内部控制信息披露质量与公司经营状况——基于面板数据的实证研究

The Quality of Disclosure of Internal Control and Operational Performance of Companies:An Empirical Study Based on Panel Data

通过构建基于熵模型计量的内部控制信息披露质量指数,以净资产收益率、总资产收益率、每股盈余、经营业绩指数以及托宾Q值为公司经营业绩的代理变量,实证检验我国现阶段内部控制信息披露质量与上市公司经营状况之间的关系后发现:除了托宾Q值的检验未通过以外,其他检验结果均显示内部控制信息披露质量越高的公司,经营业绩越好;反之,内部控制信息披露质量越差的公司,经营业绩越差。这说明现阶段我国上市公司披露的内部控制信息已经具备了一定的决策有用性。

This paper examined the relation between disclosure quality of internal control and the performance of operation of companies by establishing an index of disclosure quality of internal control which is based on the entropy theory, and by taking ROA, ROE, EPS, Tobin＇s Q and the composed index of operation IOP as a variant of proxies, we find there does exist a positive relation between disclosure quality of internal control and the operational performance of a company. Therefore, the company which shows high quality of internal control disclosure will manifest a better operational performance, which means, at the current stage, disclosure of internal control in China stock markets is useful for making a decision in the stock investment market.