内部控制信息披露对盈余质量的影响

Impact of Information Disclosure of Internal Control on Earning Quality

企业的盈余质量对于投资者具有导向作用。2012年起国家强制所有上市公司披露内部控制信息,实施强制披露内部控制信息政策是否会影响企业的盈余质量呢？选取2010~2014年深圳证券交易所主板上市公司的数据作为研究对象,使用Jones模型测算盈余质量,实证结果表明：实施强制披露内部控制信息政策之后的年份,上市公司的盈余质量有显著的提高;披露内部控制自我评价报告和内部控制审计报告的上市公司的盈余质量也明显高于未披露的公司;强制披露政策还会激励内部控制存在缺陷的企业加强内部控制建设从而提高其盈余质量。揭示内部控制信息披露对盈余质量的影响,有助于投资者从内部控制角度判断企业的投资价值,也有助于促进企业内部控制建设,提高盈余质量,稳定资本市场。

The earning quality of an enterprise plays a guiding role for investors. Since 2012, the national government has forced all the listed companies to disclose their internal control information. Does this policy have any impact on the earning quality.9 Based on the data of listed companies of the Shenzhen Stock Exchange from 2010 to 2014, a study is conducted to estimate the earning quality with the application of Jones model in this paper. The empirical result shows that the earning quality of listed companies has improved significantly after the introduction of the policy of mandatory disclosure of internal control information. The earning quality of disclosure of internal control self-assessment report and internal control audit report of listed companies is higher than that of companies which have not disclosed their information. The mandatory disclosure policy could encourage those companies whose internal control is with deficiencies to improve their earning quality through strengthening their internal control construction. To reveal the impact of disclosure of internal control information on the earning quality is meaningful because it could not only help investors determine the investment value of enterprises from the perspective of internal control, but also help improve the internal control construction and the earning quality so as to maintain stability of capital market.