内部控制质量与内部人寻租——基于内部人交易视角的经验证据

Internal Control Quality and Insider Rent Extraction Empirical Evidence Through Lens of Insider Trading

内部控制是抑制管理层机会主义行为的重要制度设计,而内部人交易是管理层实现寻租的途径。为此,从内部人交易的视角检验了内部控制质量与内部人寻租的关系,研究发现,内部控制质量与内部人交易获取的超常收益存在显著的负相关关系,且二者的负相关关系在控制住可能的内生性问题后依然显著;结果表明高质量内部控制能有效抑制内部人利用信息优势通过股票交易进行寻租。

Internal control is the system which can reduce the opportunistic behaviors of management. And insider trading is the important tool which helps management extract rent. We tested the relationship between internal control quality and insider rent extraction based on the perspective of insider trading. We find that high quality internal control negatively correlated with insider trading abnormal profits. This negative relationship is still significant after controlling the endogenous problem of internal control. The result indicates that high quality internal control can constrain management extract rent from private information by insider trading.