上市公司内部控制有效性与股价信息含量相关性研究

摘要在证券市场上，通过信息影响股票价格进而实现资源的优化配置。股票价格的信息可以划分为三个层次：市场层面、行业层面与公司层面。股价信息含量即股票价格中所包含的公司层面信息量的大小，本文结合中国股市的特点，在众多度量方法中最终选取股价波动非同步性作为衡量股价信息含量的测度指标，进而对2009年—2011年A股主板、中小板和创业板的上市公司股价信息含量现状进行定量分析，同时从公司层面信息内部控制有效性出发，以内部控制鉴证报告的披露作为内控有效性的替代变量，进而探求上市公司内部控制有效性对股价信息含量的影响，实证检验证明内部控制有效性与上市公司股价信息含量显著正相关。64852

关键词内部控制有效性股价信息含量公司特质信息股价波动非同步性

毕业论文外文摘要

Title Research on the effectiveness of internal control on the company's share price information content

Abstract

In the stock market, optimizing the allocation of resources is achieved by affecting the stock price. The stock price can be pided into three levels: the market level, the industry level and the company level. Stock price information content is measure the size of the amount of information contained in the stock price of the company level. In this paper, considering of the characteristics of China's stock market, then select the volatility asynchronous to measure the price information content in many metrics ultimately. Then analyze the current situation of quantitative of 2009 to 2011 A-share board, small board and GEM listed company's share price information content. From the corporate level, in order to study the internal control effectiveness of departure, we use the internal control attestation report disclosure of internal control as a high-quality alternative variable. To explore the effectiveness of internal control of listed companies on the stock price information content, empirical tests prove internal control effectiveness of the listed company's share price information content significantly positively correlated.

Keywords Effectiveness of internal control stock price informativeness firm-specific information stock price non-synchronicity

1 绪论 1

1.1 研究背景及意义 1

1.2 研究方法与结构安排 3

2 文献综述 5

2.1 国外研究现状 5

2.2 国内研究现状 9

2.3 文献评述与本文创新点 13

3 内部控制有效性与股价信息含量相关理论分析 14

3.1 股价信息含量的理论框架 14

3.2 内部控制有效性的理论框架 20

3.3 内部控制有效性与股价信息含量的内在联系 23

4 股价信息含量测度 26

4.1 我国上市公司总体股价信息含量现状 26

4.2 股价信息含量的行业特征 28

5 上市公司内部控制有效性对股价信息含量的影响 30

5.1 研究设计上市公司内部控制有效性与股价信息含量相关性研究:http://www.751com.cn/kuaiji/lunwen_72224.html