机构投资者实地调研促进了内部控制缺陷选择性披露吗?  

On-site Investigation of Institutional Investors Inhibit Selective Disclosure of Corporate Internal Control Defects?

作　　者：王亚男 戴文涛[1,2] WANG Ya-nan;DAI Wen-tao(School of Business,Yunnan University of Finance and Economics,Kunming 650221,China;School of Accounting,Zhejiang University of Finance and Economics,Hangzhou 310018,China)

机构地区：[1]云南财经大学商学院,昆明650221 [2]浙江财经大学会计学院,杭州310018

出　　处：《哈尔滨商业大学学报（社会科学版）》2021年第5期31-49,共19页Journal of Harbin University of Commerce:Social Science Edition

基　　金：浙江省哲学社会科学规划课题“中国资本市场的内部控制信息披露偏差研究”(21NDJC103YB);国家自然科学基金项目“制度环境、内部控制与企业创新”(71762029)。

摘　　要：机构投资者实地调研是投资者关系管理的重要内容之一,能够促进企业与投资者的沟通,减少信息不对称,发挥一定的治理效应,提升资本市场信息效率。然而机构投资者实地调研也有其“黑暗面”,利用2012—2019年我国资本市场A股上市公司作为研究对象,聚焦于机构投资者实地调研的负面效果,探讨其对内部控制缺陷选择性披露的影响。研究发现,机构投资者实地调研抑制了企业对内部控制重大或重要缺陷的如实披露,促进了内部控制缺陷的选择性披露行为,其中调研次数越多、参与调研机构数量越多,越会促进内部控制缺陷选择性披露行为。进一步地,从外部压力视角、内部动机视角以及信息披露裁量权视角考察发现,市场压力越大、内部隐瞒负面信息的动机越强以及信息披露裁量权越大时,实地调研越会促进内部控制缺陷选择性披露行为,表明机构投资者实地调研负面信息挖掘效应较弱,会给企业造成市值管理压力,进而影响企业信息披露策略。On-site Investigation of Institutional Investors is one of the important contents of investor relationship management,which can promote communication between enterprises and investors,reduce information asymmetry,exerting a certain governance effect,and improving the efficiency of capital market information.However,On-site Investigation of Institutional Investors also has its"dark side".Taking Chinese A-share from2012 to 2019 as research samples,this paper focus on the negative effects of On-site Investigation of Institutional Investors,discussing its impact on the selective disclosure of Internal Control Defects.The study find that On-site Investigation of Institutional Investors inhibited truthful disclosure of major or important deficiencies in Internal Control,and increased the selective disclosure of Internal Control Defects.The more surveys and the larger the number of research institutions,the probability of selective disclosure will increase.Furthermore,from the perspective of external pressure,internal motivation,and information disclosure discretion,the study found that the greater the external market pressure,the stronger the internal motivation to conceal negative information,and the greater the management information disclosure discretion,the selective disclosure will increase.The conclusion indicates that the negative information mining effect of On-site Investigation of Institutional Investors is weak,which will put pressure on the market value management of the company,and then affect the information disclosure strategy.

关 键 词：机构投资者 实地调研 内部控制缺陷 选择性披露 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]