内部控制、财务报告质量与投资者保护--来自沪市上市公司的经验证据

Internal Control,Financial Reporting Quality and Investor Protection: Evidence from Shanghai Stock Exchange

本文以我国2006—2009年自愿披露内部控制自我评估报告的856家沪市上市公司为研究样本,通过检验自愿披露内部控制信息的公司与未自愿披露内部控制信息的公司在当年及在此之前5年财务报告质量的差异,以及自愿性内部控制信息披露对资本市场的影响,考察了内部控制对财务报告质量和投资者保护的影响。我们发现,自愿披露内部控制信息公司的财务报告质量在当年及在此之前5年均显著高于其未自愿披露内部控制信息的公司;从长期来看,投资者能据此对盈余进行区别定价。这表明,自愿性内部控制信息披露具有明显的信号发送作用,内部控制能够在一定程度上改善财务报告的质量,并强化对投资者利益的保护。

Based on 856 firms that voluntarily discloses internal control self-assessment report from 2006 to 2009,the paper examines the impact of internal control upon financial reports quality and investor protection and compares with companies without voluntary disclosure to investigate the difference of financial reports quality between these two types of companies in current year as well as previous 5 years.The authors find that financial reports quality of companies voluntarily disclosing internal control report is significantly higher.Furthermore,the equity investors can distinguish pricing of earnings for these two types of companies.The evidence indicates voluntary disclosure of internal control information can significantly improve the financial reports quality and strengthen investor protection.