内部控制信息披露与IPO抑价_深圳中小板市场的实证研究

IPO邱冬阳陈林孟卫东(400044100821)!本文选取20062008年深圳中小板市场IPO公司内控信息披露状况及其对应的超额收益率,应用对比分析和多元回归分析法,实证研究了市场对IPO期间的内控信息披露的反应结论是IPO公司上市首日开盘价对于明确的内控信息披露有显著的正向反应,因此建议上市公司和监管层从IPO开始规范内控信息披露推动内控制度建设!IPO信息披露内部控制超额收益率,2001,,2002Sarbanes-Oxley302404,1997∀#,2001∀#,2006∀#,2006620069∀#,,??(IPO)(IPO)():SOX,,;;:(Wills,2000);;(Hamersley,2008);(Doyle,2007);(Goh,2007),logistic,IPO()IPOIPO,:34,∃%IPO,,:,IPO&,Ibbotson(1995)∃%,,IPO,IPO,,,IPO(),,,2006,,IPO,;,,IPO,,:,,IPO,IPO,:IPO;(10)(),(),,IPO,IPO,,,IPO,,,,,,,,,,,(),∃%,∃%IPO,,IPO,1:1:IPOIPO,,,IPO,,,23:2:IPO3:IPOIPO35&IPO,IPO,IPO,IPO;,IPO;,IPOIPO()1.IPO,:ARjt=Pjt-Pj,t-1Pj,t-1-Ijt-Ij,t-1Ij,t-1:ARjtjt,PjtPj,t-1j,IjtIj,t-1jIPO,,,ARj0ARj1,(N)(AAR),:AARt=1N∋ni=1ARi,t,AAR,:CAR(t1,t2)=∋t2t=t1AARi,tIPO,,,10,t1,t21102.IPO∀#∀#,IPO,:(1);(2)3.IPOIPO,,,IPOIPO,IPOIPO,11IPO:AR:AAR:CAR,1,0,1,0IPOIPO:ROE;;()EPSIPODOR;();()IPO();;;36(),20066IPO,,,20062008IPO,:200665(002051)2008916(002274),002257,,223IPO∀#,∀#,,:(1)(1,0),∃%,∃%,∃%:(2)(1,0)223,191,32;60,163,(ARAARCAR)()(),:,IPO;200620072008;,IPO,,,1ARCAR,IPO,,ARCAR,ARi=0+1INCONi+2ROEi+3SIZEi+4DORi+i:AR,CARINCON,,:1,0;:1,0ROE,SIZE,,DOR(%),Eviews50,,2(t)R2,F()1.ARCAR,,t,,,2.10%t,IPO,,IPO,IPO,1,,AR110CAR1037,,,,22IPOAR0AR1CAR10AR0AR1CAR104339(4465**)4582(4481**)4148(4073**)4428(4601**)4695(4631**)4239(4194**)-0121(-0642)-0059(-0299)-0072(-0365)-0262(-1776*)-0237(-1521)-0216(-1391)ROE-0010(-1559)-0011(-1784*)-0011(-1704*)ROE-0009(-1442)-0011(-1673*)-0010(-1605)SIZE-0302(-2525**)-0316(-2515**)-0274(-2188**)SIZE-0320(-2691**)-0332(-2646**)-0289(-2309**)DOR-0869(-2268**)-1111(-2757**)-1035(-2579**)DOR-0811(-2136**)-1068(-2671**)-0992(-2489**)R2006670078500663R2007830087800739R2004960061600492R2006140071100569F3896***4645***3869***F4629***5249***4351***:1.******1%5%10%2.,,3.,SIZE,DOR,t5%,IPO,3,ROE(),IPO,IPOROEEPS4.R2R2,,F1%,()1.2006-2008IPO;,,IPO,,,IPO,IPO,IPO2.IPOIPO,,∃%,IPO,,IPO,IPO38()1.IPO,,,,:,IPOIPO,,;IPO,,,IPO∃%,IPO,IPO2.,,,,:,,,,,,,,4-5,,,3.,IPO,IPO,,,,IPO4.,,,,,IPO,IPO,,,.2005..,5:85~88.2009.:.,1:87~96,,.2007..,8:60~67,.2008.2006.,3:35~42Doyle,J.,WeiliGe,andSarahMcVay.2007.AccrualQualityandInternalControloverFinancialReporting.TheAccountingReview,82(5):1141~117039EnglishAbstractsofMainPapersThreeLevelFundamentalThoereticalIssuesonFairValueAccountingHaoZhenping&ZhaoXiaoluThispaperbelievesthatfairvalueaccountingisconsistentwiththedecisionusefulnessobjectiveoffinancialreporting.Ifthedecisionusefulnessobjectiveoffinancialreportingcannotbeoverthrown,thefairvaluemeasurementattributecannotbesuspended.However