CAJ | 학술논문

研究个人投资者对内部控制信息披露的反应机理具有重要的与内部控制披露管制相关的政策含义。本文运用实验研究方法，研究了内部控制缺陷信息披露对个人投资者风险认知的影响。研究发现，内部控制缺陷的严重程度对个人投资者的风险认知具有显著影响，但投资者对不披露任何缺陷与披露重要缺陷并没有进行差异化的风险认知反应；管理层对内部控制缺陷的描述程度对个人投资者的风险认知无显著影响。本文研究还发现，对管理者的信任是内部控制缺陷对个人投资者风险认知影响的一个重要中介变量；注册会计师的内部控制审计报告对个人投资者风险认知具有显著影响，在披露内部控制缺陷的情况下，对内部控制审计报告的使用程度越高，越能强化内部控制缺陷对个人投资者风险认知的消极影响。
연구개인투자자대내부공제신식피로적반응궤리구유중요적여내부공제피로관제상관적정책함의。본문운용실험연구방법，연구료내부공제결함신식피로대개인투자자풍험인지적영향。연구발현，내부공제결함적엄중정도대개인투자자적풍험인지구유현저영향，단투자자대불피로임하결함여피로중요결함병몰유진행차이화적풍험인지반응；관리층대내부공제결함적묘술정도대개인투자자적풍험인지무현저영향。본문연구환발현，대관리자적신임시내부공제결함대개인투자자풍험인지영향적일개중요중개변량；주책회계사적내부공제심계보고대개인투자자풍험인지구유현저영향，재피로내부공제결함적정황하，대내부공제심계보고적사용정도월고，월능강화내부공제결함대개인투자자풍험인지적소겁영향。
There is important value on internal control relevant policy formulation and implementation to study individual investors＇ reaction mechanism of internal control information disclosure. This research examines the influence of internal control deficiency information disclosure on individual investors＇ investment risk perception with experimental research method. We find that the severity of internal control deficiency significantly influences individual investors＇ expected investment risk assessment, but there is no significant difference between the disclosure of none deficiency and the disclosure of significant deficiency on individual investors＇ risk perception, the description of internal control deficiency has no significant influence. The trust on managers is an important intermediary variable between the severity of internal control deficiency and individual investors＇ investment risk perception. We also fmd that internal control audit： report has significant effect on individual investors＇ investment risk perception. The higher the level of individual investors using the internal control audit report is, the more it will strengthen the negative influence of internal control deficiency to individual investors＇ risk perception.