毕业论文材料：英文文献及译文
课题名称：
内部控制质量与盈余管理的
关系研究
专 业 会 计 学 学 生 姓 名 周 怡 班 级 B会计112 学 号 1110403209 指 导 教 师 卢新国 专业系主任 卞继红 完 成 日 期 二零一五年三月
盐城工学院本科生毕业论文 2015
An Entropy Testing Model Research on the Quality of Internal Control and Accounting Conservatism: Empirical Evidence from the Financial Companies of China from 2007 to 2011
J. S. Hammersley
6 March 2014
Abstract
We set information disclosure of internal control as a starting point to explore the relationship between the quality of internal control and accounting conservatism, and then adopt the entropy testing model to calculate the index of the internal control quality with the sample data of Chinese listed companies in financial industry from 2007–2011. Regression results show that earnings conservatism exists. The stronger the internal control is, the higher the accounting conservatism can be. Companies which have enhanced their internal control are more conservative, and these results make no difference with other industries.
1. Introduction
The financial crisis in 2008, followed by the debt crisis in Europe and the U.S., leading to the rebuild of the balance sheet and global economy’s boundless recessions, is enabling people to reassess the importance of risk management in financial institutions. Internal control and risk management are closely related. A sound internal control system can effectively promote the quality of financial reports and improve the level of corporate governance. Accounting conservatism, a measure of accounting earnings quality, is one of the most important qualities of financial reporting and also an important guarantee for the stable development of enterprises. Watts [1] is the first man who carries out a systemic study on accounting conservatism. He confirms that accounting conservatism can reduce firms’ debt cost and can mitigate bondholder-shareholder conflicts over dividend policy.
Since 1997, China has released a series of guidelines and regulations for listed financial institutions’ internal control which contributes to the internal control construction and information transparency in the high risk industry, as shown in Table 1. However, according to the Internal Control Self-Assessment Survey made by the Shanghai Stock Exchange in 2011, the information disclosure of internal control of Chinese listed companies is far from satisfaction. For instance, the redundant information is overloaded; the criteria for internal control deficiencies are unknown; the disclosure is inadequate, and so forth. We find that up to 2011, only five financial institutions, during the reporting period, including one in brokerage, two in investment banking, and another two in information systems, have disclosed their defects existing in internal control of enterprise. Others have always kept silent on the
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major deficiencies while just admitting the minor ones or made the disclosure of their internal control deficiencies an action of mere formality or simply used the words like “need improvement,” “need to take further measures,” or “inadequate” and so on instead of presenting a detailed description of the internal control deficiencies.
Table 1: Regulations on internal control of the financial industry in China.
The problems in information disclosure of internal control described above makes it a difficult job in empirical researches to quantify the quality of internal control and explore the relationship between internal control and accounting conservatism.
Comparing the researches at home and abroad, we find that the empirical researches overseas mainly focus on defects of enterprise’s internal control and directly use the disclosed material weaknesses to stand for their internal control quality [2–6]. However, this practice finds it hard to prevail in China, because companies always have enough motivations to cover their shortcomings when punishment is inadequate. To measure the level of the internal control quality, domestic researchers are continuously defining the variables of different forms of internal control quality, most of which measure the quality of internal control against the occurrence of certain events, including Zhang [7], Qi et al. [8], and Kong [9], who find that the cost of debt is higher when a company has major internal control deficiencies.
Goh and Li [2] find that the existence of material weaknesses can represent the level of its internal control quality, and there is a positive relation between internal control quality and accounting conservatism, and that companies that disclose material weaknesses and subsequently remedy those weaknesses can exhibit stronger conservatism than companies that never do anything to improve the situation. Munsif et al. [3] examined the audit fees and found that companies differ from one another in audit fees when they choose to or not remedy the previously disclosed material weaknesses in internal control. The remediate companies have lower audit fees compared with the ones that are not. Givoly et al. [10] found that public equity companies report more conservatively than the private equity counterparts, and, at the same time, the former have a greater propensity to manage earnings.
