内部控制信息披露能够降低股价崩盘风险吗？
阅读全文
下载全文 |
| Title | Can Internal Control Information Disclosure Reduce Stock Price Crash Risk?
|
| 作者 | 叶康涛 曹丰 王化成 |
| Author | Ye Kangtao, Cao Feng, Wang Huangcheng |
| 作者单位 | 中国人民大学商学院 |
| Organization | Business School of Renmin University of China |
| 作者Email | yekangtao@rbs.org.cn,caofeng0730@163.com,wanghuacheng@rbs.org.cn |
| 中文关键词 | 股价崩盘风险 内部控制信息披露 信息不对称 |
| Key Words | Stock Price Crash Risk；Disclosure of Internal Control Information；Information Asymmetry |
| 内容提要 | 股价崩盘严重损害投资者利益，并妨碍资本市场的健康有序发展，从而考察股价崩盘风险的影响因素，已成为当前财务学一个新兴研究领域。本文以2011年中国A股上市公司数据为样本，考察上市公司内部控制信息披露能否降低未来股价崩盘风险。我们发现：随着企业内控信息披露水平的提高，未来股价崩盘风险显著下降；在控制了内生性等问题之后，结论依然成立。进一步分析表明，在信息不对称程度高、盈利能力差的公司中，内控信息披露与股价崩盘风险之间的负相关关系更显著。本研究不但有助于我们认识股价崩盘风险的影响因素，也具有重要的政策含义。本文结论表明，我国近年来开始推行的企业内控信息披露制度，不仅有助于防范企业内部经营风险，还有利于我国资本市场的健康稳定发展。 |
| Abstract | Stock price crash severely harms investors’ interests, and hampers the development of capital markets. Hence an emerging literature in finance has focused on the determinants of stock price crash risk. Using a sample of Chinese listed firms in 2011 we investigate whether or not the disclosure of a firm’s internal control system can reduce the future crash risk of its stock price. We find that stock price crash risk is significantly and negatively associated with the disclosure of firms’ internal control system. Our findings are robust to a battery of sensitivity tests including the endogeneity issue. Further analyses reveal that the negative relationship between stock price crash risk and internal control system disclosure is more pronounced for firms with greater information asymmetry and with worse financial performance. Our findings suggest that the disclosure of internal control system can help the sustainable development of Chinese stock markets. |
| 文章编号 | WP621 |
| 登载时间 | 2014-04-09 |
|