CAJ | 학술논문

本文以2007—2008年度我国A股市场披露内部控制审计报告的企业为样本，检验了内部控制审计的有效性及定价效应。发现在我国现阶段信息披露环境下，内部控制审计信号是有效的，披露内部控制审计报告的上市公司具有较高的内部控制效率，在法律遵循、财务违规及经营效率上显著高于控制样本。同时，发现市场对内部控制审计信号进行定价，披露内部控制审计的上市公司具有较低的资本成本，在控制了上市公司内部控制效率之后，内部控制审计的定价效率依然存在。这一结果的启示是，强化内部控制审计有助于企业内部控制监管的实施，优化市场效率。
본문이2007—2008년도아국A고시장피로내부공제심계보고적기업위양본，검험료내부공제심계적유효성급정개효응。발현재아국현계단신식피로배경하，내부공제심계신호시유효적，피로내부공제심계보고적상시공사구유교고적내부공제효솔，재법률준순、재무위규급경영효솔상현저고우공제양본。동시，발현시장대내부공제심계신호진행정개，피로내부공제심계적상시공사구유교저적자본성본，재공제료상시공사내부공제효솔지후，내부공제심계적정개효솔의연존재。저일결과적계시시，강화내부공제심계유조우기업내부공제감관적실시，우화시장효솔。
Capital market was originally conceived as a platform where through listed company to realize an effective allocation of social resources, the key factor of efficient allocation is the disclosure of financial information which reflects the capabilities and performance of listed companies. However, it was proved still not enough to guide the allocation of resources to achieve the best outcomes that relying solely on years after the statements of listed companies and so-called disclosure of the audit report on major issues. After a range of financial scandal, investors gradually realize to pay more attentions on company＇s internal control report that will Sarbanes-Oxley Act in 2002, which formally put forward the mandatory requirements of listed companies to disclose their internal control report. At the same time, an increasing number of countries and regions are enquired to mandatory disclose the internal control information. In 2006, China also requires more about ICID, China＇s Shanghai and Shenzhen Stock Exchange were issued “guidelines for internal control of listed companies” . 2008, five ministries led by the Ministry of Finance issued the “Internal Control Standards,” requires listed companies to disclose internal control information, and conduct independent audit to protect investors from the quality of information in capital markets and reduce the information fraud risk. In China, the listed company＇s ICID behavior can be divided into two stages by Shanghai and Shenzhen Stock Exchange issued the listed company＇s internal control guidelines. The first stage is before Shanghai and Shenzhen stock exchange issued the listed company＇s internal control guidelines, the listed company＇s ICID is fragmented, and the format and content provisions are ambiguous, the listed company＇s ICID are listed in random part of the financial report, such as management discussion, corporate governance construction, the audit committee report, supervisors board report and the major issues parts etc; the second stage is after Shanghai and Shenzhen stock exchange issued the listed company＇s internal control guidelines, internal control information is listed independently in the annual report, which called internal control evaluation report. There is a significant difference in the listed companies＇ ICID behavior and ICID auditing. In 2007, the percentage of listed companies who disclose internal control evaluation report to all the A-share listed companies is 43.50% , and the percentage of ICID audit report is 12.80% ; In 2008 ,the ratio is 58.20% and 16. 40% respectively, specific data see table I below. From the data we can find that the listed company＇s ICID percentage increases year by year, however, in the proportion of internal control audit report is far below the internal control evaluation report disclosure. In essence, the listed company＇s internal ICID is a supplementary contract to make up enterprise financial information disclosure and audit in order to achieve effective managers＇ due diligence. Therefore, investors hope the third party can evaluate the internal control effectiveness which guarantees the quality of financial information process. Listed companies conduct ICID is essentially to pass signals of a enterprise internal control effectiveness to investors , while whether this signal transfer can get recognition of investors which is depending on the two necessary conditions of signal transmission theory ： the first requirement is to be selective, which is used as a signal behavior must have a nonmandatory characteristic; The second necessary condition is not easy imitated, namely for high quality companies, the signal transfer cost is much lower than the companies of low quality （ Scott, 2006）. Theoretical circles of the internal control study carried out a series of empirical studies （ Lin Bin etc, 2009 ; Yang Hung, 2009）. However, existing empirical research focused on the description of the disclosure of internal control information of listed companies and motivation （ Yuan Hongqi etc, 2008; Lin Bin etc, 2009; Yang Hung, 2009）. Signals sent by the effectiveness of internal control information, the disclosure of internal control efficiency of the internal control information of listed companies, capital market for the internal control information of listed companies to disclose how to price and other key issues yet to be validation of the system. Using a sample with internal control disclosure corporations 2007 - 2008, this paper provides evidence for internal control audit and internal control efficiency. The results show the positive relation between the internal control audit and internal control efficiency. Corporations with internal control audit have higher internal control efficiency than control samples. The findings indicate that the internal control disclosure audit play a important signal function in our transit economy.