内部控制机制影响会计信息风险吗--来自中国上市公司的经验证据

Does Internal Control Mechanisms Affect the Accounting Information Risk?——Evidence from Listed Companies in China

本文以中国证券市场上2004年至2006年期间的上市公司为样本,基于修正的DD模型对会计信息风险进行衡量,分析了内部控制机制(股权结构、资本结构和董事会结构)对会计信息风险的影响。研究发现:(1)第一大股东持股比例和大股东之间的股权制衡能力对会计信息风险没有显著的影响;(2)财务杠杆对会计信息风险有显著为正的影响,而银行债务对会计信息风险有显著为负的影响;(3)董事会规模对会计信息风险有显著为负的影响,董事会会议频率对会计信息风险有显著为正的影响,而董事长与总经理两职合一和董事会独立性对会计信息风险没有显著的影响。

This paper,using the data of those listed firms during 2004 to 2006 in the Chinese Securities Market,and measuring accounting information risk by the modified DD Model,We analyze the impact of some internal control mechanisms-ownership structure,capital structure and board structure-on accounting information risk.We find that：（1） ownership concentration and block holders are irrelevant with accounting information risk;（2） the leverage is significantly and positively related to the accounting information risk,however,bank debt is significantly and negatively related to the accounting information risk;（3） the board size is significantly and negatively related to the accounting information risk,the number of board meetings are significantly and positively related to the accounting information risk,chairman＇s dual role and the percentage of independent directors are are irrelevant with accounting information risk.