中小企业板的内控信息披露“择机”选择研究

Research on the Choice of Internal Control Information Disclosure of Small and Medium Enterprises Board

对中外内部控制信息披露进行对比分析,发现美国强制性要求所有上市公司必须披露内部控制信息,而我国只有主板上市公司才要求强制性披露内部控制信息,中小企业板上市公司只是"择机"选择披露。对2011—2015年中小企业板上市公司进行描述性统计分析,发现连续性披露内部控制信息的企业其净资产收益率、每股收益、股权集中度,以及违规情况与间断性披露的企业相比存在较大差异。中小企业考虑到其经济效益指标,会在企业状况好的年度披露内部控制信息,而在状况不好的年度选择不披露。

This paper makes a comparative analysis on the information disclosure of internal control at home and abroad,and finds that the United States has the mandatory requirements for all listed companies to disclose internal control information. But in our country only the main-board companies have the mandatory disclosure,while the SME board ＂make choice＂on the select disclosure. As for SME board listed companies in 2011-2015,it adopts the descriptive statistical analysis,and finds that there is a big difference in the continuous of the information disclosure of internal control of enterprises the roe,EPS,ownership concentration,and irregularities and intermittent disclosure of enterprises.Small and medium-sized enterprises will disclose the internal control information in the enterprise＇s good year, but in the bad year, they might not disclose. The article also puts forward some suggestions for this phenomenon.