本文選題：創(chuàng)業(yè)板上市公司　切入點(diǎn)：內(nèi)部控制信息　出處：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：進(jìn)入21世紀(jì)以來,美國安然等一系列國際大公司連續(xù)曝出財(cái)務(wù)舞弊丑聞事件,引發(fā)了美國乃至全球?qū)?nèi)部控制的極大重視,社會(huì)各界也日益關(guān)注內(nèi)部控制信息披露問題。2002年7月,美國國會(huì)正式通過了《薩班斯——奧克斯利法案》(簡稱SOX法案),該法案正式強(qiáng)制要求公司披露內(nèi)部控制報(bào)告。因此,越來越多的國家和地區(qū)開始對(duì)上市公司進(jìn)行強(qiáng)制規(guī)定,要求它們必須向社會(huì)公眾披露內(nèi)部控制信息。 我國財(cái)政部、審計(jì)署、證監(jiān)會(huì)、保監(jiān)會(huì)、銀監(jiān)會(huì)于2008年聯(lián)合推出《企業(yè)內(nèi)部控制基本規(guī)范》,當(dāng)時(shí)要求從2009年7月1日起在上市公司范圍內(nèi)制定內(nèi)部控制制度并有效地實(shí)施,鼓勵(lì)非上市的大中型企業(yè)執(zhí)行。2010年4月26日,《企業(yè)內(nèi)部控制配套指引》的發(fā)布與2008年《企業(yè)內(nèi)部控制基本規(guī)范》共同標(biāo)志著中國企業(yè)內(nèi)部控制規(guī)范體系的基本建成。該體系要求2011年1月1日起首先在境內(nèi)外同時(shí)上市的公司施行該體系,于2012年1月1日起擴(kuò)展到主板上市公司,在此基本上擇機(jī)在中小企業(yè)和創(chuàng)業(yè)板上市公司施行,鼓勵(lì)非上市大中型企業(yè)提前執(zhí)行,所以對(duì)于2009年開始創(chuàng)設(shè)的創(chuàng)業(yè)板市場并未要求強(qiáng)制性披露內(nèi)部控制信息。創(chuàng)業(yè)板上市公司大部分屬于剛起步發(fā)展的中小型企業(yè),尚未健全公司內(nèi)部治理機(jī)構(gòu),其披露水平必定低于主板上市公司。為了推動(dòng)我國創(chuàng)業(yè)板市場的發(fā)展與壯大,開展對(duì)創(chuàng)業(yè)板上市公司內(nèi)部控制信息披露質(zhì)量及其影響因素的研究就變得極其重要。 創(chuàng)業(yè)板作為主板市場的補(bǔ)充,是資本市場的重要組成部分,不僅為高新技術(shù)企業(yè)提高融資渠道,還有助于調(diào)整我國產(chǎn)業(yè)結(jié)構(gòu),促進(jìn)經(jīng)濟(jì)的發(fā)展,但同時(shí)存在我們不能忽視的問題。創(chuàng)業(yè)板上市公司的管理層出于各種原因并不會(huì)向投資者披露完全、充分的信息,而投資者又很難通過其他渠道獲得信息,其信息的獲取主要依賴于公司自身的信息披露,因而構(gòu)成了“信息不對(duì)稱”。這樣不僅會(huì)影響投資者的投資決策,創(chuàng)業(yè)板上市公司自身也可能會(huì)因?yàn)殡[瞞或虛報(bào)信息而使得自身利益受損,甚至被逐出市場。 因此,提高公司內(nèi)部控制信息披露質(zhì)量不僅有助于信息使用者做出決策,而且可以降低信息不對(duì)稱程度,從而減輕了道德風(fēng)險(xiǎn),使得高質(zhì)量水平的公司能夠獲得更多的投資資金,實(shí)現(xiàn)良好、快速的發(fā)展。所以在這樣的背景下,對(duì)創(chuàng)業(yè)板上市公司內(nèi)部控制信息披露質(zhì)量進(jìn)行研究,有著重要的意義：客觀評(píng)價(jià)內(nèi)部控制信息披露質(zhì)量,有利于減少證券市場的信息不對(duì)稱性；了解其披露的影響因素,實(shí)證分析各因素與內(nèi)部控制信息披露質(zhì)量之間的相關(guān)關(guān)系,有助于揭示提高內(nèi)部控制信息披露質(zhì)量的途徑；開展對(duì)信息披露質(zhì)量的研究,有利于對(duì)投資者起到一定程度的保護(hù)作用,進(jìn)而推動(dòng)中國資本市場的可持續(xù)發(fā)展。 本文的主要內(nèi)容如下： 第一部分為引言。闡述本文的研究背景、研究的目的和意義、研究的創(chuàng)新點(diǎn)。 第二部分為文獻(xiàn)綜述�；仡櫫藝鴥�(nèi)外有關(guān)內(nèi)部控制信息披露的相關(guān)文獻(xiàn),通過國內(nèi)外研究成果的比較,看到國內(nèi)的不足,指引后續(xù)研究。 第三部分為理論分析。對(duì)創(chuàng)業(yè)板上市公司、內(nèi)部控制和內(nèi)部控制信息披露的概念進(jìn)行界定,簡單地闡述了COSO框架和企業(yè)內(nèi)部控制基本規(guī)范的有關(guān)內(nèi)容,并簡要回顧有效市場假設(shè)理論、委托代理理論和信息不對(duì)稱理論,同時(shí)指出這些理論在研究創(chuàng)業(yè)板上市公司內(nèi)部控制信息披露中的作用。 第四部分為創(chuàng)業(yè)板上市公司內(nèi)部控制信息披露質(zhì)量的評(píng)價(jià)。建立創(chuàng)業(yè)板上市公司內(nèi)部控制披露質(zhì)量的評(píng)價(jià)體系,并以模糊層次法賦予每個(gè)因素的權(quán)重。選取2011年293家創(chuàng)業(yè)板上市公司為樣本,通過內(nèi)部控制自我評(píng)價(jià)報(bào)告、年報(bào)和注冊(cè)會(huì)計(jì)師對(duì)其有效性的審核意見的有關(guān)內(nèi)容逐項(xiàng)評(píng)分,結(jié)合模糊層次法的權(quán)重計(jì)算出每個(gè)公司的總成績,即為內(nèi)部控制信息披露質(zhì)量,并對(duì)結(jié)果進(jìn)行分析。 