上市公司内控缺陷披露及对资本成本影响的研究
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摘要
全球范围内上市公司因内控质量低下导致的造假丑闻乃至破产案件的频发，以及多国政府专门针对内控信息披露颁布的法规的实施，使内控信息披露研究成为学者们关注的焦点。自2011年起我国《企业内部控制基本规范》及其配套指引的逐步全面实施，标志着我国内控信息披露由自愿阶段转入强制阶段。进入强制阶段后，相关法规不仅对内控信息的披露行为做出了强制要求，内控审计也变为强制。此时，内控审计情况以及内控信息披露中所包含的内控缺陷信息成为理论和实务界的关注重点。然而，在内控信息披露的过程中，存在着严重的内控缺陷披露动机不足的问题。
为了解决内控缺陷披露动机不足这一问题，本文首先对内控缺陷披露的影响因素展开了研究。内控缺陷披露具有显著的信息含量，投资者、监管部门会热切希望上市公司充分披露内控缺陷，但内控缺陷披露与否、披露多少的主动权掌握在上市公司手中。对上市公司内控缺陷披露行为的影响因素进行透彻研究，可以让投资者、监管机构藉以判断在什么情况下上市公司通常会披露内控缺陷、在什么情况下上市公司通常不会披露内控缺陷。论文基于内控五要素理论以及“能力－动机”范式，对内控缺陷的影响因素进行了系统梳理，形成了科学合理的逻辑框架。在此基础上，选择2012年沪、深A股主板上市公司为样本，运用Logit回归分析方法，分别从“存在”、“发现并披露”两个阶段对内控缺陷披露的影响因素进行考察。研究发现，外部监管较宽松、公司盈利能力较弱、审计委员会成立时间较短、董事长与总经理两职合一的上市公司，“存在”内控缺陷的可能性较大；审计委员会人数充足、审计委员会中独立董事比例较高、审计师为“四大”、董事长新上任、董事长年龄较大时，上市公司“发现并披露”内控缺陷的可能性较大。
为了探究内控缺陷披露动机不足的根本原因，并寻求相应的解决方案，本文继而对内控缺陷披露对资本成本的影响展开了研究。内控缺陷披露与内控审计是否影响公司的资本成本这一问题，直接决定公司及其投资者对内控缺陷披露、内部控制审计的关注程度，进而决定资本市场的信息透明度以及资源配置效率。本文立足于我国内部控制信息披露制度转型的时间节点上，以2011-2012年沪市A股上市公司为样本，运用多元回归分析方法，将资本成本划分为权益成本、债务成本两大部分，分别探究了内控缺陷披露、内控审计与权益成本三者之间的关系，以及内控缺陷披露、内控审计与债务成本三者之间的关系。研究发现，内部控制缺陷披露与权益成本呈显著的正相关关系，上市公司披露内部控制缺陷会显著提高权益成本；内部控制审计对权益成本具有显著的负向影响，上市公司进行内部控制审计会显著降低权益成本。内部控制审计对内部控制缺陷披露与权益成本关系的调节作用显著，上市公司进行内部控制审计，会增强内部控制缺陷披露对权益资本的影响。上市公司披露内部控制缺陷会显著提高债务成本，但内部控制审计却不会显著降低债务成本，而内部控制审计对内部控制缺陷披露与债务成本关系的调节为：只有当上市公司未披露内部控制缺陷时，内部控制审计才会显著降低公司的债务成本，当上市公司披露内部控制缺陷时，内部控制审计反而会提高公司的债务成本，但并不显著。该研究结论为提升公司管理层、股东、债权人对内控缺陷披露、内部控制审计的重视程度，为从根本上解决内控缺陷披露动机不足，以及为我国内控信息披露制度由“自愿”向“强制”的转型提供了实证依据。
最后，结合本文的研究结论、借鉴欧美发达国家的经验，从“无形的手”和“有形的手”角度切入，针对我国内控信息披露及内控缺陷披露提出了政策建议。
The disclosure of internal control information has been paid great attention bythe research of scholars due to fraud scandals and frequently happened bankruptcycases caused by low-quality internal control of listed companies worldwide and theimplementation of regulations specifically for the disclosure of internal controlinformation issued by governments. Since2011, the full implementation of China'sBasic Norms of Internal Control and its supporting guidelines progressively markedthat the disclosure of internal control information has transformed from a mandatorystage to a voluntary stage. After entering into a mandatory stage, relevant laws andregulations have compulsory requirements on the disclosure of internal controlinformation. Besides, the internal control audit has also become mandatory. Atpresent, internal control defects contained in the internal control audit and thedisclosure of internal control information have become to focus both in theoreticalfield and practical field.
