内控信息披露质量、披露方式与权益资本成本——基于缺陷信息披露的实证证据

The Quality of Internal Control Information Disclosure,Way of Disclosure and Cost of Equity Capital:The Empirical Evidences of Internal Control Deficiencies

重点研究上市公司在相关法律法规的要求下,提高其内控信息披露质量,是否可以从资本市场中获得未来持续收益。从内控缺陷信息披露角度衡量内控信息披露质量,使用权益资本成本作为从资本市场中获得未来持续收益的指标,立足于沪市上市公司2010~2012年的实证数据进行验证,得出以下结论：上市公司内控信息披露质量水平越高,权益资本成本越低。不同的信息披露方式会影响两者之间的关系,选择自愿性披露方式的上市公司,随着内控信息披露质量水平的提高,权益资本成本变低的趋势会增强。

This paper focuses on whether companies who follow the related laws and regulations to improve the qualities of internal control information disclosure can obtain the future benefits from the capital market. We con- struct the index from the perspective of internal control deficiencies and use the cost of equity capital to measure the future benefits from the capital market. By using 2010 -2012 years of Shanghai stock market empirical evidences, we found that ： the higher quality of the internal control information disclosure is, the lower cost of equity capital is ; different information disclosure can influence the relationship ; choosing the way of voluntary disclosure can increase the trend between the two elements.