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In recent years, the entropy method is considered as a more effective method for building the index of internal control information disclosure quality (see [11, 12]). This method not only has an advantage in comprehensiveness, objectivity, and reliability, but also reflects the background of institutional changes and effectively reflects the differences between individuals.
In this paper, we use the cross section sample data of Chinese listed companies in the financial industry from 2007–2011 to examine the relationship between quality of internal control and accounting conservatism.
Our first contribution is that we adopt the entropy method to quantify the quality of internal control. Meanwhile, because of the peculiarities of financial industry, related studies often exclude the financial companies. Yet this paper examines whether the relationship between the quality of internal control and accounting conservatism in financial industry differs from that in other sectors. What is more, compared with other industries, is that the regulatory authorities are stricter with financial industry in disclosure requirements of internal control and the period between 2007 and 2011 is exactly the voluntary disclosure phase for companies in China to disclose their self-assessment reports and assurance reports in internal control. So, the second contribution is that our study on the voluntary disclosure phase for financial listed companies helps to provide a significant reference for the comprehensive application in mandatory disclosure phase for all listed companies in China.
Our paper is organized as follows. Section 2 gives the hypothesis development; Section 3 describes the research design; Section 4 discusses the empirical results; Section 5 concludes with main findings.
2. Hypothesis Development
The discussions for the relationship between internal control and conservatism have long been hot. Firstly, According to the explanation of signal transfer point in information economics, strong internal control can be seen as a positive signal that is delivered to investors. Armstrong et al. [13] found that better internal control systems enable companies to provide more reliable financial statements, and the transparency in financial reporting can make up for the information asymmetry and reduce agency conflicts among stakeholders. Secondly, weaker internal control may lead to some of the unwitting mistakes and reduce the level of enterprises’ accounting conservatism. Ashbaugh-Skaife et al. [14] thought that such internal control problems as lack of institutional norms, inadequate staff training, and so on are likely to cause these mistakes. Thirdly, accompanied by weaker internal controls, problems like management deficiencies, inadequate personnel qualification, deficiencies of institutional norms, and so forth can easily lead to untimely recognition of losses and can lower accounting conservatism. Meanwhile, stable operation makes significant sense to financial companies. In practice, due to inadequate internal control, various kinds of incidents in violation of rules and regulations are not uncommon in financial industry. So the inference that to improve the quality of internal control can reduce the incidence of noncompliance seems easy to understand. On the other hand, there are scholars who have challenged the view that perfect internal control system can
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promote conservatism. Levitt [15] and Penman and Zhang [16] argue that conservatism can increase earnings management, which can worsen agency conflicts and exacerbate information asymmetry. Jensen [17] thinks that the accounting conservatism principle requires companies to promptly confirm the recognition of loss and postpone the recognition of income, which can easily lead to the unfair financial reporting. Given these, the idea that effective internal control system can promote the accounting conservatism is untenable. In China, accounting conservatism has once been blamed as a tool for manipulating accounting numbers and has been prohibited in practice for nearly 40 years since 1949. Based on the above theoretical analysis, we propose the following assumptions as a starting point to look into the issue.(H1)Accounting conservatism exists in Chinese listed financial companies.(H2)There is positive correlation between the quality of internal control and accounting conservatism in Chinese financial listed companies.(H3)Companies which have enhanced their internal control quality are more conservative than those which fail to do so.
3. Research Design
3.1. Model Design and Variable Definitions
Zhang et al. [18] empirically studied the differences in the selection of different measurement methods of accounting conservatism from the angles of relevance and reliability, respectively. Based on their research, we adopt the accrual-based loss recognition measurement and the persistence of earnings changes measurement to study the quality of internal control and accounting conservatism in financial industry. The accrual-based loss recognition measurement is highly reliable, which can be used simultaneously with the persistence of earnings changes measurement because they are negatively or weakly related to each other, and we can also make the results reliable and robust to a certain extent by using the two methods. 3.1.1. Accrual-Based Loss Recognition Model
This model, based on correlation between accruals and the contemporaneous cash flows, is designed by Ball and Shivakumar [19]. It takes the cash flow in operating activities as a substitution variable for “good news” and “bad news,” and tells the differences in timeliness by which gains and losses are recognized. Referring to Goh and Li [2], we include the index of the internal control quality (ICQ) and the cross term of ICQ and select separation of two rights, the asset-liability ratio and the asset size as control variables (Table 2). The extended accrual-based loss recognition model is as follows:
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Table 2: Variable definitions1.
