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论文编号：	8545
作者编号：	2120142434
上传时间：	2016/6/17 16:11:36
中文题目：	分析师关注上市公司内部控制缺陷披露吗？
英文题目：	Do analysts concern about internal control weakness disclosure of the listing corporation?
指导老师：	程新生
中文关键字：	分析师；内部控制缺陷披露；关注度；荐股评级；股票偏好
英文关键字：	analysts; the disclosure of internal control deficiencies; attention; recommendation; stock preference
中文摘要：	我国证券市场起步较晚，信息不对称严重阻碍其发展，分析师作为公司与投资者之间信息沟通的桥梁，通过搜集市场与公司信息，凭借自身的专业技能与研究经验对上市公司进行综合分析，并以研究报告的形式为投资者提供建议。因此，分析师的信息来源与研究报告的价值含量尤为重要。内部控制作为影响会计信息质量与公司治理机制的重要因素，受到社会各界的普遍关注。对于分析师来说，公司业绩不仅取决于经营绩效与投资决策，内部管理与控制也至关重要。2010年，我国颁布《内部控制规范指引》，强制要求上市公司在2012年开始披露内部控制自评报告，公司通过内部控制自评报告向市场传递其内部控制信息。在此背景下，本文探究分析师能否有效识别公司披露的内部控制信息，一方面能使上市公司意识到内部控制信息披露的重要影响，加强其内部控制建设，另一方面能加强分析师对内部控制信息披露的重视，提升其研究报告价值。 本文选取2012-2014年沪、深A股上市公司的数据作为研究样本，通过考察包括分析师跟踪关注、荐股评级及持股偏好等分析师行为，是否会受到上市公司内部控制缺陷披露的影响，进而研究分析师是否关注上市公司的内部控制缺陷披露。研究结果显示（1）当公司内部控制评价报告中披露了公司内部控制缺陷后，分析师会关注该公司的内部控制缺陷，同时减少对内部控制存在缺陷的公司跟踪预测，并减少对内部控制存在缺陷的公司跟踪预测的频率。（2）我国分析师评级普遍存在乐观性倾向，且分析师对未披露内部控制缺陷的公司评级更“乐观”。当上市公司披露内部控制缺陷后，分析师会调低公司的股票评级。（3）公司披露内部控制缺陷以后，分析师对该公司股票的偏好程度降低。以上的结论证明，内部控制缺陷披露会影响分析师行为，分析师关注上市公司内部控制缺陷信息披露。
英文摘要：	The securities market starts late in China, information asymmetry seriously hinder its’ development, analysts as a communication bridge between the company and investors, by collecting information of market and companies, take use of their professional skills and research experience to make a comprehensive analysis of the listed companies. Eventually analysts form research reports to provide the reference for the investors. Therefore, the analyst's information source and the information value of the research report is particularly important. Internal control is an important factor that affects the quality of accounting information and corporate governance mechanism, and gets wide attention by the social from all walks of life. For analysts, performance of the company not only depends on the leadership and operation, but also relies on the management and internal control; In 2010, China promulgated the "internal control guideline" mandatory for listed companies in 2012 began to disclose internal control self-assessment report, the company transfer internal control information through the internal control self-assessment report. Under this background, this paper discusses the analyst can effectively recognize the disclosure of internal control information, on the one hand, the listed companies notice the importance of internal control disclosure, strengthening the construction of internal control, on the other hand, analyst pay special attention to the internal control information, improve the value of research reports. This paper selects 2012-2014 Shanghai and Shenzhen A-share listed company data, through investigating whether analyst performance (analysts tracking, stock preferences and recommendation) will be influenced by internal control deficiency disclosure, to further research if analyst focusing on the internal control deficiency disclosure. The results of this study indicate that (1) when the company disclosed internal control deficiency in evaluation report, analysts will concern the company's internal control deficiencies, then reducing the trace to the company, and reducing the frequency of the track forecast to the company. (2) There is a general tendency of rating optimism in our country, and analysts are more optimistic about the company which has not disclosed the internal control defects. When the listed Corporation discloses internal control defects, analysts will reduce the company's stock rating. (3) After the disclosure of the internal control deficiencies, analysts tend to reduce the preference of companies' shares. The above conclusions prove that the analysts concerned about the company's internal information disclosure, internal control deficiency disclosure will affect the behavior of analysts.
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