【作者】 周静；

【导师】 宋浩；

【作者基本信息】 西南财经大学 ， 会计学， 2014， 硕士

【摘要】 安然公司、世通公司爆发财务丑闻后,美国紧急颁布了《萨班斯——奥克斯利法案》(SOX)。在《萨班斯》法案中有一条最重要的条款404条款,该条款明确了公司管理层和外部审计机构对与财务相关的企业内部控制的责任,强制要求高级管理层在每年披露年报的同时披露与财务相关的内部控制评价报告,并且这份评价报告还必须经过外部注册会计师的审核。美国的内部控制信息披露从此转为强制性披露。可以看出美国是想通过颁布的该法案来解决其上市公司的财务舞弊和管理层凌驾于内部控制之上的问题。当然,上市公司财务造假和舞弊问题不会仅仅出现在美国的上市公司,在其他国家也会出现,因此在美国颁布《萨班斯》法案之后,荷兰、香港、加拿大、新加坡、日本、英国等国家也纷纷加强了对内部控制的重视,并就内部控制做出了一系列的规定和要求。就在世界各国都在对内部控制进行关注的同时,我国也开始了对内部控制的重视。从2000年证监会颁布《公开发行证券的公司信息披露编报规则》起我国开始对内部控制做出一系列的要求,直到2008年颁布《内部控制基本规范》,以及随后在2010年4月我国财政部联合证监会、银监会、审计署、保监会发布《企业内部控制配套指引》。该指引自2011年初起首先在境内外交叉上市的公司执行,自2012年起在深沪市上市的中央和地方国有控股上市公司全面实施。指引要求全面实施企业内部控制规范体系的公司,在披露2012年公司年报的同时,必须披露董事会对公司内部控制的自我评价报告以及会计师事务所出具的财务报告内控审计报告。并要求其他上市公司分别在2013年、2014年按相关要求执行该规定,在规定的时间范围内,鼓励公司自愿提前全面执行规范体系的各项披露要求。自此我国开始从自愿性披露内部控制信息阶段转为强制性披露阶段。完善的内部控制不仅仅为上市公司的生产经营提供保障,也为投资者进行投资决策提供了依据。从投资者的视角看自愿披露详细、充分、完整的内部控制信息可以在一定程度上说明企业的管理者对其内部控制是有信心的,也可以说明公司公布的年度报告是有一定保证的。这就向市场传达了一个好的消息,能够增加投资者对公司的信任度。从公司的视角看,随着公司的不断发展壮大,公司不仅需要良好的业绩和广阔的发展前景,还需要有完善的内部控制制度来保证公司的正常生产经营、资产的安全、财务报告的可靠。从监管部门的视角看,通过要求企业披露内部控制信息,监管部门可以从披露的信息中得知公司的生产经营是否遵照了相关规范指引的规定。而目前我国学者的研究主要集中在三个方面：1、关于披露的内部控制信息是否能够引起市场的反应,披露的内部控制信息是否具有信息含量,大多数的研究表明内部控制信息的对外披露是具有市场效应的,能够引起市场反应即具有信息含量。2、在自愿披露阶段,影响内部控制信息自愿披露及披露水平的因素有哪些。3、关于内部控制评价的框架、方法及如何完善内部控制信息披露。且大多数是处于自愿性披露内部控制信息阶段的研究,对与强制性披露阶段的研究较少。《内部控制基本规范》和《企业内部控制配套指引》的颁布,使得我国内部控制信息披露转为强制性披露阶段。于是本文以2012年深市主板A股上市公司的数据为样本,研究在强制性披露内控信息制度下的内部控制信息的市场反应和信息含量。本文主要以信号传递理论、信息不对称理论、委托代理理论、有效市场假说理论、利益相关者理论作为研究的基本理论。运用文献研究法和实证分析法对2012年深市主板A股市场的上市公司披露的内部控制自我评价报告的信息含量进行研究。本文的数据均来自于CSMAR系列研究数据库,而内部控制自我评价报告披露前后是否有重大事件公告或季报公告信息来源于巨潮网。在研究内部控制的信息含量时本文用了事件研究法,通过对样本在事件期内的平均超额收益率和累计超额收益率的变化和单样本T检验,来判断内部控制自我评价报告有没有信息含量。通过计算分析,发现在披露日前后较短的时期内,平均超额收益率和累计超额收益率均能在某些窗口通过显著性T检验。为了排除其他因素对股票价格的影响,本文还会做一个多元回归分析,来进一步验证引起市场反应的因素是不是来自公司披露的内部控制自我评价报告。通过回归分析,发现我国深市主板A股市场披露的内部控制信息是具有信息含量的,虽然信息含量有限。同时强制披露的内控信息给披露公司带来的非正常累计收益小于自愿披露的公司。本文总共包括七个章节,各个章节的主要内容如下：第一章是绪论。首先,本章阐述了本文的研究背景和研究意义,然后在这一章中,还构建了全文的研究框架、明确了要使用的研究方法和创新点与不足处。第二章是文献综述。在该部分本文对我国内控信息披露制度的变迁过程进行了梳理,同时回顾分析了内部控制信息披露的市场反应研究、与内部控制自我评价报告有关的研究、影响内部控制信息披露的因素三方面的相关文献,并对文献进行了评述。第三章是理论分析。这一部分主要是介绍委托代理、信息不对称、信号传递、利益相关者和有效市场假说理论与内部控制信息披露的关系。第四章是披露现状和假设提出。依据有效资本市场假说理论,如果一个股票市场是强式有效的,那么股票价格能对已公开的和未公开的内部信息做出及时反应；如果在一个股票市场是半强式有效的,那么股票价格能对已公开的相关信息做出及时反应,如：证券交易的价格和交易量等历史数据。1999年我国学者沈艺峰与吴世农在对我国股票市场进行研究后发现我国股票市场属于半强式有效市场。所以,当我国股票市场处于半强式有效的状态时,上市公司的股价能够及时有效充分地反应其已公开的相关信息,即一旦其披露内部控制相关的信息如：内部控制自我评价报告或是其内部控制审计报告就会引起投资的注意并使股价产生波动。综合以上分析本文提出假设一：我国深市主板A股上市公司披露的内部控制自评报告具有信息含量,能够引起市场反应。按照信号传递理论,在有效市场中,市场有足够的内在动力促使好公司披露好消息。因为市场会对披露好消息的公司做出积极地反应即股价的提升,而对没有披露信息的公司不做反应即股价维持稳定甚至认为没有披露信息就是坏消息而使公司的股价下跌。以往学者的实证研究发现,在自愿披露内部控制信息阶段,没有严重内部控制问题的公司倾向于披露内部控制报告,因为管理层认为自愿披露信息是降低资本成本的一个有效工具。根据自我选择理论,同样认为在自愿披露内部控制信息阶段,不存在严重内部控制问题的公司会更愿意披露内部控制报告。如果要求强制披露,存在内部控制缺陷的公司仍然会在没有改善其内部控制之前披露内部控制健全的报告,所以强制要求公司披露其内部控制报告并不一定能改善其内部控制和财务状况。因此与强制披露相比投资者会更看好自愿披露,综合上述分析提出假设二：强制披露的内部控制自我评价报告给披露公司带来的非正常累积收益小于自愿披露的公司。第五章是研究设计。说明样本来源与数据的选择过程,同时讲述了拟采用的事件研究法的公式与步骤。第六章是实证分析与结论。对我国上市公司公开数据进行事件研究和多元回归分析,得出研究结论。第七章是政策与建议。本部分是根据文章得出的结论提出一些意见与建议。本文的亮点在于：在自愿披露内部控制信息制度的环境下,以往学者们在研究内部控制信息的市场反应时,大多通过将样本公司分为自愿披露内部控制信息组与未披露信息组来,或是通过将样本公司分为详细披露内部控制信息组与简单组来对内部控制信息的信息含量进行研究。而我是以深沪市主板A股上市的中央和地方国有控股上市公司在2012年强制披露内部控制信息为背景,对深市主板A股上市公司强制披露组和自愿披露组对比研究内部控制信息的含量,对披露的总体情况开展了较详细的分析,同时也对披露的内控信息的市场反应进行了实证研究。更多还原

【Abstract】 U.S. emergency promulgated the SOX after the outbreak of the financial scandals in Enron and WorldCom. The SOX bill has one of the most important provisions of Section404, the provision clearly the responsibilities of the Company’s management and external audit institutions and finance-related internal control,mandatory disclosure of senior management in the annual report at the same time each year disclosure and financial reporting related to internal control evaluation, and this evaluation report must also pass an external audit of Certified Public