与上市公司会计信息披露有关的外文文献及翻译

与上市公司会计信息披露有关的外文文献及翻译AnalysisoftheRelationshipbetweenListedCompanies’EarningsQualityandInternalControlInformationDisclosure*JianfeiLeng,LuLiSchoolofBusiness,HohaiUniversity,Nanjing,China1、IntroductionThecasesoffinancialfraudleadtoincalculablelossesintheseyears,whicharerelatedtofirm’sweaksystemofinternalcontrol.Now,bothdomesticandforeignhaveissuedaseriesoflegalnorms.Forexample,Sarbanes-Oxley(SOX)ActforcelistedCompaniestodisclosetheirinternalcontrolinformation,includinginternalcontroldeficienciesandinternalself-assessmentreportandexternalauditor’sauditopinion.Weformulatetwoimportantfiles:“ShanghaiStockExchangelistedcompaniesinternalcontrolguidelines”and“ShenzhenStockExchangelistedcompaniesinternalcontrolguidelines”.Thesefilesrequirecompaniestodiscloseinternalcontrolself-assessmentreportandcommentsofexternalauditor’saudit,whichgreatlyimprovecompany’seffectivenessofinternalcontrolandqualityoffinancialinformation.Accountingearningsisthescoreandoneofthemostimportantelementsinalloftheaccountinginformation,whichmainlyreferstothecompany’sabilityofforecastingfuturenetcashflow.Higherearningsqualityisthekeytotheeffectivefunctionofthemarketandtheinsuranceofthecompany’sfuturecashflow.Thebetterqualityofcompany’searningsinclinedtodisclosemoreinternalcontrolinformationandtogetmoreoutsideinvestment.Therefore,earningsqualityisoneofthemostimportantfactorstoaffectinternalcontrolinformationdisclosure.Inthisarticle,withtheanalysisofmultipleregressions,weexaminetherelationshipofearningsqualityandinternalcontroldisclosureofinformationinthesampleof1273nonfinancialfirmsinshanghaiandShenzhenStockExchangein2010.2.PriorResearchonInternalControlInformationDisclosureListedcompanies’internalcontrolinformationdisclosureismostlyvoluntarybefore2002,butfewcompaniesarewillingtodoso.SinceSarbanes-Oxley(SOX)Actisenforced,manylistedcompaniesareforcedtodisclosetheirinformationofinternalcontrol,whichprovidingmorematerialandinformationtoscholarswhostudylistedcompanies’internalcontrol.Researchesoninternalcontrolinformationdisclosurearemainlyconcentratedonthefollowingfouraspects:1)Thecurrentsituationandsolutionsofinternalcontrolinformationdisclosure.Therearelotsofresearchesonthecurrentsituationofinternalcontrolinformationdisclosure,Mc.Mullen，RaghunandanandRama[1]studied4154companiesduring1989-1993,suggestingthatonly26.5%companiesarewillingtodisclosetheirinternalcontrolinformation,andthatonly10.5%providetheirinternalcontrolreportamongthosecompanieswithdeficienciesontheirfinancialreports.Itshowsthattheproportionofcompaniesvoluntarilydisclosingtheirinternalcontrolinformationislittle,andthatthecompanieswithdeficientfinancialreportaremoreunwillingtoprovidetheinternalcontrolself-assessmentreport.Hermanson[2]alsodidcorrespondingempiricalresearchonlistedcompany’sinternalcontrolinformationdisclosureandgotthesameconclusion.MinghuiLi[3]andDongmeiQin[4]maderelatedresearchesonthecurrentsituationofinternalcontrolinformationdisclosure.Theybelievedthatcurrentlistedcompanies’enthusiasmofdisclosinginternalcontrolinformationisnotstrong,andmuchinternalcontrolinformationwasnotsubstantialbutformal.MinghuiLi[3]alsodrawnontheexperiencesoftheUnitedStatesininternalcontrolinformationdisclosure,andprovidedaseriesofsuggestionsandmeasuresofimprovinginternalcontrolinformationdisclosure.HuaLi,LinaChen[5],XiaofengDaiandJunPan[6]analyzedthecurrentsituationofinternalcontrolinformationdisclosurewithinternalcontroltheories,andpointedouttheproblemsandputforwardthecorrespondingsolution.XinhuaDaiandQiangZhang[7]mainlydidtheresearchonlistedbanks’internalcontrolinformationdisclosure,findingthatourlistedbanks’systemofinternalcontrolinformationdisclosureisnotstandardizedandsufficient.TheyinterpretedthecorrespondingrequirementsoftheUSinternalcontrolinformationdisclosuresetby“Sarbanes-OxleyAct”,suggestingChinatopromotetheimprovementoflistedbanks’internalcontrolinformationstepbystep.Accordingtorelevantprovisionsofinternalcontrolinformationdisclosurerequiredby“ShanghaiStockExchangeGuidelines”and“TheNoticeonListedCompanies’AnnualReportin2006”,YouhongYangandWeiWang[8]analyzedtheinternalcontrolinformationdisclosureoflistedcompaniesonShanghaiStockExchangein2006withdescriptivestatistics,andfoundmanyproblems.2)Impactfactorsofinternalcontrolinformationdisclosure.Bronson,carcello,RaghunandanandDoyle,Ge,McVaysuggestedthatthereisacorrelationbetweencorporateidentityandinternalcontrolinformationdis-closure.Companysize,theproportionofinstitutionalinvestorholding,thenumberofauditcommitteeandthespeedofearningsgrowthhaveimpactoninternalcontrolinformationdisclosure.Manyotherexpertsdidempiricalstudyonsuchquestion.GeandMcVayusedasurveymethodtoanalyzethesample,discoveringthatthedisclosureofmaterialdefectsisrelatedtothecomplexityofthecompanybutthereisnodirectcorrelationwithcompanysizeandprofitability.JifuCaimadearelevantempiricalstudyofA-sharelistedcompaniestofindimpactfactorsoflistedcompanies’internalcontrolinformationdisclosure.Theresultsshowedthatthecompanieswithabetteroperatingperformanceandhigherreliabilityoffinancialreportaremoreinclinedtodiscloseitsinternalcontrolinformation,andviceversa.Thisindicatesthatthecompany’soperatingperformanceandreliabilityoffinancialreportaffectthelistedcompanies’internalcontrolinformationdisclosure.AdrewJ.Lconeselectedlistedcompanieswhodisclosedmaterialdefectsoftheirinternalcontrolinformationintheirannualreportsassamplestostudytheimpactfactorsofinternalcontrolinformationdisclosure.Theresultsshowthatthecomplexityofcorporatestructures,thechangesincompanystructureandtheinputstointernalcontrolarealltheimpactfactorsofinternalcontrolinformationdisclosure.ShaoqingSongandYaoZhangstudiedA-sharelistedcompaniesonShanghaiandShenzhenStockExchangefrom2006to2007,findingthatthereisacorrelationbetweencorporategovernancecharacteristicsandinternalcontrolinformationdisclosure.Auditcommittee,annualstatistics,companysizeandtheplaceoflistinghaveasignificantimpactoninternalcontrolinformationdisclosure.BinWangandHuanhuanLiang[15]studied1884listedcompaniesonShenzhenStockExchangebetween2001and2004.Theymadeuseoftheirratingreportsofinformationdisclosurequalitytoexaminetheinherentrelationshipbetweenlistedcompanies’corporategovernancecharacteristics,characteristicsofoperatingconditionandinformationdisclosurequality,findingthatcorporategovernancecharacteristicsandcharacteristicsofoperatingconditionhaveacertainimpactoninternalcontrolinformationdisclosure.3)Thecostofinternalcontrolinformationdisclosure.Thestudiesonthecostofinternalcontrolinformationdisclosurearenotverymuch.J.Efrim,Boritz,PingZhangthoughtthatthecostsofdisclosinginternalcontrolinformationisenormous,andthemanagementdidnotbelievethatthebenefitsofinternalcontrolinformationdisclosurewouldsurpassthecorrespondingcosts.MariaanalyzedthesamplewhichdisclosestheirinternalcontrolinformationinaccordancewithSECrequirements,primarilystudytherelationshipbetweenthecostsofdisclosinginternalcontrolinformationandtheeffectivenessoftheinternalcontrolsystem.Itisfoundthatthecostofdisclosingdeficienciesofinternalcontrolinformationisfarmorethanthatofdefect-free.4)Correlationbetweeninternalcontrolandearningsquality.Therearemanyresearchesonthecorrelationbetweeninternalcontrolandearningsquality.Doyle[11]studiedtherelationshipbetweeninternalcontrolandearningsquality,andfoundthatinternalcontrolisamotivationofearningsquality.ThestudiesofChan[18]andGohandLi[19]aresimilar.Chan[18]discoveredthatearningsmanagementofthosewhodisclosethematerialdefectsofinternalcontrolhasahigherdegreebutthereturnoninvestmentisverylow.GohandLi’s[19]alsofoundthatcompany’searningsstabilitycanbeincreasedafterimprovingthedefectsofinternalcontrol.LoboandZhou[20]madeacomparisononcompanies’discretionaryaccrualsbetweenbeforeimplementing“Sarbanes-OxleyAct”andafterimplementingit,findingthatcompanies’discretionaryaccrualsdecreasedalotaftertheimplementationof“Sarbanes-OxleyAct”.Doyle,GeandMcvay[10]dividedtheinternalcontroldefectsintotwoaspects:corporatelevelandaccountlevel,findingthatinternalcontroldefectsoncorporatelevelisinfluentialtoearningsquality,butthereisnocorrelationbetweeninternalcontroldefectsonaccountlevelandearningsquality.GuoqingZhang[21]selectednonfinancialA-sharelistedcompaniesin2007asaresearchobjecttostudytheinternalcontrolqualityonearningsquality.Theresultshaveshownthatthereisnocloselinkbetweenhighqualityinternalcontrolandearningsquality,butcompany’scharacteristicsandcorporategovernancefactorsmayaffectinternalcontrolqualityandearningsqualitysystematically.ChunshengFangetal.[22]usedquestionnairesurveytoexaminetherelationshipbetweeninternalcontrolsystemandfinancialreportingquality,findingthatfinancialreportingqualityimprovedafterimplementationofinternalcontrolsystem.JunZhangandJunzhiWang[23]selectedlistedcompaniesonShanghaiStockExchangein2007assample,andusedadjustedJonesmodeltocalculatediscretionaryaccrualsandfoundthatdiscretionaryaccrualssignificantlyreducedafterthereviewofinternalcontrol.ShengwenXieandWenhaiLai[24]selectedA-sharelistedcompaniesonShanghaiStockExchangein2007and2008assamples.Theyanalyzedtherelationshipbetweeninternalcontroldeficienciesandearningsqualitybyusingapairedstudy,andfoundthatlistedcompanies’internalcontrolinformationdisclosurehadaneffectonearningsquality.Basedontheabovestudies,wecanseethatinternalcontrolgetsmoreattentionafterthepromulgationof“Sarbanes-OxleyAct”.Currentresearchescentralizeonthedefectsofexistinglawsandregulations,thecurrentsituationsoflistedcompanies’internalcontrolinformationdisclosure,therelationshipbetweenlistedcompanies’internalcontrolinformationdisclosureandtheiroperatingconditions,financialreportqualityandearningsquality.Amongthecurrentstudies,mosthavefocusedondescriptivestatisticsandtherelationshipbe-tweeninternalcontrolqualityandearningsquality,whilethereisnostudyuseearningsqualityasexplanatoryvariabletoreflectitseffectoninternalcontrolinformationdisclosure.Therefore,thisarticleusesearningsqualityasmainexplanatoryvariableanddisclosureofinternalcontrolasthedependentvariabletodoempiricalstudy,whichcompensateforthelackofcurrentresearchtosomeextent.3.Method3.1.HypothesisHypothesis:thebetterthequalityofearningsis,thehigherthelevelofinternalcontrolinformationdisclosurewillbe.Accordingtoagencytheoryandsignalingtheory,corporatetrusteehasobligationtoreportrelevantinformationtothecorporatecapitalowners,whichgivehelptotheoperationofbusiness.Intheprocessofreporting,correspondinginformationistopassthecorporaterelevantsignaltothecapitalmarket.Thesignalcanmaketheoperatoraffecttheflowofresourcesincapitalmarketinacertainextenttoimprovetheenterprise’sinterests.Thereisthemutuallyreinforcingrelationshipbetweeninternalcontrolinformationdisclosureandthequalityofearnings.Acompanythatcanfullydiscloseitsinformationofinternalcontrolmeansthatitsmanagershaveagooddescriptionofethics.Meanwhile,acompanythatcantaketheinitiativetoshowitsinternalcontrolinformationindetailindicatesthatitscompanyhasahigherself-confidence,whichwillattractmorecapitalmarketresources,increaseitscashflow,enhancethequalityofearnings,andimprovemanagementcapabilities.Conversely,companieswithgoodearningsqualitywillchoosetovoluntarilydisclosetheirinformationofinternalcontrolindetail.Theycandistinguishthemselvestothecompanieswithinferiorearningsqualityandgetmorefavorfrominvestors.上市公司盈余质量与内部控制信息披露关系研究冷建飞，李璐（河海大学商学院，南京）1、前言近年来金融诈骗案件的发生带来了不可估量的损失，这与公司内部控制系统弱是有关系的。目前，国内外相继颁布了一系列法律规范。例如，《萨班斯-奥克斯利法案》（SOX）要求股票上市公司披露内部控制信息，包括内部控制的缺陷，内部的自我评估报告以及外部审计师的审计意见等。我们国家也制定了两个重要的文件：《上海证券交易所股票上市公司内部控制指导方针》和《深圳证券交易所股票上市公司内部控制指导方针》。这些文件要求公司披露内部控制自我评价报告和外部审计师的审计意见，从而大大提高了公司内部控制与财务信息质量的有效性。会计盈余是一个得分点，也是所有的会计信息中最重要的元素之一，它主要影响公司预测未来净现金流的能力。较高的盈利质量是市场有效运行的关键和公司未来现金流量的保障。公司的盈余质量越好，披露的内部控制信息越多，获得的外部投资也越多。因此，盈余质量是影响内部控制信息披露的一个重要因素。在本文中，我们以2010年上海证券交易所和深圳证券交易所的1273家非金融公司为样本，通过多元回归分析，研究盈余质量与内部控制信息披露的关系。2、已有的关于内部控制信息披露的研究在2002年以前，上市公司内部控制信息披露采取自愿性原则，但很少有公司愿意披露。自从《萨班斯-奥克斯利法案》（SOX）实施之后，许多股票上市公司被迫披露内部控制信息，这为研究上市公司内部控制的学者提供了更多的资料和信息。对内部控制信息披露的研究主要集中在以下四个方面：（1）内部控制信息披露的现状与对策关于内部控制信息披露现状的研究有很多，如Mc.Mullen，Raghunandan和Rama对1989年至1993年期间的4154家公司进行了研究，研究表明在那些财务报告存在缺陷的公司中，只有26.5%的公司愿意披露内部控制信息，只有10.5%的公司提供内部控制报告。这一结果表明，上市公司自愿披露内部控制信息的比例很少，而且财务报告存在缺陷的公司更不愿意提供内部控制自我评估报告。赫曼森也对上市公司的内部控制信息披露做了相应的实证研究，得到了相同的结论。李明辉和秦冬梅对内部控制信息披露的现状也做了研究。他们认为，目前上市公司披露内部控制信息的积极性不高，且大部分内部控制信息流于形式没有实质性意义。李明辉还借鉴了美国在内部控制信息披露上的经验，为完善我国上市公司内部控制信息披露提供了一系列建议和措施。李华，陈丽娜，戴晓峰和潘军运用内部控制的理论分析了内部控制信息披露的现状，指出了存在的问题并提出了相应的解决方法。戴新华和张强主要对上市银行内部控制信息披露进行了研究，发现我国上市银行内部控制信息披露体系不够规范和充分。他们对《萨班斯-奥克斯利法案》(SOX)中有关美国内部控制信息披露的规定做了解释，建议中国应分步实施上市银行内部控制信息的改进完善。根据《上海股票交易所的指导方针》和《2006年上市公司年报要求须知》中关于内部控制信息披露的有关规定，杨有红和王卫运用描述性统计分析了2006年上海证券交易所上市公司内部控制信息披露的情况，发现了许多问题。（2）内部控制信息披露的影响因素布朗森，卡瑟罗，Raghunandan和多伊尔，GE，麦克维认为企业形象与内部控制信息存在一定的相关性。公司规模，机构投资者持股比例，审计委员会的数量和收入增长的速度都会对内部控制信息披露造成影响。许多其他专家对这样的问题也进行了实证研究。Ge和麦克维采用问卷调查法分析样本，发现虚假材料的披露与公司的复杂性有关但与公司规模和盈利能力是没有直接关联的。蔡吉福为了找出上市公司内部控制信息披露的影响因素对A股股票市场上市公司进行了相关的实证研究。结果表明，一个拥有良好经营业绩和财务报告可靠性较高的公司更倾向于披露内部控制信息，反之亦然。这表明，公司的经营业绩和财务报告的可靠性对股票上市公司内部控制信息披露存在一定的影响。安德鲁J·Lcone选择在其年度报告中披露内部控制重大缺陷信息的股票上市公司作为样本，以研究内部控制信息披露的影响因素。结果表明，企业组织结构的复杂性，公司结构的变化和内部控制的输入都是内部控制信息披露的影响因素。宋少卿和张尧对2006年至2007年上海证券交易所和深圳证券交易所A股市场上的上市公司进行研究，发现公司治理特征与内部控制信息披露是有关系的。审计委员会，年度统计数据，公司规模和上市地点对内部控制信息披露都有重大影响。王斌