内部控制评价报告文本特征与资本市场定价效率  

Textual Features of Internal Control Evaluation Reports and Pricing Efficiency of Capital Markets

作　　者：赵纳晖 刘瑾 Zhao Nahui;Liu Jin

机构地区：[1]中国财政科学研究院研究生院,100142

出　　处：《审计研究》2024年第3期148-160,共13页Auditing Research

基　　金：中国财政科学研究院2022年度博士研究生与导师联合研究课题“内部控制评价报告信息披露研究——基于文本分析和机器学习”和中国财政科学研究院2021年度招标课题“基于深度学习的财经领域数字治理研究”的资助。

摘　　要：信息披露是建设高质量资本市场的有力抓手,内部控制评价报告作为财务信息的重要补充内容,尚未得到充分关注。本文以2013-2020年A股上市公司为样本,从文本特征视角考察内部控制信息披露对资本市场定价效率的影响,发现同行业企业间内部控制评价报告文本相似度越低,披露的特质信息越多,则股价同步性越低,该结论在一系列稳健性检验后依然成立。进一步研究发现,在管理层机会主义程度较低的情况下,内部控制特质信息与股价同步性的负向关系更加显著。当企业存在治理缺陷时,数字化转型程度和产品市场竞争能改善治理环境,有利于投资者通过正常交易将内部控制特质信息融入股价。此外,当新闻媒体和明星分析师对上市企业的关注较少时,内部控制评价报告特质信息更受投资者关注,能有效缓解信息不对称程度,进而降低股价同步性。研究结论不仅丰富了股价同步性的影响因素,也从文本特征角度为市场参与者解读内部控制信息提供了一定的参考依据。Information disclosure is a powerful tool for building a high-quality capital market.As a supplement to traditional financial information,internal control evaluation reports'textual features have a significant impact on the performance of the capital market.This article takes A-share listed companies from 2013 to 2020 as samples and examines the impact of internal control information disclosure on capital market pricing efficiency from the perspective of textual features.It is found that the lower the similarity of internal control evaluation reports between companies in the same industry and the more idiosyncratic information disclosed,the lower the stock price synchronicity.This conclusion remains valid after a series of robustness tests.Further research finds that in situations where the level of management opportunism is low,the negative relationship between internal control idiosyncratic information and stock price synchronicity is more significant.When a company has governance deficiencies,the degree of digital transformation and product market competition can improve the governance environment,which is conducive to investors integrating internal control information into stock prices through normal trading.In addition,when news media and star analysts pay less attention to listed companies,information content in internal control evaluation reports receives more attention from investors,which can effectively alleviate the degree of information asymmetry and thereby reduce stock price synchronicity.The research conclusion not only enriches the study on the influencing factors of stock price synchronicity,but also provides reference for market participants to interpret internal control information from the perspective of textual features.

关 键 词：内部控制评价报告 文本相似度 公司特质信息 股价同步性 

分 类 号：F832.51[经济管理—金融学] F275