政府监管、内部控制缺陷及其修复与投资者风险感知——基于内部控制监管制度变迁视角的实证研究  

Government Regulation,Internal Control Defects and Restoration,and the Awareness of Investor Risk:An Empirical Study Based on the Perspective of Institutional Change of Internal Control

作　　者：林钟高 丁茂桓 王龙 

机构地区：[1]安徽工业大学商学院会计系

出　　处：《中国会计评论》2017年第1期35-66,共32页China Accounting Review

基　　金：国家自然科学基金“基于缺陷修复视角的企业内部控制风险免疫能力强化机制研究(71572002)”“内部控制对关系专用性投资价值创造的传导机制研究(71272220)”的资助

摘　　要：区别于以往文献从内部控制与信息不对称的正面静态视角考察投资者决策行为关系,本文基于现实投资者风险感知的复杂性,从内部控制缺陷及其修复与内部控制监管制度变迁的双重动态视角,考察投资者在信息不对称市场环境下的决策行为。研究发现,内部控制缺陷加重了信息不对称程度,降低了会计信息质量,强化了企业外部融资约束并增加了融资成本,但是随着内部控制缺陷的修复,财务报告质量得到提高,融资成本下降;进一步引入内部控制监管后发现,内部控制监管力度的加强可以加快内部控制缺陷修复的进度,显著提高内部控制治理能力,降低信息不对称,减弱投资者对企业的风险感知,降低融资成本。研究表明,在我国内部控制制度自我完善动力不足、制度自信与自觉不理想的背景下,应该进一步强化政府的外部监管力度,提高企业对于内部控制建设的自省与自律,真正实现内部控制对风险管理及其会计信息的保障作用,降低信息不对称,提高会计信息质量,降低企业的外部融资成本。Different from the perspective of institutional change of the internal control and the information asymmetry, how people make decision in the information asymmetry mar ket environment. This paper examines the relationship between investors＇ decision-making be- havior and the complexity of the real investor＇s risk perception. It is found that the defects of internal control increase the degree of information asymmetry, reduce the quality of account ing information and enhance the external financing constraints and financing costs. However with the repair of internal control defects, the quality of financial reports is improved and the financing cost is reduced. In the next stage, after the introduction of internal control, it is found that the strengthening of internal control supervision can improve the progress of inter nal control defect repair, internal control and management ability and reduce the information asymmetry, the risk perception of the investors and the financ that under the background of insufficient self-improvement mg sel cost. The research shows f-confidence and self-con sciousness in the internal control system, it is necessary to strengthen the external supervision of the government, improve the self-reflection and self-discipline of the internal control sys- tern, and realize the internal control to the risk management and its accounting information to protect the role of reducing the degree of information asymmetry, improve the quality of ac counting information and reduce the external financing costs.

关 键 词：内部控制监管 内部控制缺陷 信息不确定性 权益资本成本 

分 类 号：F275[经济管理—企业管理]