中国上市公司内部控制信息披露制度性研究
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摘要
本文基于公司治理的角度研究了中国上市公司内部控制信息披露问题。上市公司高水平、透明的信息披露可以降低资本市场的信息不对称程度,降低交易成本,从而提高资本市场的效率,改善资源配置,并促进经济增长。投资者既是证券市场的主要参与者,也是内部控制等信息的主要需求者。上市公司的内部控制信息披露是投资者了解被投资公司经济运行状况的重要途径,而作为信息披露的主体——上市公司的内部控制信息披露状况如何?影响内部控制信息披露的主要因素是什么?如何提高内部控制信息透明度等问题自然引起了投资者、监管层和研究人员的关注。
本文利用中国上市公司2006～2007沪深A股(全部数据做必要剔除)年报公开披露数据,在内部控制信息披露现状调查和国内外内部控制信息披露制度背景、披露影响因素、披露程度计量等文献探讨基础上,按照公司治理的内部治理结构和外部治理机制,设计了相应的内部控制披露程度指标体系,率先尝试性地采用“投资者法律保护”、“证交所治理机制”及“产品生产市场竞争力”等外部治理机制特征,并结合股权结构、董事会构成等内部治理特征,构建了公司治理影响内部控制信息“是否披露”、“是否详细披露”和“披露程度”三个层面,系统地实证研究了中国上市公司治理结构对内部控制信息披露的影响。
研究发现“投资者法律保护”、“证交所治理机制”及“声誉机制”等公司外部治理机制特征变量对内部控制信息披露影响较为显著。因此建议:加强完善内部控制信息披露的制度环境,以立新法或增补现有法规如《公司法》、《证券法》及《会计法》相关章节等形式,提高内部控制信息披露法律层次:由中国证监会统一颁布、实施《中国上市公司内部控制指引》,以结束因“证交所治理机制”不同而内部控制信息披露程度不同格局;并提出“以强制性披露为主、自愿性披露为辅”的内部控制信息披露监管新思维。
本文研究的结论对提高中国上市公司内部控制信息披露理论水平,增强中小投资者的利益保护和证监会对上市公司内部控制信息披露的监管提供了初步证据。
Based on the view of corporate governance of China's listed companies,this dissertation carried out studying their information disclosure issues of internal control. The high level and transparent disclosure of information can reduce the degree of asymmetric information and lower the costs of transaction in the capital market. Thereby it will enhance the efficiency of capital markets, improve the allocation of resources and promote economic growth. Investors are both major participator in the securities market, but also the main demanders of information such as internal control. Information disclosure of internal control in China's listed companies is the important way that investors can understand the the economy status of the listed company. What about the situation of information disclosure of internal control in the listed company—as the main body to disclose? What are the major factors that can affect the information disclosure of internal control? Some issues are paied attentions to by investors, supervisors and researchers such as how to improve information transparency of the internal control etc.
In this paper, with the uses of annual public data of China's listed companies from 2006 to 2007 in Shanghai and Shenzhen A shares (excluding some data when necessary),based on the current status investigation of information disclosure of internal control and discussion on the background, factors and measuring degree of of information disclosure of internal control system and so on, this dissertation devised corresponding indicators system of internal control disclosue in accordance with the internal governance structure and external governance mechanisms. Combined with ownership structure, constitute of the board of directors and other characteristics of internal governance, it tried firstly to use some features of external governance such as "the legal protection of investors", "Stock Exchange governance mechanism" and " market competitiveness of products " to build three lays "whether or not to disclosure", "how about particular disclosure" and "what extent of disclosure", in which corporate governance can affect internal control information. An Empirical Study in the impact on information disclosure of internal control by corporate governance of China's listed companies is carried out in this dissertation systematically.
Results show that "the legal protection of investors", "Stock Exchange governance mechanism", "reputation mechanism" and other outside variables on the characteristics of the governance mechanisms influence the information disclosure of internal control significantly. It is therefore proposed: to strengthen information disclosure's system condition of internal control, to improve information disclosure's law arrangement of internal control by the form of a new law or to be added to the existing laws and regulations such as "Company Law", "Securities Law", "Accounting Law" and other relevant sections, to promulgate and practise a unified "Chinese internal control guidelines for listed companies" by the the China Securities Regulatory Commission to put an end to the different internal control structure varying levels of information disclosure caused by the different "Stock Exchange governance mechanism", to provide the new thinking of the disclosure of internal controls that is "mandatory disclosure is the base, and voluntary disclosure is the supplement".
