内部控制信息披露的市场反应——来自沪深股市的经验证据  

The Market Reaction of Internal Control Information:Empirical Evidence from Listed Companies in Shanghai and Shenzhen Stock Exchange

作　　者：陈宋生[1] 郭京晶[1] 

机构地区：[1]北京理工大学管理与经济学院,北京100081

出　　处：《上海立信会计学院学报》2011年第2期14-25,共12页Journal of Shanghai Lixin University of Commerce

基　　金：国家社会科学基金项目(09BJY018);教育部人文社会科学研究规划基金项目(09YJA790015)

摘　　要：研究发现,内控信息披露引致市场的正面反应,累计异常超额收益为正;强制与自愿披露内控信息相比,强制内控信息披露获得的超额收益率更高。同时,上市公司规模大小、是否"四大"审计等也影响内部控制信息披露的异常超额收益率的高低。It is empirically found that the market reaction is positively associated with disclosure of internal control information and the cumulative abnormal return is positive. Firms with voluntary disclosure have higher CAR, while firms with mandatory disclosure have lower CAR. It is also found that the size of the listed companies and whether it is audited by ＂the big four＂ influence the CAR of firms with internal control disclosure.

关 键 词：内控信息 自愿披露 强制披露 市场反应 

分 类 号：F27[经济管理—企业管理]