内部控制信息披露影响因素的实证研究

【作者】 李馨弘；

【导师】 马庆国；

【作者基本信息】 浙江大学 ， 企业管理， 2007， 博士

【摘要】 近年来,一系列财务舞弊案件的爆发,使投资者意识到,一家有投资价值的公司不仅要有良好的经营业绩和发展前景,还必须拥有完整、合理、有效的内部控制系统。公司所披露的内部控制信息的质量,不仅反映自身是否已经建立完善的内部控制系统和对信息披露责任的认识,更影响投资者、债权人以及监管者的判断和决策。本研究以上市公司内部控制信息披露为研究对象,通过实证来研究影响其信息披露的因素:通过分析上市公司的披露习惯、披露行为与披露内容,使信息提供者认识到内部控制信息披露的重要意义,使信息使用者更好地读懂上市公司的“披露语言”,同时也为资本市场的监管者制定和进一步完善内部控制信息披露规则提供建议,具有一定的理论意义和现实意义。本研究在介绍内部控制信息披露现状和研究现状的基础上,从国内外披露规则的演化、披露影响因素、披露水平的计量三个维度进行文献探讨,进而提出了本研究的概念框架,根据企业上市的“两个阶段”(IPO阶段和年度报告阶段)、信息披露的“三种载体”(招股说明书中的“内部控制管理层自评”、年度报告中的“监事会报告”、上海证券交易所上市公司2006年度报告特殊要求披露内部控制情况的“重要事项”),进一步构建了三个待验证模型,并建立了相应的内部控制披露指数,运用资本市场数据,从三个构面(公司治理特征、中介机构特征、公司基本特征)对研究模型进行了检验。本研究采取分层抽样的随机抽样方法,共采集了650个样本,利用SPSS 15.0,通过描述性统计分析和交叉列表分析确定研究样本特征,并通过方差分析、相关分析、层次回归分析和Logistic回归分析,对三个待验证模型进行了检验。实证结果表明,独立董事比例、公司规模、承销商声誉、审计意见类型、盈利能力、是否因违规而受到处罚、所属地区、发行市场这些因素显著影响公司内部控制信息披露水平。具体而言,本研究的主要贡献如下:1.以往对内部控制信息披露的研究以定性研究为多,定量研究也以描述性统计为主;研究对象多是局限于年报阶段的监事会报告或少量董事会报告中所披露的内部控制信息,对其它阶段载体披露的内部控制信息研究很少;本研究利用资本市场数据,通过构建多元回归模型,对上市公司“两个阶段”、“三种载体”的内部控制信息披露质量及影响因素进行实证研究。2.在对内部控制信息这一类文字信息进行定量研究中,以往研究以“简单披露/详细披露”或者“有无披露”粗略分类,本研究运用内容分析法,借鉴自愿性信息披露研究的国际经验,综合考虑披露信息的数量和质量两个维度,构建了管理层自评、监事会报告、重要事项的三个内部控制信息披露指数,对披露的内部控制信息内容予以评判和研究,有一定的科学性,在实践中也有一定的应用意义。3.在影响因素的研究上,设计“公司治理结构特征”、“中介机构特征”、“公司基本特征”三个层面因素,并通过具体指标予以计量,较以往内部控制信息披露研究方面单个指标的设计,更为综合考虑和系统分析,并运用层次回归方法深入分析因果关系,相对一般信息披露研究中的普通线性回归对各个因素的作用效果分析更为清晰,回归方程具有一定的解释能力。4.研究发现,内部控制信息作为公司披露的一类具体语言文字信息,在披露影响因素上有其特殊性,本研究进一步丰富了自愿性信息披露影响因素和一般意义上信息披露影响因素的研究。5.在对上海证券交易所2006年度报告特殊要求披露的“重要事项”部分的研究中,除了层次回归分析方法,进一步结合Logstic回归分析方法,解释分类项目披露是否发生的概率,可以说是对披露指数的进一步深入探讨,对后续研究有一定的借鉴意义。更多还原

【Abstract】 In the recent years, with the occurrence of series of financial fraud cases, investors have come to realize that a company worth investing should have not only wonderful managerial performance and promising future, but also integral, reasonable and effective internal control system. The quality of the internal control information a company discloses reflects the fact whether they have established complete internal control system and their understanding of the information disclosing responsibility, and moreover it affects the judgment and decision of investors, debtors, and supervisors. In this dissertation, we applied the internal control information disclosure of public listed companies as our study objects, and empirically studied the factors that influence information disclosure. Through studying the public listed companies’ information disclosing habits, disclosing behaviors, and disclosing contents, we try to aware the information suppliers of the importance of internal control information disclosing, help the information users to better understand the public listed companies’ disclosing language, and meanwhile to provide the capital market policy makers with suggestions on how to improve the internal control information disclosing policies. This paper bears both theoretical and realistic meanings.We put forward our concept framework based on the status in quo and the study situation of internal control information disclosing through studying the evolution of both foreign and domestic disclosing policies, disclosure influencing factors, and measurement of disclosing amount. According to the two phases (IPO phase and annual report phase), and three carriers of information disclosure (self- assessment by management in prospectus, supervisor council report in annual report, and the significant proceedings required by Shanghai Stock Exchange in 2006), we further construct three to-be-tested models, establish corresponding internal control disclosing indexes, and test the models from three dimensions of corporate governance characteristics, medium agents characteristics, and corporate basic characteristics. The data was obtained from the capital market.With the hierarchical sampling techniques, we obtained 650 samples, and through variance analysis, relevant analysis, hierarchical regression analysis, and Logistics regression analysis in SPSS 15.0, we tested the three to-be-tested models. Our results state that factors, including proportion of independent directorate, corporate scale, reputation of stock undertakers, types of audit opinions, payoff capability, being punished for violation of laws, areas, and the issuing markets, evidently influence the internal control information disclosure level of public listed companies.To be specific, the contribution of this study is as following:1. By applying the capital market data and constructing the multi-factor regression model, we empirically studied the internal control information disclosing quality, as well as their influencing factors, during the two phases and within the three carriers.2. By content analysis, we took both the quality and quantity of disclosing information into consideration, constructed the three indexes of management self-assessment, annual report, and significant proceedings, and as a result, quantitatively studied the internal control information, which bears great scientific and realistic meanings.3. By designing three hierarchical factors of "corporate governance characteristics", "medium agent characteristics" and "corporate basic characteristics", we applied a more integrated and systematic approach to study the influencing factors. Besides, our hierarchical regression analysis has more explanative effects.4. Our study came to find that internal control information, as the specific linguistic information, has its own specialty, and this study enriches the study on volunteering information disclosure and ordinary information disclosure.5. While studying the "significant proceedings" required by Shanghai Stock Exchange in 2006 annual report, we combined the hierarchical regression analysis and Logistic regression analysis to explain the probability of occurrence of classified items disclosing, which is the further study of disclosing indexes, and bears useful meanings to future study.更多还原