,thefairvaluemeasurementattributewillnotbetheonlymeasurementmodelinthenearfuture,andtherewillbethemixedmeasurementmodelin21century.Sincetherewillbethemixedaccountingmeasurementmodelinacomparativelylongtimeperiod,whichmeasurementattributestobeusedfortheitemsinfinancialstatementsshouldbejudgedbasedonthequalitycharacteristicsrequiredforfinancialstatements.Theitemsmeasuredbyfairvalueshouldbeimprovedfortheirinformationquality.OntheEssenceofFairValueDongBirongTherearedifferentviewsabouttheessenceoffairvalueincurrentaccountingdomain.Theseviews'formationisrelativewithdifferentcomprehensionsandregulationsofmanycountries'accountingstandardsofdifferentperiods.Fairvalueisputforwardduringtheprocessoftransaction-basedaccountingchangingtovalue-basedaccountingprogressively,andshouldbeanalyzedinvalue-basedaccountingsystem.Theobjective,qualitativecharacteristics,recognition,measurementandfinancialreportofvalue-basedaccountingarealldifferentfromthetransaction-basedaccounting.Inthesystemofvalue-basedaccounting,fairvalueistheobjectiveofvalue-basedmeasuremen,twhilemeasurementattributesareallthemeanstofulfiltheobjectofvalue-basedmeasuremen.tFairvaluereflectstherequirementsoftheideaoftrueandfairtoaccountingmeasuremen.tFairvalueshouldnotbetreatedasaspecificmeasurementattribute,oritwillnotonlycontradictwiththeleveloffairvalueinthesystemofvalue-basedaccounting,butalsocontradictwiththewholespiritofaccountingstandardsofallcountries.Whatismore,itwillbearepetitiontooneofcurrentmeasurementattributes-currentmarketprice.StudyontheAccountingIssuesandImplicationofLehmanBrothers'BankruptcyYuanMin&ZhuRongenLehmanBrothersHoldingsInc.,thefourthlargestinvestmentbankinUSA,wentintobankruptcyonSep.15,2008.Someissuessuchasriskmanagemen,tcorporategovernanceandaccountingpoliciesselectionbecomethehottopics.Thispaperanalyzestherepotransactionthatinvestbankusedtofinanceitsfundsandintroducesrelatedaccountingtreatmen.tBasedonthis,westatethebalancesheetpressureandrepopolicythatLehmanBrothersfacedandtheaccountingissues,thendiscussthepotentialimpactofrepo105transaction.ThispaperconcludeswithasummaryoftheimplicationsofLehmanBrotherseven,tincludingcomplyingaccountingrules,aswellasmanagementethics,informationdisclosureandagencyserviceimprovementeta.l.DisclosureofInternalControlandIPOUnder-pricing:EmpiricalStudyontheSmallandMediumEnterpriseBoardofShenzhenQiuDongyangetal.Thispaperselectsthedataofdisclosuresofinternalcontrolandexcessrateofreturn,whicharefromthelistedcompaniesintheSmallandMediumEnterpriseBoardofShenzhen,andempir