Accountants. The disclosure information of internal control in United States become from it into a mandatory disclosure. The United States want the bill enacted to solve the problem of its listed companies’ financial fraud and management override of internal control over. Of course, the listed company’s financial fraud and corruption problem does not only occur in the listed companies in the U.S., and also appear in other countries. The Netherlands, Hong Kong, Canada, Singapore, Japan, Britain and other countries have also strengthened the importance of internal controls and internal control made a series of regulations and requirements after the United States enacted the SOX. China also began to focus on internal control while other countries are concerned about the internal controls.China begin to make a series of internal controls provisions after he Commission issue a "public offering of securities of the Company Disclosure Rule"in2000. And promulgate the "basic norms of internal control"in2008, and he Joint Commission of the Ministry of Finance, China Banking Regulatory Commission, the Audit Commission and the Insurance Regulatory Commission issued the "Guidelines for Enterprise Internal Control" in April2010. The guidelines are firstly executed in Domestic and cross-listed companies since early2011and fully implemented in central and local state-owned holding listed companies listing on the Shanghai and Shenzhen city. The guidelines require the full implementation of the internal control system of norms of the company, and disclosed in2012annual report, at the same time, the Board must disclose the company’s internal control self-assessment report and a financial report certified public accountants internal audit report. And require other listed companies implement the relevant requirements in2013and2014, within the time limits prescribed, encourage companies to voluntarily advance the implementation of the internal control system of norms of disclosure requirements. China began a voluntary disclosure of internal control from stage to mandatory information disclosure stage.Perfect internal controls not only provide protection for the production and management of listed companies, but also for investors provided the basis for investment decisions. Voluntary disclosure detail, full and complete description of the internal control information can control its internal corporate managers are confident to a certain extent, you can also explain the company published financial report is a certain guaranteed from an investor’s point of view. This is to give the market a good new, and can enhance investor confidence in the company. From the company’s point of view, as the company continues to grow, companies not only need good performance and broad prospects for development, also need to have a sound internal control system to ensure the company’s normal production and operation, safe and reliable assets, financial reporting. From the perspective of regulatory perspective, internal controls by requiring companies to disclose information, regulators can learn from the information disclosed in the company’s compliance with the requirements related to the operation of the guidelines.At present, China scholars study focused on three aspects. Firstly, the disclosure of internal control information whether can cause a reaction of the market, the disclosure of internal control information whether has information content, the majority of studies show that public disclosure of internal control information can produce a market effect and cause market reactions that have information content. Secondly, study what factors are affecting internal control information and voluntary disclosure and level of voluntary disclosure in the voluntary disclosure