内部控制报告、财务报告质量与信息不对称——来自沪市上市公司的经验证据

Internal Control Report,Quality of Financial Reports and Information Asymmetry:Empirical Evidence from Listed Companies in Shanghai Stock Exchange

文章以2006-2008年沪市A股上市公司为研究样本,在检验自愿披露内部控制报告的上市公司是否具有更可靠盈余信息的基础上,进一步检验其降低信息不对称程度的具体机制。实证结果表明:内部控制报告的自愿披露不仅伴随着公司盈余信息可靠性的改善,同时也通过降低信息不对称提高公司股票交易的市场效率;不过,信息不对称的降低主要是因内部控制报告自愿披露带来的公司整体信息披露水平的提高所致,盈余信息可靠性的改善在降低信息不对称程度方面所发挥的积极作用相对有限。

Using the sample of listed companies in Shanghai Stock Exchange from 2006 to 2008,the paper tests the possibility of more reliable earnings information of listed companies that disclose internal control reports voluntarily,and further examines the mechanism that voluntary disclosure of internal control reports lowers information asymmetry.Empirical results show that voluntary disclosure of internal control reports not only improves the earnings information,but also raises the market efficiency of stock trad...