文从可能影响内部控制缺陷披露的三个因素(公司治理特征、公司经营表现、外部审计)出发,选取一些代表三个影响因素的特征作为解释变量,来考察是否对上市公司内部控制缺陷披露产生显著影响。本文主要是通过以下四个部分进行研究：第一部分(第2章)主要是对内部控制缺陷披露的相关理论进行分析。本部分主要是采用规范的研究方法,首先从概念入手,对内部控制缺陷的相关概念进行界定,对内部控制、内部控制信息披露、内部控制缺陷分别进行释义；其次根据委托代理理论、信号传递理论、信息不对称理论以及资本市场有效理论对内部控制缺陷信息披露进行理论阐述分析；然后从国内外两方面对内部控制缺陷的有关研究文献进行了梳理,对目前的研究状况进行分析总结,从而形成了整篇文章的基础理论部分,也为之后对内部控制缺陷披露影响因素的实证部分做好铺垫。第二部分(第3章)主要是对我国目前内部控制缺陷披露的现状进行分析。首先对内部控制信息披露制度的演进历程进行回顾,分别对国外的有关规则及我国的相关规定进行了总结归纳；然后在对内部控制信息披露制度充分了解的基础上,对我国目前内部控制缺陷披露的现状进行分析,在此通过描述性统计方法对我国上市公司的内部控制缺陷信息、披露的相关数据进行研究分析,并指出目前我国的上市公司在内控缺陷信息披露方面存在的一些问题。第三部分(第4章)内部控制缺陷披露的影响因素的实证研究部分。在前文对基础理论阐述和以往研究文献梳理的基础上,进行了样本选取,并提出了本文的研究假设；在对自变量、因变量进行界定的基础上,收集整理有关数据,利用频次统计、描述性统计对样本特征进行了分析；然后利用SPSS16.0统计软件进行多元线性模型回归,并根据回归结果进行分析得出结论；并且对设定的模型进行了稳健性检验,稳健性检验的结果也支持之前回归的结果。通过此部分的实证分析,我们得出以下结论： (1)作为公司经营表现的代表指标销售收入增长率与内部控制缺陷的披露存在显著的负相关性,这可能表明公司经营状况越好对内部控制的建设就越关注,在内部控制方面的投入也更多,则公司内部存在的内部控制缺陷越少,因而对外披露的内部控制缺陷就少。 (2)作为公司治理特征因素的指标,董事会中独立董事的人数、监事会会议次数与内部控制缺陷的披露具有显著的正相关性,这表明公司董事会的独立性以及监事的勤勉尽职对于公司对外披露内部控制缺陷有比较好的监督作用。 (3)公司所在地的地区特征与内部控制缺陷披露存在非常显著的负相关性,这一结果表明内部控制缺陷的披露存在比较明显的区域化特征。 (4)审计师事务所质量作为公司披露内部控制缺陷的外部影响因素,对内部控制缺陷的披露也有较为显著的影响。第四部分(第5章)完善内部控制缺陷信息、披露的建议部分。在前文的理论分析及实证结果的基础上,针对我国目前上市公司内部控制缺陷披露的问题,在借鉴其它先进经验的基础上,提出改善我国上市公司内部控制缺陷披露质量的一些政策建议。本文的创新点在于：首先在以往对内部控制信启、披露研究的基础上,侧重于研究披露的内部控制缺陷信息,因为内部控制缺陷才能够更真实地了解公司的内部控制的有效性,对于实践也更具有指导意义；其次,选取的研究对象为上市公司内部控制自我评估报告,因为从这一比较规范的信息载体中分析内部控制缺陷,更有利于各个公司之间做出比较也具有参考价值；最后是利用内容分析法参照有关规范的内容将披露的内部控制缺陷进行分类,将披露的内部控制缺陷进行评分,通过相对更为量化的可考察指标进行实证分析,以揭示影响内部控制缺陷披露的因素。
[Abstract]:Since 2002, the bankruptcy of Enron (Enron), WorldCom (World Communications) and other major international companies has revealed a series of corporate financial fraud scandals that have shocked the world, and a series of financial fraud cases such as "Qiong Minyuan", "silver Guangxia", "China Aviation Oil" and so on in the capital market of our country are also shocked. We. The financial scandals of these listed companies have greatly affected the confidence of the public investors and greatly affected the normal and orderly operation of the capital market. Behind these cases, the effectiveness of the internal control of the listed companies has aroused close attention. After the Enron incident, the United States introduced the Sarbanes Oxley act. (Sarbanes-Oxley Act) mandatory requirements for listed companies to disclose internal control information and auditors' audit opinions on internal control evaluation of management, intended to strengthen the supervision of listed companies through public disclosure of internal control information. After that, the accounting supervision committee of the United States Public Corporation (PCAOB) is also formulated. Our country has experienced a long time research and exploration, on the basis of drawing lessons from foreign advanced experience and combining the actual situation of China's capital market, a series of regulations concerning internal control have been formulated in the Shanghai stock exchange and the Shenzhen stock exchange in the listed companies, respectively, in.2006. Department control guidelines, which require the board of directors to review and assess the internal control situation and form internal control self-assessment reports, and the CPA should also issue comments on the internal control of the company's financial reports. In 2008, the five ministries of China (the Ministry of finance, the SFC, the audit office, the CBRC, and the prison guard) The five ministries and commissions issued the internal control guidelines for enterprises in 2010, and in 2010 we have basically formed a complete set of internal control norms. The introduction of this series of policies made the internal control information, especially the internal control defects of the listed companies in our country. Disclosure has become the focus of social concern; the implementation of this series of policies also continuously promotes our listed companies to improve their internal control system and actively fulfil the obligation to disclose internal control of internal control, and it also marks the internal control information of Listed Companies in our country, and the disclosure of external disclosure begins from voluntary disclosure to the strong. The stage of disclosure.
