摘要
本文以沪市A股非金融类上市公司为样本,采用财务分析师盈利预测数据和PEG模型,检验在我国资本市场信息披露环境下,上市公司自愿性内部控制鉴证是否会影响权益资本成本。研究发现,上市公司披露的自愿性内部控制鉴证信息能够发挥信号功能,显著降低其权益资本成本。针对自愿性披露正面内部控制鉴证信息的上市公司的进一步研究则表明,自愿性内部控制鉴证对权益资本成本的影响存在显著的审计师声誉效应和首次披露效应。
Identifying a sample of A-Share non/financial companies in Shanghai Stock Exchange （SSE）, and using financial analyst earnings forecast data and PEG model, this article examines whether voluntary internal con- trol assurance of listed companies affect the cost of equity capital. The main finding is： internal control assurance information disclosed voluntarily by listed companies can play a signal function, and reduce significantly their cost of equity capital. We also select those listed companies that disclose voluntarily the positive internal control assur- ance information as a sample to do the further studies, and find there are significant auditor reputation and first-time disclosure effects in effect of voluntary internal control assurance on cost of equity capital.
出处
《经济管理》
CSSCI
北大核心
2011年第12期128-134,共7页
Business and Management Journal ( BMJ )
基金
国家自然科学基金项目"公司治理
外部审计与内部控制信息披露"(70872018)
教育部人文社科重点研究基地重大项目"中国专业中介市场的结构-行为-绩效问题与规制政策研究:以注册会计师行业为例"(2009JJD790005)
关键词
内部控制鉴证
权益资本成本
自愿性信息披露
审计师声誉
internal control assurance
cost of equity capital
voluntary disclosure
auditor reputation
