A Study of the Constraining Effect of Internal Control on Earnings Management
- 2012年 
【中文摘要】能否有效降低上市公司盈余管理水平是内部控制研究的重要问题。以2007 - 2008年 度A股主板上市公司为样本，对这一问题及资本市场对上市公司内部控制水平的定价效应的研究 表明,我国现阶段上市公司内部控制水平与盈余管理水平存在显著的负相关，内部控制水平能够 有效地抑制上市公司盈余管理水平。同时，市场对上市公司内部控制水平进行定价，内部控制水 平较高的上市公司具有较低的资本成本，在控制了上市公司盈余管理水平之后，资本市场对上市 公司内部控制水平的定价效应依然存在。这进一步验证了上市公司内部控制建设的重要性。 【Abstract】One of the key issues in the study of internal control (IC) is whether IC can effectively constrain earnings management (EM) of listed companies. Analyzing a sample of A-share listed companies between 2007 and 2008, this study looks into this issue as well as the pricing effect of capital market on the IC levels of listed companies and concludes that there exists a significant negative correlation between IC levels and EM levels in listed companies in China, and that IC levels can effectively constrain listed companies' EM levels. It is also revealed that IC levels in listed companies priced by the market; that listed companies with higher levels of IC have lower capital cost; and that capital market continues lo have some pricing effect on IC levels of listed companies after it has controlled listed companies' EM levels. These findings confirm the argument that the construction of IC in listed companies is of paramount importance.