3.1.2. Persistence of Earnings Changes Model
This model is proposed by Basu [20], who gives the definition for accounting conservatism as managers require more rigorous evidence in loss recognition than that in gains recognition. He also believes that compared with the booming periods, companies in the recession period show lower sustainability of income and that from the time-series perspective, the bad news appear as a transitory shock in the earnings process while the effects of good news will be spread over the earnings in the future as the anticipated gains are realized. The extended persistence of earnings changes model that includes ICQ and the control variables is as follows:
In the accrual-based loss recognition model, since the variable ACCRUAL is in the opposite direction with the annual operating cash flow CFO, the coefficient of is negative. The coefficient of reflects the time difference in recognizing the negative cash flow and the positive cash flow. As we know, the negative cash flow changes in the same direction with ACCRUAL, so if earnings conservatism exists in the listed financial companies, the coefficient of is predicted to be positive. Similarly, if weak internal control systems result in lower accounting conservatism, then the accruals will not so timely recognize the negative changes of cash flows; therefore, we forecast to be negative.
In the persistence of earnings changes model, the coefficient of measures how much the surplus recognizes good news, and reflects the earnings reversal incremental speed of loss against earnings. Therefore, the existence of accounting conservatism means that the coefficient of should be significantly negative; that is to say, the bad news was recognized more timely than the good ones. Similarly, if the coefficient of is positive, it means that the companies with weaker internal control are less conservative compared to the ones that have stronger internal control system, which
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can verify the hypothesis II.
To test whether firms which have improved their quality of internal control can exhibit different levels of conservatism from the ones that have not, we introduce the dummy variable HLIC. If the quality of internal control gets better this year than the year before, then HLIC equals 1, otherwise 0. Replace the variable ICQ with HLIC in model (1) and the model (2). We get the following two other models. If (H3) is tenable, then the coefficients of HLIC*DFO*DCFO and △Nit-1∗δ△Nit-1 should be negative and positive, respectively,
3.2. The Calculation of the Index of the Internal Control Quality Based on Entropy Testing Model
We select the factors that have significant impact on the quality of internal control to build the indicator system (Table 3), which is used to calculate the index of the internal control quality (ICQ) in financial industry by the entropy testing model.
Table 3: Indicator system for the index of the internal control quality2.
Especially, in Figure 1, we make a comparison between our assessment of the level of
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detail for internal control information and the Shenzhen Stock Exchange information disclosure evaluation results which can be inquired from the website of Shenzhen Stock Exchange. The results show that our assessment basically consists with the evaluation of SZSE, which indicates our evaluation has its rationality. The specific steps to calculate the index of the internal control quality by entropy method are as follows.
(1)Create the original evaluation matrix, wherein represents the value for the sample firm on the factor
(2)Calculate the dimensionless matrix. The different indicator often has the different dimension and the dimensional unit; to eliminate the commensurability coming from this difference, we make dimensionless treatment on and get the matrix
(3)Calculate the indicator weight for
(4)Compute the entropy value and its entropy weight for indicator Wherein , and suppose that if , , the bigger is, the more information the scheme contains in the indicator; otherwise, the less information it contains.
(5)Calculate the index of the internal control quality (ICQ) for firm
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Figure 1: Contrast between the Level of detailed evaluation for information disclosure of internal control and the information disclosure evaluation results from SZSE (the information disclosure evaluation results from Shenzhen Stock Exchange are divided into four grades, which are A, B, C, and D, respectively; we have done a data processing, making “A” equal 1, “B” equal 2, “C” equal 3, and “D” equal 4 for the benefit of comparing).
