内部控制审计、价值相关性与资本成本

发布时间：2018-04-27 12:11

本文选题：内部控制审计 + 价值相关性　；参考：《经济管理》2009年09期

【摘要】：本文以2007年度A股自愿披露内部控制信息的企业为样本,检验了在我国现阶段信息披露环境下投资者是否对企业进行内部控制信息披露及内部控制审计进行定价。研究结果表明,在没有经过独立审计情况下,企业内部控制信息披露并无法提高企业会计信息的价值相关性,投资者并不认为这种披露是可靠的,自愿性内部控制信息披露并不能降低资本成本;经过独立审计的情况下,投资者认可内部控制信息的披露,内部控制信息披露能够提高企业会计信息的价值相关性,进而对于披露内部控制信息的企业给予定价,降低企业的资本成本。这一结果给我们的启示是,在缺乏保障机制的情况下,自愿性内部控制信息披露并不能优化资源配置,强制企业内部控制信息审计能够提高资本市场运作效率,提高投资者的信心。
[Abstract]:Based on the sample of A share voluntary disclosure of internal control information in 2007, this paper examines whether investors are pricing internal control information disclosure and internal control audit under the current information disclosure environment in China. The results show that, without independent audit, the disclosure of internal control information can not improve the value relevance of enterprise accounting information, and investors do not think that this disclosure is reliable. Voluntary disclosure of internal control information can not reduce the cost of capital. After independent audit, investors approve the disclosure of internal control information, and the disclosure of internal control information can improve the value relevance of enterprise accounting information. Then the disclosure of internal control information to the pricing of enterprises to reduce the cost of capital. This result reveals that voluntary internal control information disclosure can not optimize the allocation of resources in the absence of safeguard mechanism, and forcing enterprises to audit internal control information can improve the efficiency of capital market operation. Boost investor confidence.
【作者单位】：复旦大学管理学院;
【基金】：国家社科基金项目“投资者保护、公司治理与我国证券市场资源配置效率研究”(07BJY027) 国家自然科学基金项目“中国证券审计市场的结构、行为与绩效研究”(70672101)
【分类号】：F239.45

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