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论文编号：	7433
作者编号：	2120132369
上传时间：	2015/6/9 21:50:54
中文题目：	内部控制缺陷与内幕交易相关性实证研究
英文题目：	An Empirical Research on Relationship between Internal Control Deficiency and Insider Trading
指导老师：	张继勋
中文关键字：	内部控制缺陷；内幕交易；外部治理环境
英文关键字：	internal control deficiency; insider trading; external governance environment
中文摘要：	2002年美国颁布了《萨班斯-奥克斯利法案》（以下简称SOX），SOX法案中302和404条款要求管理层做内部控制自我评价报告，对内部控制存在的重大缺陷进行披露，同时要求独立的审计师对内部控制出具审计报告，内部控制由此被逐渐重视起来。我国在2008年发布《企业内部控制基本规范》后，又于2010年发布《企业内部控制配套指引》，要求上市公司按照“评价指引”就内部控制有效性对外披露自我评价报告，还需要审计师对部分公司内部控制出具审计报告，内部控制规范体系得到进一步完善。配套指引将内部控制缺陷按严重程度划分为重大缺陷、重要缺陷和一般缺陷。内部控制作为一种重要的保障机制，缺陷的存在必然给企业和资本市场带来严重后果。 我国资本市场起步较晚，相对于美国等发达国家并不完善，按照Fama的有效资本市场假说，我国现在并未达到半强式有效资本市场，股价并不能反映全部信息，公司的管理者等拥有着大量的私有信息。传统的委托代理理论带来的所有权与经营权的分离，使得资本市场上存在着严重的信息不对称，内部人的自利行为可能会驱使其利用私有信息进行内幕交易从而获取利益。由此可见，在我国，上市公司管理者既有进行内幕交易的动机，也有进行内幕交易的机会。 内幕交易严重损害股东等外部信息使用者的利益，而内幕交易的发生与上市公司内部控制缺陷之间有着紧密的联系，因此本文选取2011至2013年沪、深两市所有A股上市公司为样本，对内部控制缺陷与内幕交易两者的关系进行了实证研究。文章从上市公司是否存在内部控制缺陷与内幕交易和内控缺陷严重程度与内幕交易两个方面进行了具体研究，并且考虑了外部治理环境对于内控缺陷与内幕交易关系的影响。结果发现：（1）相比于不存在内部控制缺陷的公司，存在内部控制缺陷的公司内幕交易行为更加严重；相比于存在一般缺陷和重要缺陷的公司，存在重大缺陷的公司内幕交易行为更加严重，由一般缺陷和重要缺陷导致的内幕交易行为严重程度无显著差异，（2）外部治理环境对由内部控制缺陷导致的内幕交易有显著的治理作用，具体地，与市场化进程较低的地区相比，市场化进程较高的地区由内控缺陷导致的内幕交易行为严重程度显著降低。本文的研究结论表明可以从减少内控缺陷、完善内部控制以及优化外部治理环境角度有效遏制资本市场上普遍存在的内幕交易现象。
英文摘要：	In 2002 the United States enacted the "Sarbanes-Oxley Act" (hereinafter referred to as SOX), SOX 302 and 404 of the Act requires management to make internal control self-assessment report, disclose significant deficiencies in internal control and request an independent auditor to issue an audit report on the internal control, internal control is thus gradually paid more attention. After releasing the "Enterprise Internal Control Basic Rules" in 2008, our country then released "Enterprise Internal Control Guidelines" in 2010, which requires listed companies to disclose the self-assessment report on the effectiveness of internal control according to "Evaluation Guidelines", and also requires the auditor to issue internal control audit report on part of the companies, thus internal control system has been further improved. The Guidelines divide the internal control deficiencies into significant deficiency, material deficiency and general deficiency by the severity of deficiencies. As an important safeguard mechanism, the presence of the internal control deficiency will do harm to corporate and capital markets absolutely. Compared to the United States and other developed countries, China's capital market starts late and is not perfect. According to Fama’s efficient capital market hypothesis, our country now has not reached the semi-strong-form market, the stock price does not reflect all the information, thus company's managers have a lot of private information. The separation of ownership and management brought by traditional principal-agent theory makes a serious information asymmetry on the capital markets, driven by self-interest insiders may obtain benefits through insider trading using private information. As we can see in China, the managers in listed company have both motivation and opportunity for insider trading. Insider trading seriously damage the interests of shareholders and other external information users, and the occurrence of insider trading has close links with internal control deficiency in listed companies, so this paper selects all A-share listed companies in Shanghai and Shenzhen Exchanges from year 2011 to 2013 to do an empirical research on relationship between internal control deficiency and insider trading. The paper conducts from two aspects including the relationship between whether the internal control deficiencies exist and insider trading and the relationship between the severity of the internal control deficiencies and insider trading, and also considers the effect of external governance environment exerts on the relationship between internal control deficiency and insider trading. The results show that: (1) Compared to the companies without internal control deficiencies, the companies with internal control deficiencies have more serious insider trading; compared to the companies with general deficiencies and material deficiencies, the companies with significant deficiencies have more serious insider trading, there was no significant difference in severity of insider trading between general deficiencies and material deficiencies. (2) External governance environment have a significant role in mitigating the severity of insider trading resulting from the internal control deficiencies, in particular, compared to in the regions with lower market process, in the regions with higher market process, the severity of the insider trading resulting from internal control deficiencies reduced significantly. The conclusions of our study indicate that we can effectively curb widespread insider trading phenomenon in capital market through reducing internal deficiencies, improving internal controls and optimizing external governance environment.
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