Although China has a late start in the construction of information disclosure rules of internal control, with the continuous improvement of policies and regulations, the external regulatory departments of our country have also put forward more stringent requirements for the disclosure of internal control information of listed companies. Under the regulation of policies and regulations, under the strict external supervision, the listed companies are becoming more and more important. The quality of internal control information disclosure of Listed Companies in China is increasing. The disclosure of internal control information, especially the disclosure of internal control defects can reflect the company's implementation and improvement of its internal control system and the responsibility for the disclosure of internal control information. The information content of the internal control defects disclosed by the Department also directly affects the decision-making and judgment of the broad investors and the regulatory authorities. The existence of internal control defects in the company may mean that it has higher financial risk. In order to make the outside world fully understand the company's operating conditions and the effectiveness of the internal control, it is clear in the relevant specifications. It is really required that the enterprise should identify the internal control defects in the internal control evaluation. In the internal control self evaluation report, the internal control defects and the identification, the rectification of the internal control defects and the rectification measures aimed at the major defects should be taken. The regulations on the disclosure behavior of the internal control information of the listed companies should be made. Fan, we can easily get information about the internal control defects of the company, so that we can further study the disclosure of the internal control defects of the listed companies.
Since the overall situation of internal control of Listed Companies in China is still relatively weak, the internal control system remains to be improved and the external supervision still needs to be strengthened. We still have some positive significance to study the influencing factors of internal control defects disclosure of listed companies. It is beneficial to improve people's understanding of the incentive and constraint factors for information disclosure of internal control defects, and also help to deepen the understanding of the importance and urgency of the disclosure of internal control defects by investors and regulators, and is more conducive to the continuous improvement of the level of internal control of listed companies.
Under the background of the continuous improvement of the internal control information disclosure system in China, this paper takes the A stock listed company of the Shenzhen Stock Exchange on 2010 as the research sample, taking the internal control self-evaluation report disclosed by the listed companies as the research object, and studies the disclosure of the internal control defects of the listed companies in China. The reason why we choose Shenzhen Stock Exchange listed companies as the research sample is that the quality of the internal control information disclosure of the listed companies in Shenzhen is better than that of the Shanghai Stock Exchange. In order to make the selected samples with horizontal comparison between the listed companies, the A share listed companies of the Shenzhen Stock market are selected only because the SME board and the small and medium enterprise plate are used. GEM companies have distinct characteristics compared with the main board listed companies, and their business risks are also higher.
