内部控制缺陷披露的市场效应研究

发布时间：2018-01-11 22:01

本文关键词：内部控制缺陷披露的市场效应研究　出处：《南京理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着经济的发展,内部控制作为企业生产经营活动的自我调节和自我制约的内在机制,处于企业中枢神经系统的重要位置。2008年6月28日财政部、证监会、审计署、银监会、保监会五部委联合颁布了《企业内部控制基本规范》,要求企业对内部控制制度的有效性进行自我评价,在出具内部控制自我评价报告的同时披露注册会计师对公司内部控制的审计报告。自此,我国的内部控制信息也从自愿性披露进入强制性披露阶段。2010年4月,五部委再次联合发布的《企业内部控制配套指引》进一步加强了对公司内部控制信息披露的要求。可以说,内部控制的健全、实施与否,是单位经营成败的关键。而内部控制缺陷是企业经营的潜在风险,更得到各方的关注。本文通过对2011年沪、深两市主板上市公司披露内部控制自我评价报告中所披露的内部控制缺陷进行研究,利用事件研究法通过比较、分析研究样本组企业与对照组企业累计超额收益率在内部控制缺陷披露前后变化情况,发现在公告日后较短事件期内,研究样本组公司与对照组公司累积超额收益率存在显著差异,但是内部控制缺陷披露引起的负面效应并没有持续很长时间。由于我国上市公司内部控制自我评价报告大多数是和年报同时发布,或者附在年报中进行披露。为了控制年报中财务信息对上市公司股价的影响笔者进一步通过多元回归分析,累计超额收益率的负面变化是由内部控制缺陷的披露引起的,以此来说明内部控制缺陷是否具有一定的信息含量。最后,本文还提出了政策建议希望能为我国内部控制信息披露制度的完善提供经验依据。本文希望通过对内部控制缺陷披露对股票市场负面的研究,以此引起外界利益相关者对企业内部控制信息披露质量的关注,同时期望为相关监管部门今后完善内部控制缺陷披露制度提供现实依据。因此,对内部控制信息披露状况进行研究,尤其是对内部控制中的内部控制缺陷进行研究,具有重要的理论及现实意义。
[Abstract]:With the development of economy, internal control, as the internal mechanism of self-regulation and self-restriction of enterprises' production and management activities, plays an important role in the central nervous system of enterprises. In June 28th 2008, the Ministry of Finance. The CSRC, the Audit Office, the Banking Regulatory Commission and the Insurance Regulatory Commission jointly promulgated the basic Standards for Internal Control of Enterprises, which requires enterprises to conduct self-evaluation on the effectiveness of the internal control system. The audit report of the CPA on the internal control of the company shall be disclosed at the same time as the internal control self-evaluation report. China's internal control information from voluntary disclosure to mandatory disclosure stage. April 2010. The "supporting guidelines on Enterprise Internal Control" issued jointly by the five ministries and commissions further strengthened the requirements for disclosure of information on the internal control of the company. It can be said that the integrity of the internal control, the implementation or not. The defect of internal control is the potential risk of enterprise management and has been concerned by all parties. This paper makes a study on the internal control defects in the self-evaluation report of internal control disclosed by listed companies on the main boards of Shanghai and Shenzhen stock markets in 2011, and compares them by the method of event research. After analyzing the change of cumulative excess return rate of sample group and control group before and after the disclosure of internal control defects, we found that there was a shorter period of events after the announcement. There is significant difference in cumulative excess return between the sample group and the control group. However, the negative effects caused by the disclosure of internal control defects have not lasted for a long time. Because most of the internal control self-evaluation reports of listed companies in China are published at the same time as the annual report. In order to control the impact of financial information on the stock price of listed companies the author further through multiple regression analysis. The negative change of cumulative excess return rate is caused by the disclosure of internal control defects, so as to explain whether the internal control defects have a certain information content. Finally. This paper also puts forward some policy suggestions in the hope of providing experience basis for the improvement of information disclosure system of internal control in China. This paper hopes that the internal control defects disclosure on the stock market negative research, so as to attract outside stakeholders to the quality of internal control information disclosure concern. At the same time, it is expected to provide a realistic basis for the relevant regulatory authorities to improve the internal control defect disclosure system in the future. Therefore, the situation of internal control information disclosure is studied. Especially, it has important theoretical and practical significance to study the internal control defects in internal control.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F233;F832.51

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