與上市公司會計信息披露有關的外文文獻及翻譯

與上市公司會計信息披露有關的外文文獻及翻譯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.上市公司盈余質量與內部控制信息披露關系研究冷建飛，李璐（河海大學商學院，南京）1、前言近年來金融詐騙案件的發(fā)生帶來了不可估量的損失，這與公司內部控制系統(tǒng)弱是有關系的。目前，國內外相繼頒布了一系列法律規(guī)范。例如，《薩班斯-奧克斯利法案》（SOX）要求股票上市公司披露內部控制信息，包括內部控制的缺陷，內部的自我評估報告以及外部審計師的審計意見等。我們國家也制定了兩個重要的文件：《上海證券交易所股票上市公司內部控制指導方針》和《深圳證券交易所股票上市公司內部控制指導方針》。這些文件要求公司披露內部控制自我評價報告和外部審計師的審計意見，從而大大提高了公司內部控制與財務信息質量的有效性。會計盈余是一個得分點，也是所有的會計信息中最重要的元素之一，它主要影響公司預測未來凈現(xiàn)金流的能力。較高的盈利質量是市場有效運行的關鍵和公司未來現(xiàn)金流量的保障。公司的盈余質量越好，披露的內部控制信息越多，獲得的外部投資也越多。因此，盈余質量是影響內部控制信息披露的一個重要因素。在本文中，我們以2010年上海證券交易所和深圳證券交易所的1273家非金融公司為樣本，通過多元回歸分析，研究盈余質量與內部控制信息披露的關系。2、已有的關于內部控制信息披露的研究在2002年以前，上市公司內部控制信息披露采取自愿性原則，但很少有公司愿意披露。自從《薩班斯-奧克斯利法案》（SOX）實施之后，許多股票上市公司被迫披露內部控制信息，這為研究上市公司內部控制的學者提供了更多的資料和信息。對內部控制信息披露的研究主要集中在以下四個方面：（1）內部控制信息披露的現(xiàn)狀與對策關于內部控制信息披露現(xiàn)狀的研究有很多，如Mc.Mullen，Raghunandan和Rama對1989年至1993年期間的4154家公司進行了研究，研究表明在那些財務報告存在缺陷的公司中，只有26.5%的公司愿意披露內部控制信息，只有10.5%的公司提供內部控制報告。這一結果表明，上市公司自愿披露內部控制信息的比例很少，而且財務報告存在缺陷的公司更不愿意提供內部控制自我評估報告。赫曼森也對上市公司的內部控制信息披露做了相應的實證研究，得到了相同的結論。李明輝和秦冬梅對內部控制信息披露的現(xiàn)狀也做了研究。他們認為，目前上市公司披露內部控制信息的積極性不高，且大部分內部控制信息流于形式沒有實質性意義。李明輝還借鑒了美國在內部控制信息披露上的經驗，為完善我國上市公司內部控制信息披露提供了一系列建議和措施。李華，陳麗娜，戴曉峰和潘軍運用內部控制的理論分析了內部控制信息披露的現(xiàn)狀，指出了存在的問題并提出了相應的解決方法。戴新華和張強主要對上市銀行內部控制信息披露進行了研究，發(fā)現(xiàn)我國上市銀行內部控制信息披露體系不夠規(guī)范和充分。他們對《薩班斯-奧克斯利法案》(SOX)中有關美國內部控制信息披露的規(guī)定做了解釋，建議中國應分步實施上市銀行內部控制信息的改進完善。根據(jù)《上海股票交易所的指導方針》和《2006年上市公司年報要求須知》中關于內部控制信息披露的有關規(guī)定，楊有紅和王衛(wèi)運用描述性統(tǒng)計分析了2006年上海證券交易所上市公司內部控制信息披露的情況，發(fā)現(xiàn)了許多問題。（2）內部控制信息披露的影響因素布朗森，卡瑟羅，Raghunandan和多伊爾，GE，麥克維認為企業(yè)形象與內部控制信息存在一定的相關性。公司規(guī)模，機構投資者持股比例，審計委員會的數(shù)量和收入增長的速度都會對內部控制信息披露造成影響。許多其他專家對這樣的問題也進行了實證研究。Ge和麥克維采用問卷調查法分析樣本，發(fā)現(xiàn)虛假材料的披露與公司的復雜性有關但與公司規(guī)模和盈利能力是沒有直接關聯(lián)的。蔡吉福為了找出上市公司內部控制信息披露的影響因素對A股股票市場上市公司進行了相關的實證研究。結果表明，一個擁有良好經營業(yè)績和財務報告可靠性較高的公司更傾向于披露內部控制信息，反之亦然。這表明，公司的經營業(yè)績和財務報告的可靠性對股票上市公司內部控制信息披露存在一定的影響。安德魯J·Lcone選擇在其年度報告中披露內部控制重大缺陷信息的股票上市公司作為樣本，以研究內部控制信息披露的影響因素。結果表明，企業(yè)組織結構的復雜性，公司結構的變化和內部控制的輸入都是內部控制信息披露的影響因素。宋少卿和張堯對2006年至2007年上海證券交易所和深圳證券交易所A股市場上的上市公司進行研究，發(fā)現(xiàn)公司治理特征與內部控制信息披露是有關系的。審計委員會，年度統(tǒng)計數(shù)據(jù)，公司規(guī)模和上市地點對內部控制信息披露都有重大影響。王斌