This paper makes an empirical analysis on the disclosure of internal control defects of 472 companies listed in the A stock market of the Shenzhen Stock Exchange in 2010, to determine which factors affect and restrict the enthusiasm of listed companies to disclose their internal control defects. The data of the internal control defect information from the listed companies are from the internal control of the listed companies. My evaluation report has been done by manual collection, and the rest of the data are from the annual report of the listed company and the CSMAR database. From the three factors that may affect the disclosure of internal control defects (corporate governance characteristics, corporate performance, external audit), this paper selects some characteristics representing three influencing factors as explanatory variables to investigate whether or not It has a significant impact on the disclosure of internal control defects of listed companies.
This paper mainly studies the following four parts:
The first part (the second chapter) is mainly to analyze the related theory of internal control defect disclosure. This part mainly uses the normative research method, first from the concept, the definition of internal control defects, internal control, internal control information disclosure, internal control defects respectively; secondly according to the Committee The theory of agent, the theory of signal transmission, the theory of information asymmetry and the effective theory of capital market are expounded and analyzed in theory, and then the relevant literature of internal control defects is combed in two respects at home and abroad, and the current research situation is analyzed and summarized, thus the whole article is formed. The basic theory part of the chapter also lays a solid foundation for the empirical part of the factors affecting the disclosure of internal control defects.
The second part (third chapter) is mainly to analyze the present situation of internal control defect disclosure in China. First, review the evolution process of the internal control information disclosure system, summarize the relevant rules of foreign countries and relevant regulations of our country, and then make a thorough understanding of the information disclosure system of internal control. The present situation of internal control defect disclosure in China is analyzed, and the information of internal control defects and related data of Listed Companies in China are analyzed by descriptive statistics, and some problems existing in the information disclosure of internal control defects in China's listed companies are pointed out.
The third part (fourth chapter) the empirical research on the influencing factors of internal control defects disclosure. On the basis of the basic theory and the previous research literature, the sample selection is carried out, and the research hypothesis is put forward. On the basis of the definition of the independent variable and the dependent variable, the relevant data and the frequency of the use of the frequency are collected. Statistics, descriptive statistics to analyze the characteristics of the sample, and then use SPSS16.0 statistical software to carry out multiple linear regression model, and analyze the results according to the regression results; and the robustness test of the set model, robustness test results also support the results of previous regression. Through this part of the empirical analysis of the results. Analysis, we draw the following conclusions:
(1) there is a significant negative correlation between the growth rate of the sales revenue and the disclosure of internal control defects, which may indicate that the better the company's operating situation is, the more attention is paid to the construction of internal control and the more input in internal control, the less internal control defects in the internal control of the company, and therefore to the outside world There are few flaws in the disclosure of internal control.
(2) as an indicator of the characteristic factors of corporate governance, the number of independent directors in the board of directors, the number of meetings of the board of supervisors and the disclosure of internal control defects have significant positive correlation. This shows that the independence of the board of directors and the diligent duty of the supervisors have a good supervision effect on the disclosure of internal control defects in the company.
(3) there is a very significant negative correlation between the regional characteristics of the location of the company and the disclosure of internal control defects, which shows that the disclosure of internal control defects has a more obvious regionalization.
(4) auditor's quality, as an external influence factor of the company's disclosure of internal control defects, also has a significant impact on the disclosure of internal control deficiencies.
The fourth part (fifth chapter) improves the internal control defect information and the suggestion part of disclosure. On the basis of the theoretical analysis and empirical results of the previous article, in view of the problems of internal control defects disclosure of Listed Companies in our country, some advanced experiences are used for reference to improve the quality of internal control defects disclosure quality of Listed Companies in China. Policy recommendations.
The innovation of this article lies in the following: first, on the basis of the previous research on internal control and disclosure, it focuses on the information of internal control defects of disclosure, because the internal control defects can more truly understand the effectiveness of the internal control of the company, and have more guiding significance for the practice. Secondly, the selected research objects are listed on the market. The internal control of self-assessment reports in the company, because the analysis of internal control defects in this relatively standardized information carrier is more conducive to the comparison and reference value among the companies. Finally, the internal control defects disclosed by the content analysis method will be classified according to the contents of the relevant specifications, and the disclosure of internal control will be made. Defects are scored, and empirical analysis is carried out through relatively more quantifiable indicators to reveal factors that affect the disclosure of internal control deficiencies.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

【参考文献】