3.3. Sample Selection and Descriptive Statistics 3.3.1. Data Sources and Sample Selection
This paper selects the data of 2007–2011 Chinese financial listed companies as samples. By the end of 2011, China has had 40 financial listed companies, including sixteen banks, eighteen securities companies, four insurance companies, and two trust and investment companies. By excluding the missing data samples and data of the years in which the sample companies have not listed, we get 103 cross-sectional samples for the accrual-based loss recognition model and 93 cross-sectional samples for the persistence of earnings changes model; the sample size can meet the basic requirements of regression. The information of internal control is collected manually by reading the annual reports and looking for the information from Shenzhen Stock Exchange and Shanghai Stock Exchange Web sites and other related web sites, the financial data are from CSMAR database.
3.3.2. Descriptive Statistics
Table 4 presents the descriptive statistics for the information of internal control in financial listed companies, where we can see a trend that companies that disclose their internal control deficiencies are decreasing in numbers. In 2007, the Guidelines that Shanghai Stock Exchange and Shenzhen Stock Exchange, respectively, issued were put into formal implementation, and the proportion of companies which disclose their internal control weaknesses in 2007 is relatively bigger than the other years, with 20% disclosing material defects, and 44% general defects. From 2008 to 2010, the proportion was going down in the disclosure of material defects but going up in general defects. In 2011, the proportions for the two kinds of defects were both reduced significantly. To summarize, from the number of the disclosed internal
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control defects, we can see a decreasing trend, perhaps this is due to the improvement of internal control itself, but we still cannot exclude the possibility that this may be the result of a psychological game that financial firms play with regulators. In terms of the disclosure content, only a few companies directly say that they have internal control deficiencies, most companies use a more gentle and indirect wordage to describe the situation, like the need for improvement, presence of shortcomings, and so on. In 2011, 56.41% of internal control assurance reports were audited by the accounting firms, whereas no internal control audit reports were disclosed before by any of the companies. It can be seen as a signal that the financial companies are trying to improve their internal control system in order to accommodate the upcoming mandatory disclosure stage. What is more is that over half of the financial listed companies have chosen the Big Four accounting firms to do their auditing activities, which can be seen as increasing confidence in the reliability of their financial reports. As for the duty separation issue, more than 70% of companies do not have two-position in one person phenomenon, but there is a considerable part of the companies which have the problems that the vice chairman and general manager are the same people or the chairman is also the CEO, and so forth. Meanwhile, the proportion for companies who have less than 1/3 independent directors shows a diminishing trend from 2007 to 2011, indicating that the independence of the board has been enhanced.
Table 4: Statistical Table of the internal control information disclosure in sample
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firms4.
Table 5 presents the Pearson correlation statistics of main variables in the two different kinds of models. From the table we can see that, except for the fact that correlation coefficient between CFO and ACCRUAL is bigger than 0.5, other correlation coefficients are all below this level. Given the fact that CFO and ACCRUAL are independent variable and the dependent variable; the high correlation coefficient is reasonable and it has little effect on the regression. In addition, from the correlation coefficient in the table, we can see some important relationship between these variables. The correlation coefficient between CFO and ACCRUAL is significantly negative, and the correlation coefficient between DCFO and ACCRUAL is significantly positive, which can confirm the assumption that the variable ACCRUAL is in the opposite direction with the annual operating cash flow. The correlation coefficient between DCFO and HLIC is −0.209 (), which means that if the quality of internal control gets better, then the operating cash flows can be relatively lower. Since the operating cash flows and the ACCRUAL are negatively related, then we can infer that the firm whose internal control gets better has a higher ACCRUAL thus is more conservative.
Table 5: Pearson correlation coefficients among the main variables5.
4. Panel Data Regression Analysis
We do the unit root tests for the main variables except the control variables and find that none of variables have unit root but , which is integrated of order 1, and we can see from this result that the panel data is basically stable. In cointegration test, the accrual-based loss recognition model has passed the test, which indicates that there exists a long-term stable equilibrium relationship in this model. We could not do the cointegration test with the persistence of earnings changes model because of the insufficient sample size.