第五部分為創(chuàng)業(yè)板上市公司內(nèi)部控制信息披露質(zhì)量影響因素的實(shí)證研究。以我國創(chuàng)業(yè)板上市公司內(nèi)部控制信息披露質(zhì)量為被解釋變量,以公司規(guī)模、財(cái)務(wù)杠桿、盈利水平、上市時(shí)間、股權(quán)集中度、管理層持股比例、獨(dú)立董事比例、兩職合一、董事會(huì)會(huì)議次數(shù)、審計(jì)機(jī)構(gòu)權(quán)威、承銷商聲譽(yù)為解釋變量,進(jìn)行線性回歸模型的實(shí)證研究,分析各因素對(duì)內(nèi)部控制信息披露質(zhì)量的影響狀況。 第六部分為總結(jié),提出相應(yīng)的改進(jìn)建議。 本文結(jié)論： (1)從整體上看,我國創(chuàng)業(yè)板上市公司內(nèi)部控制信息披露質(zhì)量較低,且各公司披露質(zhì)量存在較大差異。 (2)所有樣本公司都披露內(nèi)部控制自我評(píng)價(jià)報(bào)告,但其內(nèi)容的可用性較低,60%的樣本公司未披露注冊(cè)會(huì)計(jì)師對(duì)公司內(nèi)部控制有效性的審核意見。 (3)2011年創(chuàng)業(yè)板上市公司都未詳細(xì)地披露公司內(nèi)部控制缺陷,僅有少數(shù)樣本公司簡單地提及未發(fā)生重大缺陷問題,對(duì)于信息使用者來說這樣的披露是毫無意義的。 (4)從公司在每個(gè)評(píng)價(jià)指標(biāo)的得分情況上看,年報(bào)和內(nèi)部控制自我評(píng)價(jià)報(bào)告都于2012年上半年進(jìn)行公布；19家樣本公司變更了會(huì)計(jì)事務(wù)所；內(nèi)部環(huán)境中超半數(shù)的樣本公司未披露企業(yè)文化；絕大部分的樣本公司在年報(bào)中較好地披露了公司內(nèi)、外部風(fēng)險(xiǎn),卻對(duì)風(fēng)險(xiǎn)的應(yīng)對(duì)與防范披露較少；控制活動(dòng)要素中,披露情況差異較大；僅32家對(duì)它進(jìn)行較詳細(xì)地披露,信息溝通渠道空泛；內(nèi)部監(jiān)控中50%以上的創(chuàng)業(yè)板上市公司獨(dú)立董事未對(duì)公司內(nèi)部控制機(jī)制進(jìn)行評(píng)價(jià)。 (5)從本文實(shí)證研究分析得出公司財(cái)務(wù)杠桿、盈利水平、上市時(shí)間和獨(dú)立董事比例對(duì)創(chuàng)業(yè)板上市公司內(nèi)部控制信息披露質(zhì)量的提高產(chǎn)生推進(jìn)作用。 (6)公司規(guī)模、股權(quán)集中度、管理層持股比例、審計(jì)機(jī)構(gòu)權(quán)威和承銷商的聲譽(yù)與內(nèi)部控制信息披露質(zhì)量的關(guān)系方向雖然與預(yù)期方向一致,但未通過顯著性檢驗(yàn)。 (7)兩職合一、董事會(huì)會(huì)議次數(shù)未通過顯著性檢驗(yàn)的,同時(shí)回歸結(jié)果與假設(shè)不一致。 本文創(chuàng)新點(diǎn)主要體現(xiàn)在以下方面： (1)根據(jù)創(chuàng)業(yè)板上市公司的特點(diǎn)來構(gòu)建內(nèi)部控制信息披露質(zhì)量評(píng)價(jià)體系,具有一定針對(duì)性。在借鑒楊玉風(fēng)、王火飲、曹瓊(2010)所構(gòu)建的內(nèi)部控制信息披露質(zhì)量評(píng)價(jià)框架的基礎(chǔ)上,參照了《企業(yè)內(nèi)部控制基本規(guī)范》及配套指引、深交所創(chuàng)業(yè)板上市公司規(guī)范運(yùn)作指引、年報(bào)內(nèi)容與格式準(zhǔn)則等相關(guān)內(nèi)部控制制度及其披露情況的規(guī)定,結(jié)合創(chuàng)業(yè)板上市公司的特點(diǎn)來構(gòu)建內(nèi)部控制信息披露質(zhì)量評(píng)價(jià)體系。 (2)運(yùn)用模糊層次分析法來評(píng)價(jià)創(chuàng)業(yè)板上市公司的內(nèi)部控制信息披露質(zhì)量。在構(gòu)建出本文的創(chuàng)業(yè)板上市公司內(nèi)部控制信息披露質(zhì)量評(píng)價(jià)框架上,采用了模糊層次分析法確定權(quán)重,這在創(chuàng)業(yè)板的相關(guān)研究方面尚屬較早的嘗試。 (3)深入研究創(chuàng)業(yè)板上市公司內(nèi)部控制信息披露質(zhì)量的影響因素。把上述披露質(zhì)量作為被解釋變量,挖掘11個(gè)影響因素進(jìn)行實(shí)證研究,得出各因素對(duì)披露質(zhì)量的影響狀況,有助于進(jìn)一步尋找提高信息披露質(zhì)量的方法。
[Abstract]:Since twenty-first Century, Enron and a series of large international companies continuously exposed financial fraud scandal, caused the United States and the world of great importance of internal control, the community will pay more attention to the information disclosure of internal control problems of.2002 in July, the United States Congress passed the Sarbanes Oxley Act > > (SOX act), the act of formal mandatory disclosure of internal control report. Therefore, more and more countries and regions begin mandatory provisions of listed companies, require them to disclose internal control information to the public.
