创业板上市公司内部控制信息披露质量的研究

发布时间：2018-03-03 03:33

本文选题：创业板上市公司　切入点：内部控制信息　出处：《西南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：进入21世纪以来,美国安然等一系列国际大公司连续曝出财务舞弊丑闻事件,引发了美国乃至全球对内部控制的极大重视,社会各界也日益关注内部控制信息披露问题。2002年7月,美国国会正式通过了《萨班斯——奥克斯利法案》(简称SOX法案),该法案正式强制要求公司披露内部控制报告。因此,越来越多的国家和地区开始对上市公司进行强制规定,要求它们必须向社会公众披露内部控制信息。我国财政部、审计署、证监会、保监会、银监会于2008年联合推出《企业内部控制基本规范》,当时要求从2009年7月1日起在上市公司范围内制定内部控制制度并有效地实施,鼓励非上市的大中型企业执行。2010年4月26日,《企业内部控制配套指引》的发布与2008年《企业内部控制基本规范》共同标志着中国企业内部控制规范体系的基本建成。该体系要求2011年1月1日起首先在境内外同时上市的公司施行该体系,于2012年1月1日起扩展到主板上市公司,在此基本上择机在中小企业和创业板上市公司施行,鼓励非上市大中型企业提前执行,所以对于2009年开始创设的创业板市场并未要求强制性披露内部控制信息。创业板上市公司大部分属于刚起步发展的中小型企业,尚未健全公司内部治理机构,其披露水平必定低于主板上市公司。为了推动我国创业板市场的发展与壮大,开展对创业板上市公司内部控制信息披露质量及其影响因素的研究就变得极其重要。创业板作为主板市场的补充,是资本市场的重要组成部分,不仅为高新技术企业提高融资渠道,还有助于调整我国产业结构,促进经济的发展,但同时存在我们不能忽视的问题。创业板上市公司的管理层出于各种原因并不会向投资者披露完全、充分的信息,而投资者又很难通过其他渠道获得信息,其信息的获取主要依赖于公司自身的信息披露,因而构成了“信息不对称”。这样不仅会影响投资者的投资决策,创业板上市公司自身也可能会因为隐瞒或虚报信息而使得自身利益受损,甚至被逐出市场。因此,提高公司内部控制信息披露质量不仅有助于信息使用者做出决策,而且可以降低信息不对称程度,从而减轻了道德风险,使得高质量水平的公司能够获得更多的投资资金,实现良好、快速的发展。所以在这样的背景下,对创业板上市公司内部控制信息披露质量进行研究,有着重要的意义：客观评价内部控制信息披露质量,有利于减少证券市场的信息不对称性；了解其披露的影响因素,实证分析各因素与内部控制信息披露质量之间的相关关系,有助于揭示提高内部控制信息披露质量的途径；开展对信息披露质量的研究,有利于对投资者起到一定程度的保护作用,进而推动中国资本市场的可持续发展。本文的主要内容如下：第一部分为引言。阐述本文的研究背景、研究的目的和意义、研究的创新点。第二部分为文献综述。回顾了国内外有关内部控制信息披露的相关文献,通过国内外研究成果的比较,看到国内的不足,指引后续研究。第三部分为理论分析。对创业板上市公司、内部控制和内部控制信息披露的概念进行界定,简单地阐述了COSO框架和企业内部控制基本规范的有关内容,并简要回顾有效市场假设理论、委托代理理论和信息不对称理论,同时指出这些理论在研究创业板上市公司内部控制信息披露中的作用。第四部分为创业板上市公司内部控制信息披露质量的评价。建立创业板上市公司内部控制披露质量的评价体系,并以模糊层次法赋予每个因素的权重。选取2011年293家创业板上市公司为样本,通过内部控制自我评价报告、年报和注册会计师对其有效性的审核意见的有关内容逐项评分,结合模糊层次法的权重计算出每个公司的总成绩,即为内部控制信息披露质量,并对结果进行分析。第五部分为创业板上市公司内部控制信息披露质量影响因素的实证研究。以我国创业板上市公司内部控制信息披露质量为被解释变量,以公司规模、财务杠杆、盈利水平、上市时间、股权集中度、管理层持股比例、独立董事比例、两职合一、董事会会议次数、审计机构权威、承销商声誉为解释变量,进行线性回归模型的实证研究,分析各因素对内部控制信息披露质量的影响状况。第六部分为总结,提出相应的改进建议。本文结论： (1)从整体上看,我国创业板上市公司内部控制信息披露质量较低,且各公司披露质量存在较大差异。 (2)所有样本公司都披露内部控制自我评价报告,但其内容的可用性较低,60%的样本公司未披露注册会计师对公司内部控制有效性的审核意见。 (3)2011年创业板上市公司都未详细地披露公司内部控制缺陷,仅有少数样本公司简单地提及未发生重大缺陷问题,对于信息使用者来说这样的披露是毫无意义的。 (4)从公司在每个评价指标的得分情况上看,年报和内部控制自我评价报告都于2012年上半年进行公布；19家样本公司变更了会计事务所；内部环境中超半数的样本公司未披露企业文化；绝大部分的样本公司在年报中较好地披露了公司内、外部风险,却对风险的应对与防范披露较少；控制活动要素中,披露情况差异较大；仅32家对它进行较详细地披露,信息沟通渠道空泛；内部监控中50%以上的创业板上市公司独立董事未对公司内部控制机制进行评价。 (5)从本文实证研究分析得出公司财务杠杆、盈利水平、上市时间和独立董事比例对创业板上市公司内部控制信息披露质量的提高产生推进作用。 (6)公司规模、股权集中度、管理层持股比例、审计机构权威和承销商的声誉与内部控制信息披露质量的关系方向虽然与预期方向一致,但未通过显著性检验。 (7)两职合一、董事会会议次数未通过显著性检验的,同时回归结果与假设不一致。本文创新点主要体现在以下方面： (1)根据创业板上市公司的特点来构建内部控制信息披露质量评价体系,具有一定针对性。在借鉴杨玉风、王火饮、曹琼(2010)所构建的内部控制信息披露质量评价框架的基础上,参照了《企业内部控制基本规范》及配套指引、深交所创业板上市公司规范运作指引、年报内容与格式准则等相关内部控制制度及其披露情况的规定,结合创业板上市公司的特点来构建内部控制信息披露质量评价体系。 (2)运用模糊层次分析法来评价创业板上市公司的内部控制信息披露质量。在构建出本文的创业板上市公司内部控制信息披露质量评价框架上,采用了模糊层次分析法确定权重,这在创业板的相关研究方面尚属较早的尝试。 (3)深入研究创业板上市公司内部控制信息披露质量的影响因素。把上述披露质量作为被解释变量,挖掘11个影响因素进行实证研究,得出各因素对披露质量的影响状况,有助于进一步寻找提高信息披露质量的方法。
