揭示还是掩饰:上市公司内部控制缺陷披露的同群效应  

Revealing or Concealing:The Peer Effect of Listed Firms′Internal Control Defect Disclosure

作　　者：朱沛青 宋建波[2] 荆家琪 ZHU Peiqing;SONG Jianbo;JING Jiaqi(CSG Energy Development Research Institute,China Southern Power Grid Co.,Ltd.,Guangzhou 510663,China;Business School,Renmin University of China,Beijing 100872,China;Postdoctoral Workstation China Construction Bank,Beijing 100033,China)

机构地区：[1]中国南方电网公司南方电网能源发展研究院,广州510663 [2]中国人民大学商学院,北京100872 [3]中国建设银行博士后科研工作站,北京100033

出　　处：《管理科学》2024年第2期83-98,共16页Journal of Management Science

基　　金：中央高校基本科研业务费专项资金(21XNH139)。

摘　　要：中国上市公司内控缺陷披露信息含量尚待考证。已有研究大多从公司特征角度研究内控缺陷披露的成因,从外部个体之间互动行为的角度考察来自同群因素如何影响公司内控缺陷披露的研究较为匮乏。基于信号理论、制度理论和社会学习理论,以2011年至2022年中国A股上市公司为研究样本,采用OLS多元线性回归、固定效应模型、工具变量模型等方法,探究公司内控缺陷披露同群效应的存在性、影响因素和经济后果,即内控缺陷披露同群效应是否降低了公司未来受监管处罚的可能性。研究结果表明,内控缺陷披露存在行业同群效应,公司主要模仿行业平均披露水平而不是行业领先者;内控缺陷披露同群效应主要发生在一般缺陷而非重大或重要缺陷。通过对内控缺陷披露同群效应的影响因素研究发现,管理层过度自信是同群效应的影响因素之一,持股比例较高的CEO更不倾向于模仿其他公司的内控披露行为。通过对内控缺陷披露同群效应的经济后果研究发现,内控缺陷披露的同群效应帮助公司掩饰信息,逃脱监管惩戒。在进一步研究中发现,公司仅模仿同行公司的已整改缺陷,不模仿未整改缺陷的披露水平;竞争性模仿和交流性模仿是内控缺陷披露同群效应的形成机制。研究结果拓展了内控缺陷披露影响因素的研究边界,为深刻理解信息披露同群效应和公司内部控制缺陷披露行为提供新的经验证据,为利益相关者准确解读内部控制缺陷的信息含量、避免非真实的披露信息误导提供参考借鉴,并对监管部门优化内控信息披露政策具有一定指导价值。The information content of internal control defect(ICD)of Chinese listed firms remains to be verified.Most of the existing researches study the determinants of ICD disclosure from the perspective of firms′own characteristics,while few literatures have examined the relationship between peer effects and ICD disclosure from the perspective of the interaction behavior between external individuals.Based on signal theory,institutional theory and social learning theory,this study applies Chinese A-share listed companies from 2011 to 2022 as the research sample.Using OLS multiple linear regression,fixed effects model and instrumental variable model,this study explores the existence,influencing factors,and economic consequences of the peer effects on ICD disclosure in enterprises,that is,whether the peer effects of ICD disclosure reduces the likelihood of companies being subject to regulatory penalties in the future.The results show that:the peer effect of ICD disclosure exisis.Firms mainly imitate the average ICD disclosure level of the industry rather than the industry leaders and firms mainly imitate the disclosure of normal ICD rather than important ICD.According to the influencing factors of the peer effect,we suggest that management overconfidence influences the degree of peer effect,CEOs with higher shareholding ratios are less inclined to imitate the internal control disclosure behavior of other companies.According to the economic consequences of the peer effect,we suggest that peer effect may help firms“conceal real information”and escape regulatory punishment.In further studies,we find that firms only imitate the corrected ICD of peer firms,not the uncorrected defect.And the peer effect of ICD disclosure comes from two types of mechanisms:one is competitive imitation,the more competitive the industry is,the more significant peer effect will be;the other is communicative imitation,there is more serious peer effect among peer firms in the same region.This study expands the boundaries of research on the deter

关 键 词：内部控制缺陷 信息披露 同群效应 模仿行为 管理层过度自信 监管惩罚 

分 类 号：F276.5[经济管理—企业管理]