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论文编号：	3241
作者编号：	2120092311
上传时间：	2011/6/5 22:40:16
中文题目：	内部控制自我评价报告的披露与权益资本成本的关系研究——基于2008年沪市A股市场的经验证据
英文题目：	The Process of Disclosure of Self-evaluation Report on Internal Control and Cost of Equity Capital: Empirical Analysis of Shanghai A-share in 2008
指导老师：	周宝源
中文关键字：	内部控制自我评价报告;权益资本成本;财务风险;控股股东性质
英文关键字：	Self-evaluation Report on Internal Control; Cost of Equity Capital Interaction Effect; Financial Risk; Nature of the Controlling Shareholder
中文摘要：	2008年6月，财政部、证监会、审计署、银监会和保监会联合发布了《企业内部控制基本规范》要求上市公司对公司内部控制的有效性进行自我评价，定期披露年度内部控制自我评价报告。这部中国的“萨班斯”法案颁布的目的就是通过加强对内部控制信息披露的监管来促使上市公司完善内部控制，实现企业的战略目标。上市公司对内部控制的有效性进行检验并出具自我评价报告需要花费大量的成本，那么根据成本效益的原则，上市公司披露内部控制自我评价报告会产生怎样的经济后果？本文基于以上目的，探讨上市公司披露内部控制自我评价报告与权益资本成本之间的关系。 本文以2008年沪市A股上市公司作为研究样本，研究披露内部控制自我评价报告对权益资本成本产生的影响。本文采用SPSS13.0统计软件对构建的理论模型进行最小二乘法回归分析。实证结果表明，上市公司披露内部控制自我评价报告与权益资本成本显著负相关；相对财务风险较低的企业而言，财务风险高的企业，内部控制自我评价报告的披露对降低公司权益资本成本的作用更加显著；相对非国有控股的公司而言，国有控股的公司内部控制自我评价报告的披露对降低公司权益资本成本的作用更加显著。 从上述实证结果可以看出：上市公司披露内部控制自我评价报告会降低企业的权益资本成本。上市公司虽然在披露内部控制自我评价的过程中花费了大量的成本，但内部控制自我评价报告本身会带来良好的经济后果，是符合成本效益原则的。
英文摘要：	June 2008, the Ministry of Finance, Securities and Futures Commission, the Audit Commission, China Banking Regulatory Commission and China Insurance Regulatory Commission jointly issued the "Basic Standard for Enterprise Internal Control", requiring listed companies to self-assess the effectiveness of internal control and to disclose the annual self-evaluation report on internal control. The norms can be called the "Sarbanes-Oxley" of China. The purpose of the norms is to improve the internal control of listed companies by strengthening the regulation of internal control information disclosure. Listed companies take a lot of costs to test the effectiveness of internal control and to disclose self-evaluation reports. According to the the principle of cost-effectiveness, can the disclosure of the self-evaluation report of internal control produce economic consequences? The article researches on the process of disclosure of self-evaluation report on internal control and cost of equity capital based on the above purpose. In this thesis, we select Shanghai A-share listed companies in 2008 as the research samples to study the process of disclosure of self-evaluation report on internal control and cost of equity capital. This article uses statistical analysis software SPSS 13.0 to least squares regression analysis. The empirical results show: the disclosure of self-evaluation report on internal control has a negative relation with the cost of equity capital; the financial risk has a negative regulatory role in the process of disclosure of self-evaluation report on internal control and cost of equity capital; the nature of the controlling shareholder has a positive regulatory role in the process of disclosure of self-evaluation report on internal control and cost of equity capital. According to the analysis above, listed companies can reduce the cost of equity capital by disclosing self-evaluation report on internal control. Although the listed companies take a lot of costs in the internal control self-evaluation process, the self-evaluation report itself will bring good economic consequences. So it is cost-effective.
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