内部控制信息披露质量与股票风险、流动性、资本成本  

The Quality of Internal Controlled Information Disclosure and the Risk of the Stock, Liquidity, the Cost of Equity Capital

作　　者：宋淑琴[1] 张艳[1] 

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

出　　处：《金融学季刊》2015年第1期144-165,共22页Quarterly Journal of Finance

基　　金：国家自然基金面上项目“上市公司如何选择并购对价与融资方式——基于嵌套结构的经验研究”(项目批号:71172120);辽宁省教育厅一般项目“政府干预与信贷契约治理效应研究”(项目批号:w2011124)的资助

摘　　要：本文以深交所2009-2012年主板上市公司为样本，研究内部控制信息披露质量对股票风险、流动性和资本成本的影响。首先设计评价内控信息披露质量的指标，利用熵权法计算评估值，发现我国上市公司内部控制信息披露质量呈上升趋势，但整体水平不高。通过实证研究发现，内部控制信息披露质量与股票风险显著负相关，与股票流动性显著正相关，与股权资本成本显著负相关。这说明提高内部控制信息披露质量，既有利于完善资本市场发展，又有利于节约股权资本成本，因此，应加强上市公司内部控制信息披露的监管。We put the Shenzhen Stock Exchange＇ s main board listed companies in 2009- 2012 as a sample, studied the effects of the quality of internal controlled information disclosure on the risk of the stock, liquidity, and the cost of equity capital. Firstly, we designed the indicators of evaluating the quality of internal controlled information disclosure and calculated the values by using the Entropy Weight Method. We have found that the quality is rising as year goes by. However, the overall quality level is not high. Besides, the quality is significantly negatively correlated to the risk of the stock, while the quality is significantly positively correlated to the liquidity of the stock, and is significantly negatively correlated to the cost of equity capital through empirical research. These three eorrelationships prove that improving the quality of internal controlled information disclosure is not only beneficial to the improvement of the capital market development, but also helpful to the reduction of the cost of equity capital. Therefore, we should strengthen the supervision of the quality of internal controlled information disclosure of listed companies.

关 键 词：内部控制 信息披露 股票风险 股票流动性 股权资本成本 

分 类 号：F832.5[经济管理—金融学]