After doing the test to determine the estimation method of panel data, we come to the conclusion that the accrual-based loss recognition measurement should be a cross-weighted mixed model, and the individual fixed effects model is most suitable for the persistence of earnings changes measurement. The panel data regression results are shown in Tables 6 and 7, and we run models in Table 6 with , and in Table 7. From the results, we can see that the adjusted in all the four models are big enough to demonstrate a good effect and high precision. Based on the previous
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analysis, we know that if the coefficients of and are to be negative and positive, respectively, in the accrual-based loss recognition model, and the coefficient of in the persistence of earnings changes model comes to be negative, then the (H1) can be verified. As we can see in the tables, except for the coefficient of in model (3) which does not conform to the prediction, the positive and negative signs of other variables all meet the expectations, which can prove that conservatism exists in the listed financial companies. Table 5 reports the regression results to test (H2), and it shows that the coefficient on is −2.926 (), and the coefficient on is 7.527, which is not significant; the coefficients of these variables confirm that there is a positive correlation between the quality of internal control and accounting conservatism in financial industry. Table 6 reports the regression results to test (H3) when it replaces with . The coefficient of is −0.824 (), and the coefficient of is 5.511, which implies that companies which have enhanced their internal control are more conservative; therefore, (H3) is true. Furthermore, the control variables do not change the positive and negative directions when we add them in the models one by one, which indicates that allowing for the effect of other important factors, the results of this study are not affected (as space is limited, we do not list the regression results when control variables are literally added). Meanwhile, the results of the accrual-based loss recognition model regression and the persistence of earnings changes model regression basically reach the same conclusion, which can ensure the reliability of the empirical results to some extent.
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5. Conclusion
We adopt the entropy method to quantify the internal control quality, and then apply two different models to look into the relationship between the internal control quality and accounting conservatism based on the Chinese financial industry samples. The results show that earnings conservatism exists in financial listed companies; and the quality of internal control and accounting conservatism is positively correlated; and companies which have enhanced their internal control are more conservative. These results are consistent with the conclusion in the study of Goh and Li [2], and the relationship between the quality of internal control and conservatism in financial industry shows no difference compared with other industries.
The financial industry is a high-risk industry. The innovative financial instruments and the changing economic environment add to the complexity of the internal control. Accounting conservatism is not only an important evidence for effective internal control system, but also an important feature of earnings quality, which is generally recognized in academics. This study confirms that internal control can improve the accounting conservatism of financial reports, and provides a theoretical framework for us to improve the internal control mechanism in financial enterprises. However, our study also has some limitations. We only include 40 listed financial companies in our sample, whereas many unlisted ones which also play an important role in social economic activities are excluded. Besides, this study takes no further test on the possible endogeneity between internal control and conservatism, and it can be an effort in the future.
