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本文以深交所2009—2012年主板上市公司为样本,研究内部控制信息披露质量对股票风险、流动性和资本成本的影响。首先设计评价内控信息披露质量的指标,利用熵权法计算评估值,发现我国上市公司内部控制信息披露质量呈上升趋势,但整体水平不高。通过实证研究发现,内部控制信息披露质量与股票风险显著负相关,与股票流动性显著正相关,与股权资本成本显著负相关。这说明提高内部控制信息披露质量,既有利于完善资本市场发展,又有利于节约股权资本成本,因此,应加强上市公司内部控制信息披露的监管。
This paper takes the listed companies of the Shenzhen Stock Exchange from 2009 to 2012 as a sample to study the impact of the quality of the internal control information disclosure on stock risk, liquidity and capital cost. Firstly, the index of evaluating the quality of internal control information disclosure is designed and the entropy weight method is used to calculate the evaluation value. It is found that the quality of internal control information disclosure of listed companies in our country is on the rise, but the overall level is not high. The empirical research shows that the quality of internal control information disclosure has a significant negative correlation with stock risk, a significant positive correlation with stock liquidity, and a significant negative correlation with equity capital cost. This shows that improving the quality of information disclosure of internal control is not only conducive to improving the capital market but also saving the cost of equity capital. Therefore, the supervision of information disclosure of internal control of listed companies should be strengthened.