The Ministry of finance, China Securities Regulatory Commission, the Audit Commission, the CIRC, the CBRC in 2008 jointly launched the enterprise internal control basic norms of < >, then from July 1, 2009 onwards within the scope of listed companies to establish internal control system and effective implementation, to encourage non listed medium-sized enterprises implement.2010 in April 26th, "the basic standard for enterprise internal internal release control guidelines > and < > in 2008 marked the common enterprise control standard system basically completed China internal control. The system first since January 1, 2011 listed companies in the implementation of the system, from January 1, 2012 extended to the main board listed companies, which basically choose the implementation of Listed Companies in the small and medium-sized enterprise and entrepreneurship board, to encourage non listed medium-sized enterprises carry out ahead of time, so for the GEM market beginning in 2009 the creation does not require mandatory disclosure of internal control Information system. Most of the GEM listed companies belonging to the beginning of the development of small and medium-sized enterprises, the company has not yet perfect internal governance mechanism, the disclosure level must be lower than the main board listed companies. In order to promote the growth and development of China's GEM market, to carry out the study on the factors of information disclosure quality and the influence of control of listed companies on the gem in becomes extremely important.
The gem as a supplement to the main market, is an important part of the capital market, not only for high-tech enterprises to improve the financing channels, also helps to adjust the industrial structure, promote economic development, but at the same time, we are not to be ignored. The management of GEM listed companies for various reasons did not fully disclose to investors the full information, and investors, it is difficult to obtain through other channels to obtain information, the information mainly depends on the company's own information disclosure, thus constitutes a "information asymmetry". This will not only affect the investment decisions of investors, listed companies on the gem itself may also be because of concealment or false information and make their own interests that is even out of the market.
