我国上市公司内部控制信息披露与股价相关性分析

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1、AbstractTheresearchofintemalcontrolsandthedisclosureofintemalcontrolinformationisoneofmostimportanttopicinrecentyears．AseriesoffinancialfraudcasesoccurredcontinuallyinbigcompanysuchasEnron，Worldcom，fullyexposedthatinalistedcompanythekeymanagementpersonalwaysoverrideitsinternalcontr01

2、．Asaresult，thedisclosureofintemalcontrolinformationiSjustaform．So，theUnitedStatesissuedtheSarbanes-OxleyAct，whichrequiredthelistedcompaniestodisclosuretheirinternalcontrolinformation．Afterthis，Japanandothercountriesorregions’securitymarketsalsoestablishedtheiractsofdisclosureofintern

3、alcontr01．In2006，theShanghaiStockExchangeissueditsguidelinesoninternalcontrols，requiredtheboardofthelistedcompaniestodisclosuretheirinternalcontrolinformationatthesametimeastheyissuedtheirannualreport．Theguidelinesalsoencouragedthequalifiedlistedcompaniestoissuetheinternalcontrolself

4、-evaluationreportseparately,anddisclosuretheCertifiedPublicAccountants’commentsabouttheself-evaluationreportofinternalcontrols．Thepaperbasedonthis，firstlydescribedthedisclosureoftheinternalcontrolinformationoftheHushen300indexlistedcompanies，thenstudiedthecorrelationoflistedcompanies

5、’internalcontrolinformationdisclosureandstockprice．Thearticlefirstlyreviewstheliteratureoftherelationshipbetweenaccountingmessagedisclosureininternalcontrolandstockprice，thenobtainsthatthestockmarketinourcountryisthesemi·strongformeffectivemarket；themessagewhichhasdisclosedbytheliste

6、dcompanyhascontent，andthemessagehasimpacttothestockpriceandSOon．Onthesebases，weputforwardresearchhypothesisandconfirmresearchmodelwithapplicationoftheCumulativeAbnormalReturnmethod．Thearticlegainsbyanalyzingaccountingmessagedisclosureininternalcontrol：stock，bank，andinsurancecompanydi

7、sclosedinternalcontrolwell，becauseoftheneedofsupervision；butotherlistedcompaniesdisclosedintemalcontrolnotverywell，amajorityofcompanychoosestodisclosesimply,hadnoessentialcontent．Theinternalcontrolmessagemostlydisclosedbytheboardofsupervisors，butitalwaysdisclosedformally．Ourcountry’S

8、listedcompan