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论文编号：	7502
作者编号：	2120132370
上传时间：	2015/6/10 22:59:14
中文题目：	内部控制信息披露质量与权益融资成本的相关性研究
英文题目：	The Quality of Internal Control Information Disclosure and Cost of Equity—Based on the Evidence of Listed Companies in the Board of Small and Medium-Sized Enterprises and the GEM
指导老师：	周晓苏
中文关键字：	中小企业板；创业板；内部控制信息披露质量；权益融资成本
英文关键字：	the Board of Small and Medium-Sized Enterprises; the GEM; the Quality of internal control information disclosure; Cost of equity;
中文摘要：	近年来，财务舞弊频频爆出，投资者和监管机构对上市公司的内控信息披露越来越重视。因此，监管机构制定的与内部控制信息披露相关的规定也就越来越严格，内部控制信息披露逐渐从自愿性披露进入到强制性披露阶段。中小企业板和创业板是我国多层次资本市场的重要组成部分，其在内部控制信息披露方面却存在一定的差异性，这两个板块的上市公司所具有的特点使得研究这两个板块的内控披露质量与权益融资成本之间的关系具有一定的理论意义和实践意义。 本文梳理了针对内部控制信息披露所颁布的各项规章制度，详细研究了中小企业板和创业板所处的信息披露的制度背景。此外，本文还结合委托代理理论和信号传递理论等基本理论，从理论上分析了中小企业板和创业板上市公司的内控披露质量与权益融资成本之间的相关关系。 为了检验中小企业板和创业板上市公司的内控披露质量与权益资本成本之间的关系，在实证部分，本文选取了我国中小企业板和创业板上市公司2010年至2012年的数据作为研究样本，应用三个多元回归模型进行了实证研究。研究发现：在这两个板块中，披露内部控制鉴证报告的上市公司权益融资成本较低；在披露的内部控制有效时，中小企业板和创业板上市公司的内部控制信息披露的越详细，权益融资成本较高；中小企业板、创业板上市公司中披露内部控制缺陷的公司权益融资成本较高。 根据上述研究得出的结论，结合我国现有的制度背景和资本市场的现状，本文从监管者的角度和上市公司的角度，对中小企业板、创业板的上市公司如何提高内控披露质量，从而降低权益融资成本提出了建议。
英文摘要：	It has caused investors and regulators focus on internal control and internal control disclosure, since many financial frauds have happened. Based on this, the authorities regulated the internal control and internal control disclosure strictly. The disclosure of internal control became mandatory instead of being voluntary. As important parts of multi-level capital market in our country, the board of small and medium-sized enterprises and the GEM are different from other boards in the aspect of internal control disclosure. It is meaningful to discuss the relationship between the quality of internal control disclosure and the cost of equity because of the characteristics of the two boards. This paper made a summary of various regulations on the disclosure of internal control in our country. In addition, the paper demonstrated the relationship between the quality of internal control disclosure and the cost of equity by using the principal-agent theory and other basic theories. In order to verify the relationship between the quality of internal control disclosure and the cost of equity, the paper selected the data of enterprises in small and medium-sized board and the GEM from 2010 to 2012 as samples. There are three multivariate regression models being used in the empirical research. The study found that the cost of equity will be lower in the listed companies which disclosed the internal control audit report voluntarily. And the more detail the firms disclosed in effective internal control, the lower the cost of equity in the firm. In contrast, we found higher cost of equity for firms disclosing material weaknesses in internal control than for a smaple of firms disclosing no internal control weaknesses. According to the conclusions of the research and the present situation of the capital market, the paper proposed some suggestions on how to improve the quality of internal control disclosure to the authorities and the firms. Finally, the paper analyses the deficiency of the study.
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