内部控制监管、内控缺陷及其修复与投资机会——基于内部控制监管制度变迁视角的实证研究Internal Control Regulation,Internal Control Deficiencies and Their Subsequent Remediation and Investment Opportunities:On the Perspective of Institutional Change of Internal Control Regulation
林钟高,叶家珠
摘要(Abstract)：
以2008—2015年沪深A股非金融类上市公司为样本,从"内部控制缺陷及其修复—信息不对称/动机选择—投资机会"的传导路径出发,考察内部控制监管制度变迁环境下内部控制缺陷及其修复对企业投资机会的影响。研究发现,尽管从总体上看,内部控制监管缩小了企业披露缺陷与真实缺陷的差距,提升了企业的投资机会,但是内部控制缺陷与投资机会关系的传导路径会因诱致性和强制性的不同监管阶段而存在差异,2012年之前的诱致性变迁阶段动机选择路径起主导作用,2012年之后的强制性变迁阶段信息不对称路径起主导作用。进一步从缺陷修复的检验发现,内部控制缺陷修复有助于提升企业投资机会,且相对于内部控制诱致性监管而言,在内部控制强制性监管环境下,内部控制缺陷修复对于提升投资机会的作用更为显著。
关键词(KeyWords)： 内部控制监管;内控缺陷;内控缺陷修复;投资机会;动机选择;信息不对称
基金项目(Foundation): 国家自然科学基金项目“基于缺陷修复视角的企业内部控制风险免疫能力强化机制研究”(71572002);“内部控制对关系专用性投资价值创造的传导机制研究”(71272220)
作者(Author): 林钟高,叶家珠
DOI: 10.19337/j.cnki.34-1093/f.2018.01.009
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