phase. Thirdly, study on the framework and methods of internal control evaluation and how to improve the internal control information disclosure. And most are in the research phase of an internal control voluntary disclosure of information, and less on research and mandatory disclosure stage. The promulgations of "Internal Control Basic Standard" and "Enterprise Internal Control Guidelines" make our internal control disclosure of information into a mandatory disclosure stage. So this article study of its internal information disclosure system of internal control and information content market response information basing on the data of the Shenzhen A-share listed company on the Main Board in2012.This paper mainly act the Signaling, Asymmetric Information, Agency, Efficient market Hypothesis and stakeholder theory as the basic theory. Research the information of internal control self-assessment report disclosed by listed companies in Shenzhen A-share market motherboards in2012. The Data are from the research database of CSMAR series, while major event announcement or quarterly bulletin information before and after Disclosure of internal control self-assessment report.In this paper, we choose event study when study information content of internal control. Determine whether there is information content of internal control self-assessment report by the average excess return, cumulative abnormal return of change and One-Sample T-test in the event period. The average excess return and the cumulative excess return rate could be satisfied with significant T-test in some windows through computational analysis, found within a short period of time before and after the disclosure.In order to exclude the influence of other factors on the stock price, this paper will make a multiple regression analysis to further verify the factors causing the market reaction is weather come from internal control self-assessment report disclosed by the Company. Through regression analysis, we find that internal control information has an information content disclosed by board in Shenzhen A-share market through regression analysis, although information content is limited.This article includes a total of seven chapters, and the main content of each chapter is as follows.The first chapter is an introduction. This part states the research background, significance, main research contents methods and frameworks and so on. Meanwhile, point out the deficiencies and innovation of this paper with the actual situation in this paper research.The second chapter is a literature review. In this part, this article shows the changing process of information disclosure system of internal control. And recall the study on the market of Information disclosure of internal control and internal control self-assessment report and factors influencing the Information disclosure of internal control.The third chapter is the theoretical analysis. This part is the introduction of relationship between information of internal controls disclosure with the theories of Agency, Asymmetric Information, Signaling, Efficient Market Hypothesis and Stakeholders.The fourth chapter is to disclose the status and make assumptions.In a strong and effective stock market, the stock price can react promptly disclosed and undisclosed inside information according to the efficient capital market hypothesis theory. In a semi-strong efficient stock market, stock prices will react in a timely manner that it has disclosed the relevant information, such as price and trading volume of securities transactions and other historical information. In1999, the research in China’s stock market of scholars Shen Yi Feng finds that China’s stock market is a semi-strong form efficient market. Therefore, when China’s capital market