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盐城工学院本科生毕业论文 2015
从2007年到2011年中国金融企业内部控制的质量和会计保
守主义经验证据的熵测试模型研究
J.S.哈默斯利
《数学工程学》2014年1月
摘要：我们将内部控制的信息披露作为起点,探索内部控制质量和会计保守主义
之间的关系,然后采用熵测试模型来计算从2007年到2011年中国上市公司在金融行业内部控制质量指数与的样本数据。回归结果表明,收入保守主义的确存在较强的内部控制,会计保守主义可以更高。与其他行业相比,公司加强了他们的内部控制从而达到更加保守的会计主义,这些结果没有受到影响。
1.介绍
2008年的金融危机,其次是欧洲和美国的债务危机, 资产负债表导致全球经济的重建和经济的无限衰退,使人们重新评估金融机构风险管理的重要性。内部控制和风险管理是密切相关的。一个健全的内部控制系统可以有效地促进财务报告的质量和提高公司治理水平。会计保守主义,会计收益质量的衡量,是财务报告最重要的品质之一,也是一个重要的保证企业的稳定发展。美国瓦茨(1)是第一个人进行系统性研究会计保守主义。他确认会计保守主义可以降低企业的债务成本和减轻bondholder-shareholder关于股利政策的冲突。
自1997年以来,中国已经发布了一系列的指导方针和法规针对上市金融机构的内部控制，有助于在高风险行业内部控制建设和信息透明度,如表所示1。然而,根据2011年由上海证券交易所内部控制自我评价的调查中发现,中国上市公司的内部控制信息披露的满意度。例如,冗余信息超载;内部控制缺陷的标准是未知的;信息披露不足,等等。我们发现,到2011年,只有五个金融机构拥有报告期,包括一个经纪公司,两个在投行,和两个在信息系统中披露企业内部控制存在的缺陷。别人一直保持沉默的主要是只有承认小的或披露的内部控制缺陷的行动流于形式或只是用这样的词“需要改进”,“需要进一步采取措施,”或“不足”等,而不是提供详细内容来描述内部控制缺陷。
上述问题在内部控制信息披露使它的工作困难化的研究实证，通过内部控制的质量来探索内部控制和会计保守主义之间的关系。
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国内外研究的比较,我们发现国外实证研究主要专注于企业内部控制的缺陷和直接使用内部控制的重大缺陷披露质量。然而,这种做法在中国很难取得成效,因为公司总是有足够的动机来掩盖自己的缺点,惩罚的力度是不够的。以此来衡量内部控制质量的水平,国内研究人员不断定义变量的不同形式的内部控制质量,其中大多数衡量内部控制的质量对某些事件的发生,包括张(7),他发现债务成本较高时公司存在重大内部控制缺陷。
吴作栋（2)发现重大缺陷的存在可以代表其内部控制质量的水平,体现内部控制质量与会计保守主义之间的关系,随后,公司披露重大缺陷和解决这些弱点可以表现出通过没有做任何事情的保守主义公司来改善这种情况。Munsif et al（3)检查审计费用,发现公司在不同于另一个审计费用，当他们选择不补救之前披露内部控制的重大缺陷时纠正公司较低的审计费用比那些不补救的更保守。Givoly et al.（10）发现公共股票比私人股本公司报告更保守,同时,前者更倾向于管理收益。
近年来,熵方法被认为是一个更有效的方法来构建内部控制信息披露质量的指数(见[11,12])。这种方法不仅具有综合性的优势,客观性和可靠性,同时也反映了制度变迁的背景下,反映了个体之间的差异。
在本文中,我们使用从2007年到2011年的中国上市公司在金融行业的截面样本数据研究内部控制质量和会计保守主义之间的关系。
我们的第一个创新是,我们采用熵方法来量化内部控制的质量。与此同时,由于金融行业的特殊性,相关研究往往排除金融公司。然而,本文探讨之间的关系是否内部控制的质量和会计保守主义在金融行业不同于其他行业。更重要的是,与其他行业相比,是监管部门与金融行业更严格的披露要求的内部控制以及2007年和2011年之间的时期正是中国公司自愿披露阶段披露内部控制自我评估报告,保证报告。第二个创新是我们研究金融上市公司的自愿披露阶段有助于全面提供重要参考在中国所有上市公司强制披露阶段的应用。
本文组织如下：部分2给出了假设发展;部分3描述了研究设计;部分4讨论了实证结果,部分5总结主要发现。
