内部控制质量对市场反应的影响

The Influence of Internal Control Quality to Market Reaction

采用事项研究法和多元回归分析法分别研究了公告日内部控制质量的市场反应以及影响因素,结果发现,内部控制质量信息在公告日前后的累积超额收益显著大于零,且内控质量高的公司累积超额收益显著大于内控质量低的公司;在此基础上的多元回归分析同样得出类似的结论,即内部控制质量的差异会传递不同的信息,引发不同程度的市场反应。

This paper applies the event study method and multiple regression method to research how the market reacts on the internal control quality disclosure and influencing factors, we find that the disclosure of internal control quality significantly greater than zero, and the more the quality is ,the greater the cumulative abnormal re-turn is. Finally, the multiple regression analysis obtains similar results, etc, different internal control quality de-livers different information content.