Therefore, improve the quality of information disclosure of internal control not only help information users to make decisions, but also can reduce the degree of information asymmetry, thus reducing the risk of moral hazard, makes the high quality level of the company can get more investment funds, to achieve good and fast development. So in this context, the quality of information disclosure research the internal control of listed companies on the gem, is of great significance: the internal control objective evaluation of the quality of information disclosure can reduce the information asymmetry of securities market; to understand the factors affecting its disclosure, empirical analysis on the relationship between the various factors and the quality of information disclosure of internal control, helps to reveal the way to improve the quality of information disclosure internal; research on the information disclosure quality, is conducive to the protection of investors to play to a certain extent, and then push the Chinese capital The sustainable development of this market.
The main contents of this paper are as follows:
The first part is the introduction. It expounds the background of the study, the purpose and significance of the study, and the innovation of the research.
The second part is literature review. It reviews domestic and foreign literature about internal control information disclosure, and compares domestic and foreign research results to see domestic shortcomings and guide subsequent research.
The third part is the theoretical analysis. The companies listed on GEM, defines the concept of internal control and internal control information disclosure, simply elaborated the related content of the COSO framework and the basic norms of internal control, and a brief review of the effective market hypothesis theory, principal-agent theory and information asymmetry theory, and points out the theory in the study of entrepreneurship in the internal control of Listed Companies in information disclosure.
The fourth part is the GEM listed company's internal control information disclosure quality evaluation. The establishment of gem quality evaluation system of internal control disclosure of listed companies, and the weights of Fuzzy AHP to each factor. From 2011 293 GEM listed companies as samples, through the self evaluation report of internal control, accounting report and registration audit opinion the validity of the relevant contents of itemized score, combined with the weight of Fuzzy AHP to calculate the total score of each company, is the quality of information disclosure of internal control, and the results were analyzed.
The fifth part is the GEM listed companies internal control Empirical Study on the factors affecting the quality of internal control information disclosure. The GEM listed companies in our country the quality of information disclosure as explanatory variables, with the company size, financial leverage, profitability, time to market, ownership concentration, managerial ownership, the proportion of independent directors, two positions a number of meetings of the board, audit authority, underwriter reputation as explanatory variables, an empirical study on the linear regression model, analysis of various factors on the impact of internal control of the quality of information disclosure.
The sixth part is the summary and the corresponding suggestions for improvement are put forward.
The conclusion of this paper is as follows:
(1) from the overall point of view, the quality of internal control information disclosure of Chinese GEM listed companies is low, and there are great differences in the quality of the companies' disclosure.
(2) all Sample Firms disclose internal control self-evaluation report, but its content is low. 60% of Sample Firms did not disclose CPA's opinion on the effectiveness of internal control.
(3) in 2011, GEM listed companies did not disclose the internal control defects in detail. Only a few Sample Firms mentioned simply that no major defects occurred. For information users, such disclosure is meaningless.
(4) from the company in each evaluation index scores at the annual report and internal control self assessment report was published in the first half of 2012; 19 Sample Firms changed the accounting firm; internal environment super half of the Sample Firms did not disclose the enterprise culture; most of the Sample Firms in the annual report disclosure of the company better but, external risk, the risk response and control activities to prevent disclosure of less; elements of the disclosure is different; only 32 of its disclosure in detail, the information communication channel vague; independent director of internal control in more than 50% of the GEM listed company fails to evaluate the internal control mechanism of the company.
(5) from the empirical research and analysis, it is concluded that the company's financial leverage, profitability, time to market and the proportion of independent directors have a positive effect on improving the quality of information disclosure of GEM listed companies.
(6) the relationship between company size, ownership concentration, managerial shareholding, audit authority and underwriter reputation and internal control information disclosure is consistent with the expected direction, but no significant test is conducted.
(7) two, the number of meetings of the board of directors did not pass the significant test, and the results were not consistent with the hypothesis.
The innovation points of this article are mainly reflected in the following aspects:
(1) according to the characteristics of the GEM listed companies to build the quality of information disclosure of internal control evaluation system has certain pertinence. In reference to Yang Yufeng, Wang Huo drink, Cao Qiong (2010) based on the information disclosure of internal control quality evaluation of the framework on the reference to the basic norms "and supporting guidelines for enterprise internal control", Shenzhen the GEM listed companies standardize operational guidelines, regulations and other relevant standards concerning the contents and formats of annual report and disclosure of the internal control system, combined with the characteristics of GEM listed companies to construct the quality of information disclosure of internal control evaluation system.
(2) the quality of information disclosure of internal control fuzzy AHP to evaluation of GEM listed companies. This paper constructs in the GEM listed company information disclosure of internal control quality evaluation framework, using fuzzy AHP to determine the weight, this is the earlier attempt in the research related to the gem.
(3) the factors influencing the quality of internal control information disclosure study of companies listed on GEM. The quality of disclosure as explanatory variables, mining 11 factors of empirical research, the factors to influence the quality of disclosure, help to further improve the quality of information disclosure for the method.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1559400