2．假设开发
内部控制和保守主义之间的关系的讨论一直是经久不衰的。首先,根据信号传递在信息经济学的解释,强有力的内部控制可以被视为一个积极的信号,传递给投资者。阿姆斯特朗（13)发现更好的内部控制系统使公司提供更多可靠的财务报表,以及财务报告的透明度可以弥补信息不对称,减少机构利益相关者之间的冲突。其次,较弱的内部控制可能会导致一些不知情的错误和降低企业会计稳健性水平。Ashbaugh-Skaife（14)认为等内部控制问题缺乏制度规范,员工培训不足等等都有可能导致这些错误。第三,伴随着内部控制较弱,问题管理不足,人员资质不足,缺乏制度规范等容易导致过早承担损失,可以降低会计保守主义。与此同时,稳定运行意义重大的金融公司。在实践中,由于内部控制不足,各种事件违反规章制度在金融行业并不少见。如此推理,提高内部控制的质量可以降低不服从的发生率似乎很容易理解。另一方面,有学者质疑认为,完善的内部控制体系可以促进保守主义。莱维特(15),孟克思（16)认为,保守主义可以增加盈余管理,从而恶化代理冲突和加剧信息不对称。詹森(17)认为会计保守主义原则要求公司及时确认损失的识别和推迟承认收入,这可以很容易地导致不公平的财务报告。考虑到这些,认为有效的内部控制制度可以促进会计保守主义是站不住脚的。会
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盐城工学院本科生毕业论文 2015
计保守主义在中国曾被指责为一个工具操纵会计数字,自1949年以来实际上禁止了近40年。基于上述理论分析,我们提出以下假设作为起点来调查这个问题： (h1)在中国上市金融企业会计保守主义仍然存在。
(h2)在中国金融上市公司之间存在正相关的质量内部控制和会计保守主义。 (h3)加强了内部控制质量的公司比那些保守更没效果。
3. 研究设计
3.1. 模型设计和变量定义
Zhang（18)实证研究的差异选择不同测量方法的会计保守主义从相关性和可靠性的角度,分别。根据他们的研究,我们采用accrual-based损失识别测量和持久性收入变化的测量来研究内部控制的质量和会计保守主义在金融行业。accrual-based损失识别测量高度可靠,可以同时使用持久性收入变化的测量,因为他们是负面的或弱相关,而且我们还可以使结果可靠和健壮的使用这两种方法在一定程度上。
3.1.1. Accrual-Based损失识别模型
该模型中,基于权责发生之间的相关性和同时发生的现金流, Shivakumar（19）。需要经营活动的现金流作为替代变量为“好消息”和“坏消息”,并告诉不同的收益和损失是公认的及时性。吴作栋（2) 指出,我们包括内部控制质量的指数(ICQ)和ICQ的交叉项,选择两权分离,资产负债率和资产规模作为控制变量(表2)。扩展accrual-based损失识别模型如下:
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盐城工学院本科生毕业论文 2015
3.1.2. 持久性收入变化的模型
巴苏(20)提出了这个模型,给出了定义会计保守主义经理要求在确认损失比收益更严格的证据的认可。他也相信与蓬勃发展的时期,企业在经济衰退时期显示较低的收入和可持续性,从时间序列的角度来看,这个坏消息的出现，在盈利过程中造成短暂的冲击，尽管好消息的影响将随着未来收益预期的收益得以实现。扩展的持久性收入变化的模型,包括ICQ和控制变量如下:
accrual-based识别损失模型,由于变量权责发生制是与年度经营性现金流往相反的方向,系数2是负的。系数3反映了在认识到负现金流和积极的现金流上时差。正如我们所知,负现金流的变化与权责发生制在同一个方向,所以,如果收入保守主义存在于上市金融企业的系数 3预测是积极的。同样,如果薄弱的内部控制系统会降低会计保守主义,那么收益将不那么及时的认识到现金流的负面变化;因此,我们预期系数7是负面的。
在收益变化的持久性模型中,系数2措施多少盈余承认的好消息, 系数 3反映了收益递增速度逆转的损失与收益。因此,会计保守主义的存在意味着系数3应该显著负;也就是说,坏消息是公认的比好的更及时。类似地,如果系数7是积极的,这意味着公司内部控制较弱的与不太保守的相比,那些具有较强的内部控制体系更能说明这一点,从而验证假设2。
