实际控制人、市场集聚与自愿性内部控制鉴证报告  

Actual Controller, Market Agglomeration and Voluntary Internal Control Attestation Report

作　　者：冯琪 

机构地区：[1]中国农业银行宝鸡分行,陕西宝鸡721300

出　　处：《西部金融》2015年第6期20-26,共7页West China Finance

基　　金：国家社会科学基金青年项目(项目批准号12CJL032)部分成果

摘　　要：企业是否自愿披露内部控制鉴证报告,这不仅取决于企业自身的实际控制人特征,而且还取决于所处的市场集聚程度。在集聚程度较高的市场中,企业之间的依存程度较高,此时就需要企业在充分披露财务信息以吸引外部投资者和适当披露财务信息避免泄露商业信息之间做出权衡。企业通过自愿性内部控制鉴证报告可以向市场传递积极的财务信号,因而也成为企业获取竞争优势的重要手段之一。本文通过构建实际控制人、市场集聚与自愿性内部控制鉴证报告三者之间的理论模型,通过选取2010—2013年沪市A股694家公司为样本检验得出:大体上自愿性内部控制鉴证报告披露的情况随着市场集聚程度的变化呈现倒"U"型的关系;当市场集聚程度从分散向相对集中变化时,非国有控股的企业更倾向于向外界自愿披露内部控制鉴证报告以获取竞争优势。Whether the enterprises will voluntarily disclose the internal control attestation report or not depends not only on the ac-tual controllers’traits of enterprises themselves but also on the degree of the market agglomeration. In a market with a relatively high degree of the market agglomeration, the interdependent degree among enterprises is higher, therefore it demands enterprises to trade off between the adequate disclosure of the financial information to attract external investors and the appropriate disclosure of the financial information to avoid the leakage of the business information. The enterprises can pass the positive fiscal signals to the market through the voluntary internal control attestation report, thus it has become one of the important means for enterprises to acquire the competi-tive advantages. The paper firstly constructs the basic theoretical model of the relationship among the actual controller, market agglom-eration and voluntary internal control attestation report, by selecting 694 listed companies’ internal control attestation reports in Shanghai Stock Exchanges from 2010 to 2013 as research samples, the paper draws such conclusions as that the disclosure of voluntary internal control attestation report has taken on a significantly reversed U shape with the changes of the market agglomeration;when the degree of the market agglomeration increases, non-state-owned enterprises prefer to voluntarily disclosing the internal control attesta-tion report to the outside to acquire competitive advantages.

关 键 词：内部控制信息 自愿性内部控制鉴证 市场集聚 实际控制人 

分 类 号：F830.31[经济管理—金融学]