内部控制自愿披露、披露成本与融资需求

Voluntary Disclosure of Internal Control, Disclosure Cost and External Financing Demands

在非强制性披露的环境下,公司披露内部控制信息取决于公司的成本收益。有融资需求的公司披露内部控制信息能够获得直接收益,因而更有动机披露内部控制信息。本文以2008～2011年上交所A股上市公司为研究对象,从股权融资和债券融资两个角度研究了融资需求对企业内部控制披露的影响。本研究丰富了信号传递理论,拓展了信息披露方面的文献,为资本市场信息披露监管提供了实证证据。

Under the non-mandatory disclosure, whether to disclose internal-control information depends on the tradeoff of firms＇ costs and benefits. In particular, firms with financing needs have strong motivation to disclose internal-control information if they can benefit from it. Using the data set of A-share listed companies in Shanghai stock exchange market from 2008 to 2011, this paper ex- plores the impacts of external financing demand on firms ＇ internal-control information disclosure from two perspectives of equity fi- nancing and debt financing. This paper contributes to signal theory and provides the evidence for information disclosure regulation in China＇s capital markets.