内控监管能否增进股东利益——基于《通知》发布日和深市A股市场的事件研究法

Can Internal Control Regulation Enhance Shareholder Interests——Event Study Method Based on Shenzhen Stock Exchanges A-Share Market upon Issuance of Notice About Print and Distribute

首先探讨了内控监管对于股东利益的作用途径,分析了内控监管对公司舞弊防范能力和运作效率的影响机制。然后,运用事件研究法,对内控监管的市场反应进行了考察,发现通过内控监管强化内控在总体上不能显著增进股东利益。最后,针对实证结果进行了扩展性的讨论,对内控监管的价值进行了反思并提出了相应的建议。

The author firstly discusses the mechanism of the internal control regulation （ICR） for the interests of the shareholders; and analyzes the different effects of strengthening ICR on company fraud prevention capacity and operating efficiency, the inner link between the ICR and company fraud prevention capacity and three mechanisms of weakening the connection. The author infers that, strengthening internal control through ICR in general can not significantly enhance shareholder interests. Secondly, the author tests the market reaction and confirms the views above by event study method. Finally, based on empirical results the author expands the discussion, reflecting the value of ICR, and advancing some corresponding suggestions.