[Abstract]:Since twenty-first Century, Enron and a series of large international companies continuously exposed financial fraud scandal, caused the United States and the world of great importance of internal control, the community will pay more attention to the information disclosure of internal control problems of.2002 in July, the United States Congress passed the Sarbanes Oxley Act > > (SOX act), the act of formal mandatory disclosure of internal control report. Therefore, more and more countries and regions begin mandatory provisions of listed companies, require them to disclose internal control information to the public.
The Ministry of finance, China Securities Regulatory Commission, the Audit Commission, the CIRC, the CBRC in 2008 jointly launched the enterprise internal control basic norms of < >, then from July 1, 2009 onwards within the scope of listed companies to establish internal control system and effective implementation, to encourage non listed medium-sized enterprises implement.2010 in April 26th, "the basic standard for enterprise internal internal release control guidelines > and < > in 2008 marked the common enterprise control standard system basically completed China internal control. The system first since January 1, 2011 listed companies in the implementation of the system, from January 1, 2012 extended to the main board listed companies, which basically choose the implementation of Listed Companies in the small and medium-sized enterprise and entrepreneurship board, to encourage non listed medium-sized enterprises carry out ahead of time, so for the GEM market beginning in 2009 the creation does not require mandatory disclosure of internal control Information system. Most of the GEM listed companies belonging to the beginning of the development of small and medium-sized enterprises, the company has not yet perfect internal governance mechanism, the disclosure level must be lower than the main board listed companies. In order to promote the growth and development of China's GEM market, to carry out the study on the factors of information disclosure quality and the influence of control of listed companies on the gem in becomes extremely important.
The gem as a supplement to the main market, is an important part of the capital market, not only for high-tech enterprises to improve the financing channels, also helps to adjust the industrial structure, promote economic development, but at the same time, we are not to be ignored. The management of GEM listed companies for various reasons did not fully disclose to investors the full information, and investors, it is difficult to obtain through other channels to obtain information, the information mainly depends on the company's own information disclosure, thus constitutes a "information asymmetry". This will not only affect the investment decisions of investors, listed companies on the gem itself may also be because of concealment or false information and make their own interests that is even out of the market.
