| 内部控制信息披露质量与资本成本 |
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| 引用本文： | 沈豪杰,张晓岚.内部控制信息披露质量与资本成本[J].河南金融管理干部学院学报,2013(10):17-23. |
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| 作者姓名： | 沈豪杰 张晓岚 |
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| 作者单位： | [1]北京大学光华管理学院,北京100871 [2]深圳市创新投资集团,广东深圳518048 [3]上海对外贸易学院,上海210620 |
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| 摘 要： | 构建基于熵模型计量的内部控制信息披露质量指数,在此基础上,针对2008-2011年度上市公司内部控制信息披露的情况,实证检验了内部控制信息披露质量与资本成本之间的关系.检验结果发现,自2009年开始,内部控制信息披露质量越高的上市公司,在同等条件下的资本成本更低,这说明市场已经开始对内部控制信息予以足够的关注,意味着内部控制信息披露不仅给上市公司带来负担,也给上市公司带来潜在的利好.
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| 关 键 词： | 内部控制 内部控制信息披露质量指数 资本成本 熵 |
Quality of Internally-controlled Information Disclosure and Cost of Capital |
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| SHEN Haojie,ZHANG Xiaolan.Quality of Internally-controlled Information Disclosure and Cost of Capital[J].Journal of Henan College of Financial Management Cadres,2013(10):17-23. |
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| Authors: | SHEN Haojie ZHANG Xiaolan |
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| Institution: | 1. Guanghua School of Management, Peking University, Beijing , 00871 , China ; .. Shenzhen Chuangxin Investment Group, Shenzhen , Guangdong , 518048, China ; 3. Shanghai Institute of Foreign Trade, Shanghai 200235, China ) |
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| Abstract: | A quality index of internally-controlled information disclosure based on entropy model measurement is established in this paper, on the basis of which an empirical test is made on the relationship between the quality of internally-controlled information disclosure and cost of capital in accordance with internally-controlled information disclosure from the listed companies in the years of 2008--2011. The test results show that since 2009, the higher of the quality of internally-controlled information disclosure for the listed companies, the lower the cost of capital for them at the same circumstance, which suggests that the internally-controlled information disclosure has begun to capture much concern in the market, meaning that internally-controlled information disclosure brings not only burden but also benefit for the listed companies. |
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| Keywords: | internal control quality index of internally-controlled information disclosure cost of capital entropy |
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