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区别于以往文献从内部控制与信息不对称的正面静态视角考察投资者决策行为关系,本文基于现实投资者风险感知的复杂性,从内部控制缺陷及其修复与内部控制监管制度变迁的双重动态视角,考察投资者在信息不对称市场环境下的决策行为。研究发现,内部控制缺陷加重了信息不对称程度,降低了会计信息质量,强化了企业外部融资约束并增加了融资成本,但是随着内部控制缺陷的修复,财务报告质量得到提高,融资成本下降;进一步引入内部控制监管后发现,内部控制监管力度的加强可以加快内部控制缺陷修复的进度,显著提高内部控制治理能力,降低信息不对称,减弱投资者对企业的风险感知,降低融资成本。研究表明,在我国内部控制制度自我完善动力不足、制度自信与自觉不理想的背景下,应该进一步强化政府的外部监管力度,提高企业对于内部控制建设的自省与自律,真正实现内部控制对风险管理及其会计信息的保障作用,降低信息不对称,提高会计信息质量,降低企业的外部融资成本。
Different from the previous literature, from the frontal static perspective of internal control and information asymmetry to examine investors’ decision-making behavior, this article is based on the complexity of real investor risk perception, from the dual dynamic perspectives of internal control defects and their restoration and internal control supervision system changes. Investigate the decision-making behavior of investors under the asymmetric information market environment. The study found that the defects in internal control aggravated the degree of information asymmetry, reduced the quality of accounting information, strengthened the external financing constraints of the company and increased the financing costs. However, with the restoration of internal control defects, the quality of financial reports was improved and the cost of financing decreased. After the introduction of internal control supervision, it was found that the strengthening of internal control supervision can speed up the progress of the internal control defect repair, significantly improve the internal control and management capabilities, reduce information asymmetry, weaken the investor’s perception of the company’s risk, and reduce financing costs. Research shows that under the background of insufficient self-improvement, self-confidence and self-consciousness of China’s internal control system, it is necessary to further strengthen the government’s external supervision, improve the enterprise’s introspection and self-discipline for internal control construction, and truly achieve internal control over risk management. And its accounting information protection role, reduce information asymmetry, improve the quality of accounting information and reduce the company’s external financing costs.