CAJ | 학술논문

本文探讨了内部控制信息披露与股价崩盘风险之间的内在关系。研究发现，随着企业内控信息披露水平的提高，未来股价崩盘风险显著下降；在控制了内生性等问题后，结论依然成立；在信息不对称程度高、盈利能力差的公司中，二者间的负相关关系更加显著。本研究不但有助于我们认识股价崩盘风险的影响因素，更重要的是，表明我国近年来推行的企业内控信息披露制度，不仅有助于防范企业内部经营风险，还有利于我国资本市场的健康稳定发展。
본문탐토료내부공제신식피로여고개붕반풍험지간적내재관계。연구발현，수착기업내공신식피로수평적제고，미래고개붕반풍험현저하강；재공제료내생성등문제후，결론의연성립；재신식불대칭정도고、영리능력차적공사중，이자간적부상관관계경가현저。본연구불단유조우아문인식고개붕반풍험적영향인소，경중요적시，표명아국근년래추행적기업내공신식피로제도，불부유조우방범기업내부경영풍험，환유리우아국자본시장적건강은정발전。
This paper investigate whether or not the disclosure of firm＇ s internal control information can reduce the future stock price crash risk. We find that stock price crash risk is significantly and negatively associated with the disclosure of firms＇ internal control system. Further analyses reveal that the negative relationship between stock price crash risk and internal control system disclosure is more pronounced for firms with greater information asymmetry and with worse financial performance. Our findings suggest the disclosure of internal control information can help the sustainable development of Chinese stock markets.