内部控制质量、信息透明度与股价同步性实证研究.pdf

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1、因素的研究，为我们进行内部控制建设，提高证券市场运行效率提供启发与建议。关键字：内部控制质量；股价同步性；信息透明度AbstractStockpricesynchronicityreferstothephenomenonthatmostofthestockpricesriseoffallsimultaneouslyduringacertainperiodoftimefromamacroperspective.Fromthemicroscopicperspective,itsmeaningistheco-movementsofstockmarket.Mar

2、ket,industryandfirm-specificinformationallhaveeffectonstockprices,butwhattrulyeffectstockpriceisthelastone.China'sstockmarkethaslongbeenremaininghighstockpricesynchronicitywiththestockpricecontainslittlecompanyinformationanddoesnottrulyreflecttherealvalue.Thisphenomenonwilllowert

3、heeffectivenessofthesecuritiesmarketandisdisadvantageoftheoptimalallocationofmarketresources.In2011,68companieslistedindomesticandoverseasatthesametimeand216internalcontrolpilotcompaniesareenforcedtoimplementinternalcontrolstandardsystem.In2012,theministryoffinanceandCSRCjointlyi

4、ssuedanoticetofurtherexpandtheenforcementofthesystemofinternalcontrolscopethemainboardstateholdinglistedcompany,inJanuary2014,theCSRCandtheministryoffinancejointlyissuedtheannualgeneralprovisionsontheinternalcontrolevaluationreport.Itseemsthatourcountry'sinternalcontrolsystemisin

5、creasinglyperfect.So,doesithaveimpactonstockpricesynchronicityofChina'ssecuritiesmarket？Whatistheimpact？WhatistheinfluentfactorsofChinesestockpricesynchronicity？HowtoreducethestockpricesynchronicityofChina？Accordingtotheexistingliterature,informationtransparencyandinvestor-protec

6、tionarefactorsthatresultinhighstockpricesynchronicityinemergingmarkets.Tosatisfytheaccountinginformationuser'sneedsandprotecttheinterestsofinvestors,weneedtomakesomesystemtoprotecttheinterestsoftheaccountinginformationusersandinvestorsfromtheviolation,andtheeffectiveinstitutional

7、arrangementistheinternalcontrolsystem.Inthispaper,basedontheChinesecorporategovernancecharacteristics,inordertoreducestockpricesynchronicityresearchasastartingpoint,wedemonstratesthathowtheinternalcontrolqualityaffectstockpricesynchronicity,andthentestthemainlineoftheconductiveef

8、fectofinformationtransparencybetweenthei