The conclusions of this dissertation provide the initial evidence for China's listed companies to improve theory level of information disclosure of internal control, to enhance the protection of the interests of small and medium investors, to enhance the supervision on information disclosure of internal control of China's listed companies by the Securities and Exchange Commission.
本文利用中国上市公司2006～2007沪深A股(全部数据做必要剔除)年报公开披露数据,在内部控制信息披露现状调查和国内外内部控制信息披露制度背景、披露影响因素、披露程度计量等文献探讨基础上,按照公司治理的内部治理结构和外部治理机制,设计了相应的内部控制披露程度指标体系,率先尝试性地采用“投资者法律保护”、“证交所治理机制”及“产品生产市场竞争力”等外部治理机制特征,并结合股权结构、董事会构成等内部治理特征,构建了公司治理影响内部控制信息“是否披露”、“是否详细披露”和“披露程度”三个层面,系统地实证研究了中国上市公司治理结构对内部控制信息披露的影响。
研究发现“投资者法律保护”、“证交所治理机制”及“声誉机制”等公司外部治理机制特征变量对内部控制信息披露影响较为显著。因此建议:加强完善内部控制信息披露的制度环境,以立新法或增补现有法规如《公司法》、《证券法》及《会计法》相关章节等形式,提高内部控制信息披露法律层次:由中国证监会统一颁布、实施《中国上市公司内部控制指引》,以结束因“证交所治理机制”不同而内部控制信息披露程度不同格局;并提出“以强制性披露为主、自愿性披露为辅”的内部控制信息披露监管新思维。
本文研究的结论对提高中国上市公司内部控制信息披露理论水平,增强中小投资者的利益保护和证监会对上市公司内部控制信息披露的监管提供了初步证据。
Based on the view of corporate governance of China's listed companies,this dissertation carried out studying their information disclosure issues of internal control. The high level and transparent disclosure of information can reduce the degree of asymmetric information and lower the costs of transaction in the capital market. Thereby it will enhance the efficiency of capital markets, improve the allocation of resources and promote economic growth. Investors are both major participator in the securities market, but also the main demanders of information such as internal control. Information disclosure of internal control in China's listed companies is the important way that investors can understand the the economy status of the listed company. What about the situation of information disclosure of internal control in the listed company—as the main body to disclose? What are the major factors that can affect the information disclosure of internal control? Some issues are paied attentions to by investors, supervisors and researchers such as how to improve information transparency of the internal control etc.
In this paper, with the uses of annual public data of China's listed companies from 2006 to 2007 in Shanghai and Shenzhen A shares (excluding some data when necessary),based on the current status investigation of information disclosure of internal control and discussion on the background, factors and measuring degree of of information disclosure of internal control system and so on, this dissertation devised corresponding indicators system of internal control disclosue in accordance with the internal governance structure and external governance mechanisms. Combined with ownership structure, constitute of the board of directors and other characteristics of internal governance, it tried firstly to use some features of external governance such as "the legal protection of investors", "Stock Exchange governance mechanism" and " market competitiveness of products " to build three lays "whether or not to disclosure", "how about particular disclosure" and "what extent of disclosure", in which corporate governance can affect internal control information. An Empirical Study in the impact on information disclosure of internal control by corporate governance of China's listed companies is carried out in this dissertation systematically.
Results show that "the legal protection of investors", "Stock Exchange governance mechanism", "reputation mechanism" and other outside variables on the characteristics of the governance mechanisms influence the information disclosure of internal control significantly. It is therefore proposed: to strengthen information disclosure's system condition of internal control, to improve information disclosure's law arrangement of internal control by the form of a new law or to be added to the existing laws and regulations such as "Company Law", "Securities Law", "Accounting Law" and other relevant sections, to promulgate and practise a unified "Chinese internal control guidelines for listed companies" by the the China Securities Regulatory Commission to put an end to the different internal control structure varying levels of information disclosure caused by the different "Stock Exchange governance mechanism", to provide the new thinking of the disclosure of internal controls that is "mandatory disclosure is the base, and voluntary disclosure is the supplement".
The conclusions of this dissertation provide the initial evidence for China's listed companies to improve theory level of information disclosure of internal control, to enhance the protection of the interests of small and medium investors, to enhance the supervision on information disclosure of internal control of China's listed companies by the Securities and Exchange Commission.
引文
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