管理层责任承担的市场反应——基于内部控制缺陷披露的视角

被引：15

作者：

张晓哲

周晓苏

杜亚光

机构：

[1] 南开大学商学院

来源：

管理科学学报 | 2020年 / 23卷 / 10期

关键词：

内部控制缺陷; 责任承担; 市场反应; 管理层解释; 信任修复;

D O I：

暂无

中图分类号：

F272.91 [企业领导]; F275 [企业财务管理]; F832.51 [];

学科分类号：

摘要：

以2010年～2018年存在内部控制重要缺陷和重大缺陷的A股上市公司为研究样本,基于信任修复理论,考察了管理层责任承担的市场反应.研究发现:1)管理层对内部控制缺陷的责任承担引起消极的市场反应; 2)在区分内部控制缺陷程度后发现,上述消极反应在重大缺陷的样本中更为明显; 3)财务报告内控缺陷更多时,管理层责任承担产生了更加消极的市场反应.进一步研究发现,内控缺陷整改和高的媒体关注度降低了投资者对管理层责任承担的负向反应;从长期来看,管理层责任承担充分地释放了内控缺陷的负面消息,降低了公司股价未来崩盘风险.研究有助于深入理解管理层责任承担在我国资本市场中的作用,并为监管部门完善内部控制信息披露提供了参考.

引用

页码：40 / 59

页数：20

共 41 条

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