The disclosure of internal control defects has significant information content.Both investors and regulators are eager to have a full disclosure of internal controldefects of listed companies. However, the listed companies have the final say ofwhether to disclose internal control defects and how much to disclose. A thoroughstudy on the factors that affect the behavior of listed companies to disclose internalcontrol defects will allow investors and regulators to determine under whatcircumstances listed companies will and will not disclose internal control defects. Thepapers is based on both the five elements of internal control theory and the "ability-motivation" paradigm, systematically combing the factors affecting internal controldefects in order to form a scientific and rational logical framework. On this basis,2012Shanghai and Shenzhen A-share listed companies on the Main Board are chosen as the sample. This paper inspects the affecting factors of the disclosure of internalcontrol defects from the "existence" stage to the "discovery and disclosure" stage.
Whether the disclosure of internal control defects and internal control auditaffect a company’s cost of capital directly determines the company and its investors’degree of awareness on the disclosure of internal control defects and internal controlaudit, thereby determines the transparency of information in capital market and theefficiency of resource allocation. This paper is developed at the point of institutionaltransition of the disclosure of internal control, which explores the relationshipbetween the disclosure of internal control defect information, internal control auditand cost of equity, as well as the relationship between the disclosure of internalcontrol defects, internal control audit and cost of debt respectively. During theanalysis,2011-2012Shanghai A-share listed companies are chosen as the sample. Thefindings of the study are as follows. The disclosure of internal control defectinformation will lead to the rising of cost of debt and cost of equity; Internal controlaudit will reduce cost of equity, but there’s little impact on cost of debt; Internalcontrol audit plays a distinctive regulating role on cost of equity which is affected bythe disclosure of internal control defects, but the role in regulating the impact on costof debt is not significant. The research conclusion not only increases a company’smanagement, shareholders and creditors’ awareness of the disclosure of internalcontrol defects, but also provides an empirical basis for the institutionaltransformation of the disclosure of internal control from a mandatory stage to avoluntary stage.
Finally, this paper provides policy suggestions for the disclosure of internalcontrol and the disclosure of internal control defects in China through integrating theconclusion of this study and the experience of developed countries in Europe andAmerica from the perspectives of "invisible hand" and "visible hand".
为了解决内控缺陷披露动机不足这一问题，本文首先对内控缺陷披露的影响因素展开了研究。内控缺陷披露具有显著的信息含量，投资者、监管部门会热切希望上市公司充分披露内控缺陷，但内控缺陷披露与否、披露多少的主动权掌握在上市公司手中。对上市公司内控缺陷披露行为的影响因素进行透彻研究，可以让投资者、监管机构藉以判断在什么情况下上市公司通常会披露内控缺陷、在什么情况下上市公司通常不会披露内控缺陷。论文基于内控五要素理论以及“能力－动机”范式，对内控缺陷的影响因素进行了系统梳理，形成了科学合理的逻辑框架。在此基础上，选择2012年沪、深A股主板上市公司为样本，运用Logit回归分析方法，分别从“存在”、“发现并披露”两个阶段对内控缺陷披露的影响因素进行考察。研究发现，外部监管较宽松、公司盈利能力较弱、审计委员会成立时间较短、董事长与总经理两职合一的上市公司，“存在”内控缺陷的可能性较大；审计委员会人数充足、审计委员会中独立董事比例较高、审计师为“四大”、董事长新上任、董事长年龄较大时，上市公司“发现并披露”内控缺陷的可能性较大。
为了探究内控缺陷披露动机不足的根本原因，并寻求相应的解决方案，本文继而对内控缺陷披露对资本成本的影响展开了研究。内控缺陷披露与内控审计是否影响公司的资本成本这一问题，直接决定公司及其投资者对内控缺陷披露、内部控制审计的关注程度，进而决定资本市场的信息透明度以及资源配置效率。本文立足于我国内部控制信息披露制度转型的时间节点上，以2011-2012年沪市A股上市公司为样本，运用多元回归分析方法，将资本成本划分为权益成本、债务成本两大部分，分别探究了内控缺陷披露、内控审计与权益成本三者之间的关系，以及内控缺陷披露、内控审计与债务成本三者之间的关系。研究发现，内部控制缺陷披露与权益成本呈显著的正相关关系，上市公司披露内部控制缺陷会显著提高权益成本；内部控制审计对权益成本具有显著的负向影响，上市公司进行内部控制审计会显著降低权益成本。内部控制审计对内部控制缺陷披露与权益成本关系的调节作用显著，上市公司进行内部控制审计，会增强内部控制缺陷披露对权益资本的影响。上市公司披露内部控制缺陷会显著提高债务成本，但内部控制审计却不会显著降低债务成本，而内部控制审计对内部控制缺陷披露与债务成本关系的调节为：只有当上市公司未披露内部控制缺陷时，内部控制审计才会显著降低公司的债务成本，当上市公司披露内部控制缺陷时，内部控制审计反而会提高公司的债务成本，但并不显著。该研究结论为提升公司管理层、股东、债权人对内控缺陷披露、内部控制审计的重视程度，为从根本上解决内控缺陷披露动机不足，以及为我国内控信息披露制度由“自愿”向“强制”的转型提供了实证依据。
