公司透明度、内部控制审计与股价同步性  

Corporate transparency,internal control audits and stock price synchronization

作　　者：徐京平[1] 张育瑄 樊越 Xu Jingping;Zhang Yuxuan;Fan Yue(School of Management,Northwest University of Political Science and Law,Xi′an 710122,Shaanxi,China)

机构地区：[1]西北政法大学管理学院,陕西西安710122

出　　处：《科研管理》2023年第10期110-118,共9页Science Research Management

摘　　要：注册制改革是一场涉及监管理念、监管体制和监管方式的深刻变革,是完善我国资本市场基本制度的一项重大安排。本文选用2015—2021年沪深A股上市公司数据为样本,在注册制改革背景下,采用个体固定效应模型与分组回归的方法实证检验了公司透明度与股价同步性之间的关系。研究发现:注册制下,公司透明度与股价同步性的负相关关系更强,高质量的内部控制审计能够强化公司信息透明度对股价同步性的边际贡献,注册制改革与内部控制审计在上市监管过程中可以发挥“协同效应”;外在环境不确定程度不会影响股价对异质性信息吸收的效率,但是企业性质内生因素的影响依然存在,即非国有企业中股票价格吸收异质性信息的能力强于国有企业;企业数字化转型有助于提升信息透明度、促进股价吸收异质性信息,体现了技术进步对现代公司治理与资本市场发展的推动作用。本文以注册制改革为背景,重新审视了公司透明度与股价同步性的关系,为“信息效率”学派提供了经验证据;将内部控制审计作为调节变量引入本研究,探究了注册制改革与内部控制审计在应对上市前置与后置风险的“协同效应”。On February 17,2023,the China Securities Regulatory Commission(CSRC)officially issued relevant institutional rules for the full implementation of the stock issuance registration system,which marked the basic finalization of the registration system arrangement,and China′s securities market officially entered the era of registration system.At present,the academic community has not reached a unified conclusion on the relationship between information transparency and stock price synchronization.The research conclusions vary greatly under different national conditions,different institutional backgrounds and different degrees of market efficiency.The majority view is that the opaque information environment reduces the ability of stock prices to absorb information about the heterogeneity of companies;when the heterogeneity of individual stocks is weakened,their trend tends to follow the trend of the broader market,that is,the stock price synchronization is high.However,some scholars believe that high information transparency does not necessarily mean low stock price synchronization.It depends on the effectiveness of information in the market.In summary,the correlation between corporate transparency and stock price synchronization is affected by the efficiency of the capital market and the quality of market information.Under the registration system,the information quality and efficiency of the capital market have improved to a certain extent,so it is particularly necessary to re-examine the relationship between information transparency and stock price synchronization.We introduced internal control audit as a moderating variable into this study.As a key institutional arrangement for maintaining market order,internal control audit is of great significance to the stable and healthy development of the capital market.It seems that the registration system reform and internal control audit can play a"synergistic effect"in the process of listing supervision.In this paper,the data of A-share listed companies in Shanghai and She

关 键 词：注册制改革 公司透明度 内部控制审计 股价同步性 

分 类 号：F830.91[经济管理—金融学] F239.43