Therefore, improve the quality of information disclosure of internal control not only help information users to make decisions, but also can reduce the degree of information asymmetry, thus reducing the risk of moral hazard, makes the high quality level of the company can get more investment funds, to achieve good and fast development. So in this context, the quality of information disclosure research the internal control of listed companies on the gem, is of great significance: the internal control objective evaluation of the quality of information disclosure can reduce the information asymmetry of securities market; to understand the factors affecting its disclosure, empirical analysis on the relationship between the various factors and the quality of information disclosure of internal control, helps to reveal the way to improve the quality of information disclosure internal; research on the information disclosure quality, is conducive to the protection of investors to play to a certain extent, and then push the Chinese capital The sustainable development of this market.
The main contents of this paper are as follows:
The first part is the introduction. It expounds the background of the study, the purpose and significance of the study, and the innovation of the research.
The second part is literature review. It reviews domestic and foreign literature about internal control information disclosure, and compares domestic and foreign research results to see domestic shortcomings and guide subsequent research.
The third part is the theoretical analysis. The companies listed on GEM, defines the concept of internal control and internal control information disclosure, simply elaborated the related content of the COSO framework and the basic norms of internal control, and a brief review of the effective market hypothesis theory, principal-agent theory and information asymmetry theory, and points out the theory in the study of entrepreneurship in the internal control of Listed Companies in information disclosure.
The fourth part is the GEM listed company's internal control information disclosure quality evaluation. The establishment of gem quality evaluation system of internal control disclosure of listed companies, and the weights of Fuzzy AHP to each factor. From 2011 293 GEM listed companies as samples, through the self evaluation report of internal control, accounting report and registration audit opinion the validity of the relevant contents of itemized score, combined with the weight of Fuzzy AHP to calculate the total score of each company, is the quality of information disclosure of internal control, and the results were analyzed.
The fifth part is the GEM listed companies internal control Empirical Study on the factors affecting the quality of internal control information disclosure. The GEM listed companies in our country the quality of information disclosure as explanatory variables, with the company size, financial leverage, profitability, time to market, ownership concentration, managerial ownership, the proportion of independent directors, two positions a number of meetings of the board, audit authority, underwriter reputation as explanatory variables, an empirical study on the linear regression model, analysis of various factors on the impact of internal control of the quality of information disclosure.
The sixth part is the summary and the corresponding suggestions for improvement are put forward.
The conclusion of this paper is as follows:
(1) from the overall point of view, the quality of internal control information disclosure of Chinese GEM listed companies is low, and there are great differences in the quality of the companies' disclosure.
(2) all Sample Firms disclose internal control self-evaluation report, but its content is low. 60% of Sample Firms did not disclose CPA's opinion on the effectiveness of internal control.
(3) in 2011, GEM listed companies did not disclose the internal control defects in detail. Only a few Sample Firms mentioned simply that no major defects occurred. For information users, such disclosure is meaningless.
(4) from the company in each evaluation index scores at the annual report and internal control self assessment report was published in the first half of 2012; 19 Sample Firms changed the accounting firm; internal environment super half of the Sample Firms did not disclose the enterprise culture; most of the Sample Firms in the annual report disclosure of the company better but, external risk, the risk response and control activities to prevent disclosure of less; elements of the disclosure is different; only 32 of its disclosure in detail, the information communication channel vague; independent director of internal control in more than 50% of the GEM listed company fails to evaluate the internal control mechanism of the company.
(5) from the empirical research and analysis, it is concluded that the company's financial leverage, profitability, time to market and the proportion of independent directors have a positive effect on improving the quality of information disclosure of GEM listed companies.
(6) the relationship between company size, ownership concentration, managerial shareholding, audit authority and underwriter reputation and internal control information disclosure is consistent with the expected direction, but no significant test is conducted.
(7) two, the number of meetings of the board of directors did not pass the significant test, and the results were not consistent with the hypothesis.
The innovation points of this article are mainly reflected in the following aspects:
(1) according to the characteristics of the GEM listed companies to build the quality of information disclosure of internal control evaluation system has certain pertinence. In reference to Yang Yufeng, Wang Huo drink, Cao Qiong (2010) based on the information disclosure of internal control quality evaluation of the framework on the reference to the basic norms "and supporting guidelines for enterprise internal control", Shenzhen the GEM listed companies standardize operational guidelines, regulations and other relevant standards concerning the contents and formats of annual report and disclosure of the internal control system, combined with the characteristics of GEM listed companies to construct the quality of information disclosure of internal control evaluation system.
(2) the quality of information disclosure of internal control fuzzy AHP to evaluation of GEM listed companies. This paper constructs in the GEM listed company information disclosure of internal control quality evaluation framework, using fuzzy AHP to determine the weight, this is the earlier attempt in the research related to the gem.
(3) the factors influencing the quality of internal control information disclosure study of companies listed on GEM. The quality of disclosure as explanatory variables, mining 11 factors of empirical research, the factors to influence the quality of disclosure, help to further improve the quality of information disclosure for the method.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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