内部控制质量、信息透明度与股价信息含量

Internal Control Quality,Information Transparency and Stock Price Informativeness

内部控制作为弥补契约不完全性的控制系统,其有效程度直接决定了信息透明度的高低,进而影响股市信息效率。基于中国市场环境,文章探讨了内部控制质量与股价信息含量之间的内在关系,并从应计盈余管理和真实盈余管理角度实证分析了信息透明度在其中发挥的中介作用。研究结果表明,随着内部控制质量的不断改善,上市公司股价信息含量显著提升;进一步研究发现,高质量的内部控制可以通过抑制应计盈余管理和真实盈余管理等降低信息透明度的行为来促进股价信息含量的提升。在对内生性进行控制以及剔除内部控制质量中应计盈余影响后,上述结论依然成立。本文的研究不仅丰富了内部控制经济后果和股价信息含量影响因素的文献,同时也为改善股市信息效率提供了有价值的参考。

The internal control as a control system to compensate for the incompleteness of contract,its effectiveness directly determines the level of information transparency,and then affects the information efficiency of the stock market.Based on Chinese market environment,this paper discusses the relationship between internal control quality and stock price informativeness,and empirically analyzes the intermediary role of information transparency from the perspective of accrual earnings management and real earnings management.The results show that,with the continuous improvement of internal control quality,the stock price informativeness of listed companies is significantly improved;high quality internal control can inhibit the accrual earnings management and real earnings management what are behaviors can decline information transparency to promote the stock price informativeness.In the control of the endogenous and other issues,the conclusions are still set up.This paper not only expands the researches of the economicconsequences of internal control and the influence factors of stock price informativeness,but also provides valuable reference for improving the information efficiency of the stock market.