is a semi-strong efficient market, the stock prices of listed companies can make a timely and effective response. Once listed companies disclose their internal control relevant information, such as internal control self-assessment reports or audit reports, will cause the attention in investment and the stock price will be affected too. Summarizing the above analysis, in this paper we put forward a hypothesis that the control self-assessment report contains information content and can cause market reactions disclosed in our internal board in Shenzhen A-share listed companies.According to Signaling theory, in an efficient market, the market has enough inherent power to procure good company to disclose the good news. Because market will make a positive response to the company disclosing good news by upgrading the stock prince, Otherwise make no response and keep prince, and even leave the company’s stock price fell for disclosing bad news. Empirical studies find, in Voluntary disclosure of internal control information phase, no serious problems of internal control companies tend to disclose internal control report because management considers the voluntary disclosure of information is an effective tool to reduce the cost of capital. According to self-selection theory, also believe that the company without serious internal control problems will be more willing to disclose internal control report in the voluntary disclosure of internal control information stage. If requiring mandatory disclosure, company existing internal control deficiencies will still disclose sound internal control report before unimproved the internal control, so enforcing companies to disclose their internal control report does not necessary to improve its internal controls and financial condition. Therefore, compared with the mandatory disclosure, investors will be more optimistic about the voluntary disclosure. So summarizing the above analysis we put forward another hypothesis that the internal control self-assessment report by Mandatory disclosure brings less non-normal cumulative gain to the company than by voluntary disclosure.The fifth chapter is the studying and designing. Describe the data sources and the sample’s selection process, as well as the event study formulas and the procedures to be adopted.The sixth chapter is the empirical analysis and conclusions. Make a study conclusion and a comprehensive analysis by the empirical research for data published by listed companies and the test for model.The seventh chapter is the policies and proposals. This section is to make some comments and recommendations based on the article concluded.This article’s highlight is as follows. With voluntary disclosure of information in the system of internal control, mostly through the sample companies into voluntary disclosure of internal control information group and groups to undisclosed information, or by the sample companies detailed disclosure of internal control information into groups with simple comparative study groups to disclose internal control information content information when the past scholars study the market response of the control of internal information. The article is based on the central and local state-controlled listed companies in Shanghai and Shenzhen A-share listed on the Main Board of the city and force disclosure of information of the Internal Control in2012. Conduct a more in-depth content analysis of mandatory disclosure group and the content of internal control information of comparative study in Voluntary disclosure group and the information of control Internal disclosure On the Shenzhen A-share listed company on the Main Board. At the same time, make an empirical research for market reaction of information of internal disclosure.更多还原