内部控制对盈余持续性的影响及其市场反应——来自A股非金融类上市公司的经验证据  

The Impact of Internal Control on Earnings Persistence and Its Market Reactions——Empirical Evidence from A-Share Non-Financial Listed Companies

作　　者：方红星[1] 张志平[1,2] 

机构地区：[1]东北财经大学会计学院/中国内部控制研究中心,大连116025 [2]山东大学(威海)商学院,威海264209

出　　处：《管理评论》2013年第12期77-86,共10页Management Review

基　　金：国家自然科学基金面上项目(70872018);教育部人文社会科学重点研究基地重大项目(2009JJD790005);霍英东教育基金会高等院校青年教师基金项目(111087)

摘　　要：基于企业经营和会计信息生成视角,本文以2007-2010年深沪两市A股非金融类上市公司为样本,研究内部控制对盈余持续性的影响,并探讨市场能否识别这种影响并做出相应反应。研究发现,内部控制质量与盈余及其组成部分(应计和现金流)的持续性正相关,内部控制质量越高,盈余持续性、应计持续性和现金流持续性都越强;内部控制质量的提高,会对盈余持续性、应计持续性和现金流持续性带来显著的正向影响。进一步研究发现,市场能够识别内部控制对盈余持续性的影响并做出反应。From the perspective of enterprise management and accounting information generation, using A-share non-financial listed com- panies in Shenzhen and Shanghai Securities Exchanges from 2007 to 2010 as a sample, the paper studies the effects of internal control on earnings persistence, and whether the market can recognize the effects and make the corresponding reactions. It finds that the quality of internal control is positively correlated to the persistence of earnings and their components （ namely, accrual components and cash flow components）. The higher the quality of internal control, the stronger the persistence of earnings and its components. After improving the quality of internal control, it will bring significant positive impacts on the persistence of earnings and their components. The further re- search shows that the market can recognize the effects of internal control on earnings persistence and make corresponding reactions.

关 键 词：内部控制 盈余持续性 市场反应 

分 类 号：F832.51[经济管理—金融学] F275F224