最后，结合本文的研究结论、借鉴欧美发达国家的经验，从“无形的手”和“有形的手”角度切入，针对我国内控信息披露及内控缺陷披露提出了政策建议。
The disclosure of internal control information has been paid great attention bythe research of scholars due to fraud scandals and frequently happened bankruptcycases caused by low-quality internal control of listed companies worldwide and theimplementation of regulations specifically for the disclosure of internal controlinformation issued by governments. Since2011, the full implementation of China'sBasic Norms of Internal Control and its supporting guidelines progressively markedthat the disclosure of internal control information has transformed from a mandatorystage to a voluntary stage. After entering into a mandatory stage, relevant laws andregulations have compulsory requirements on the disclosure of internal controlinformation. Besides, the internal control audit has also become mandatory. Atpresent, internal control defects contained in the internal control audit and thedisclosure of internal control information have become to focus both in theoreticalfield and practical field.
The disclosure of internal control defects has significant information content.Both investors and regulators are eager to have a full disclosure of internal controldefects of listed companies. However, the listed companies have the final say ofwhether to disclose internal control defects and how much to disclose. A thoroughstudy on the factors that affect the behavior of listed companies to disclose internalcontrol defects will allow investors and regulators to determine under whatcircumstances listed companies will and will not disclose internal control defects. Thepapers is based on both the five elements of internal control theory and the "ability-motivation" paradigm, systematically combing the factors affecting internal controldefects in order to form a scientific and rational logical framework. On this basis,2012Shanghai and Shenzhen A-share listed companies on the Main Board are chosen as the sample. This paper inspects the affecting factors of the disclosure of internalcontrol defects from the "existence" stage to the "discovery and disclosure" stage.
Whether the disclosure of internal control defects and internal control auditaffect a company’s cost of capital directly determines the company and its investors’degree of awareness on the disclosure of internal control defects and internal controlaudit, thereby determines the transparency of information in capital market and theefficiency of resource allocation. This paper is developed at the point of institutionaltransition of the disclosure of internal control, which explores the relationshipbetween the disclosure of internal control defect information, internal control auditand cost of equity, as well as the relationship between the disclosure of internalcontrol defects, internal control audit and cost of debt respectively. During theanalysis,2011-2012Shanghai A-share listed companies are chosen as the sample. Thefindings of the study are as follows. The disclosure of internal control defectinformation will lead to the rising of cost of debt and cost of equity; Internal controlaudit will reduce cost of equity, but there’s little impact on cost of debt; Internalcontrol audit plays a distinctive regulating role on cost of equity which is affected bythe disclosure of internal control defects, but the role in regulating the impact on costof debt is not significant. The research conclusion not only increases a company’smanagement, shareholders and creditors’ awareness of the disclosure of internalcontrol defects, but also provides an empirical basis for the institutionaltransformation of the disclosure of internal control from a mandatory stage to avoluntary stage.
Finally, this paper provides policy suggestions for the disclosure of internalcontrol and the disclosure of internal control defects in China through integrating theconclusion of this study and the experience of developed countries in Europe andAmerica from the perspectives of "invisible hand" and "visible hand".
引文
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