Internal Control and Stock Price Crash Risk: Evidence from China
Internal Control and Stock Price Crash Risk: Evidence from China
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内部控制与股价崩盘风险：来自中国的证据
DOI：
10.1080/09638180.2015.1117008
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发表时间：
2017-01-01
影响因子：
3.3
通讯作者：
Zhang, Feida (Frank)
中科院分区：
文献类型：
--
作者：
Chen, Jun;Chan, Kam C.;Zhang, Feida (Frank)
摘要本文探讨了内部控制及其五个组成部分（控制环境、风险评估、控制活动、信息沟通和监控）在缓解未来股价崩盘风险中的作用。利用来自中国的独特数据集，我们发现内部控制与未来股价崩盘风险负相关的证据。具体而言，控制环境、信息通信和监控与未来股价崩盘风险呈显著负相关。此外，内部控制与崩溃风险之间的负相关关系在内外部治理薄弱的公司（即由非四大会计师事务所审计，位于市场发展程度较低的省份，会计保守程度较低）和缓解极端负面事件影响能力较差的公司（即非国有企业）中更为明显。我们的研究突出了内部控制作为一种防止股价崩溃的机制的微妙作用。
Abstract This paper examines the role played by internal control and its five components (i.e. control environment, risk assessment, control activities, information and communication, and monitoring) in alleviating future stock price crash risk. Using a unique dataset from China, we find evidence that internal control is negatively associated with future stock price crash risk. Specifically, control environment, information and communication, and monitoring are significantly and negatively associated with future stock price crash risk. Moreover, the negative association between internal control and crash risk is significantly more pronounced in firms with weak internal and external governance (i.e. audited by non-Big 4 auditors, located in provinces with low market development, and less conservative in accounting) and with poor ability to mitigate impacts of extreme negative events (i.e. non-state-owned enterprises). Our study highlights the delicate role of internal control as a mechanism in preventing crash of stock price.