自然科学版 英文版
自然科学版 英文版
自然科学版 英文版
 

中南大学学报(社会科学版)
ZHONGNAN DAXUE XUEBAO(SHEHUI KEXUE BAN)

2020年01月第26卷第1期
   
本文已被:浏览1466次    下载523次   
文章编号:1672-3104(2020)01-0022-10
 
高质量的内部控制能否减少监管问询?——来自交易所年报问询函的证据
 
余明桂,卞诗卉
 
(中南财经政法大学金融学院,湖北武汉,430073;武汉大学经济与管理学院,湖北武汉,430072)
 
摘  要: 近年来沪深交易所的年报问询函逐年增加,引起了投资者与媒体的广泛关注。基于2015—2017年沪深交易所的年报问询数据,检验了内部控制质量对年报问询函接收概率的影响,研究结果发现,内部控制质量越高,公司收到年报问询函的概率越低。以问询函内的问题数量和字数代表交易所发现的披露瑕疵的严重程度,检验了内部控制质量的影响。结果发现,内部控制质量越高,问询函的问题数量和字数越少。通过政治关系有无的对比,研究发现在同时拥有官员型和人大代表型政治关系的民营企业中,内部控制与政治关系之间存在替代效应。研究为上市企业加强内部控制建设提供借鉴和参考,从而避免被监管问询,减少投资者的疑虑,促进上市公司健康发展。
 
关键词: 年报问询函;内部控制;信息披露质量
 
 
Can internal control quality decrease the probability ofreceiving inquiry letters? Evidence from stock exchange inquiry letters of annual reports
 
YUMinggui, BIANShihui
 
(School of Finance, Zhongnan University of Economics and Law,Wuhan 430073, China;School of Economics and Management, Wuhan University, Wuhan 430072, China)
 
Abstract: In recent years, the increasing number of inquiry letters issued by Shanghai and Shenzhen Stock Exchanges has gained widespread attention from investors and the media. Based on the evidence of inquiry letters of annual financial report, this paper tests the impact of internal control quality (ICQ) on the probability of receiving inquiry letters. It’s found that firms with higher internal control quality are more likely to receive inquiry letters. And ICQ is negatively related to the extent of inquiry letters measured by the number of questions and length of the letter. After limiting the sample to standard unqualified opinion, the internal control quality is still negatively correlated with the probability of receiving inquiry letters, indicating that besides the external supervision of auditor, the review of annual reports by the Shanghai and Shenzhen Stock Exchanges can play an additional regulatory role. And the marginal contribution of one standard error of ICQ to the probability of receiving inquiry letters is about -1.5%. Also, political connection can weaken the effect of internal control on the probability of receiving inquiry letters. These empirical results show that strengthening internal control construction can avoid supervision and inquiry, and promote the healthy development of listed companies.
 
Key words: inquiry letters; internal control; quality of information disclosure
 
 
版权所有:《中南大学学报(社会科学版)》编辑部 
地 址:湖南省长沙市岳麓区麓山南路932号     邮编: 410083
电 话: 0731-88830141
电子邮箱: znsk@csu.edu.cn 湘ICP备09001153号-4