内部控制信息披露与股价崩盘风险

On Internal Control Information Disclosure and Firm Stock Price Crash Risk

本文利用我国A股上市公司2011~2015年数据,研究了内部控制信息披露与股价崩盘风险之间的关系,研究发现:风险评估信息披露显著增加了企业股价崩盘风险,内部监督信息披露与内部控制质量的提升显著降低了企业股价崩盘风险,而且这些结论主要存在于业绩较差、公司治理较差以及信息透明度较低的公司,未发现其他内部控制信息披露与股价崩盘风险相关。进一步分析表明,审计质量具有调节效应,而公司规模与上市时长的调节效应并不明显。

Only using one year data,Ye et al.(2015) finded that supervise information about internal control could reduce stock price crash risk.This paper uses the internal control data from 2007 to 2015,and examines the relationship between internal control information disclosure and firm stock price crash risk.The results show that,supervise information disclosure about internal control and internal control quality can reduce stock price crash risk,but assessment information disclosure about internal control can increase stock price crash risk.Further analysis shows that,audit quality has the regulation effect,but company size and listing age have not the regulation effect.The research gets the more robust conclusion,so can enrich literature related to stock price crash risk and internal control.