测试公司是否改善了他们的内部控制质量可以从那些表现出不同程度的保守主义中发现,我们引入虚拟变量HLIC。如果内部控制的质量变得更好,今年比去年那么HLIC等于1,否则为0。替换变量与HLIC ICQ模型(1)和模型(2)。我们得到以下两个其他的模型。如果(H3)是站得住脚的,那么系数HLIC∗DCFO∗CFO和△Nit-1∗δ△Nit-1应该是消极的和积极的,分别为：
3.2. 内部控制质量的指数的计算基于熵测试模型
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盐城工学院本科生毕业论文 2015
我们选择有重大影响的因素的质量内部控制构建指标体系(表3),这是用来计算内部控制质量的索引(ICQ)熵在金融行业测试模型。
2(一)内部控制保证报告的类型:考虑到内部控制保证报告保证程度,在保证目标有很大的差别,收集证据,保证报告,责任要求。本文指定三个情况:公司提供内部控制审计报告时,它被视为合理的保证,提供其他类型的内部控制保证报告被视为有限保证,并提供任何内部控制只保证报告或检验报告的内部控制从其赞助商被视为没有或低保证。(b)的详细级别的内部控制信息:根据杨和王22),我们将为内部控制信息的详细级别划分为五个级别。
特别是,在图1,我们做一个对比的详细级别的评估内部控制信息和深圳证券交易所信息披露评价结果可以问深圳证券交易所网站的。结果表明,我们的评估主要由公布的评估,这表明我们的评估有其合理性。具体步骤来计算内部控制质量的指数熵方法如下：
(1) 创建最初的评价矩阵, 其中a1为公司在样本中的代表值
(2)计算无量纲矩阵。不同的指标通常有不同的维度和空间单元;消除来自这种差异的可通约性,我们进行无量纲处理，并得到矩阵如下：
(3)计算指标权重
(4)计算熵值及其对指标的熵比重
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盐城工学院本科生毕业论文 2015
(5) 计算内部控制质量的指数(ICQ)公司
图1:对比的详细评价信息披露的内部控制信息披露的评价结果公布(深圳证券交易所的信息披露评价结果分为四个等级,这是A,B,C,D,分别,我们已经做了数据处理,使“A”等于1,“B”等于2,“C”等于3,和“D”等于4的利益比较)。
3.3. 样本选择和描述性统计 3.3.1. 数据来源和样本选择
本文选择2007 - 2011年中国金融上市公司的数据作为样本。到2011年底,中国已40金融上市公司,包括16个银行,十八证券公司,四家保险公司,两家信托投资公司。排除丢失的数据样本和数据的年样本公司没有上市,我们得到103横断面样本accrual-based损失识别模型和93年横断面样本的持久性收入变化模型;回归的样本大小可以满足基本的需求。内部控制信息的收集手动通过阅读年度报告和寻找信息来自深圳证券交易所和上海证券交易所网站和其他相关网站,财务数据来自CSMAR数据库。
3.3.2. 描述性统计
表4介绍了描述性统计的信息在金融上市公司的内部控制,在那里我们可以看到一种趋势,公司披露其内部控制缺陷减少。2007年,指南,上海证券交易所和深圳证券交易所,分别发表了被投入正式实施,和公司披露内部控制缺陷的比例相对比其他年份,2007年有20%的披露材料缺陷,和44%一般缺陷。从2008年到2010年,这一比例就下降,在材料缺陷的披露,但在一般缺陷。2011年,两种缺陷的比例均明显降低。总而言之,从披露内部控制缺陷的数量,我们可以看到一个下
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盐城工学院本科生毕业论文 2015
降的趋势,也许这是由于内部控制本身的改进,但我们仍不能排除这种可能性,这可能是一个心理游戏的结果,金融机构与监管机构。在披露内容方面,只有少数公司直接说他们有内部控制缺陷,大多数公司使用更温和的和间接的文字来描述情况,如改进的必要性,存在的缺点,等等。在2011年,56.41%的内部控制保证报告被会计师事务所审计,而没有披露内部控制审计报告之前的任何公司。它可以被视为一个信号,表明金融公司正试图改善他们的内部控制制度为了适应即将到来的强制性披露阶段。更重要的是,超过半数的金融上市公司选择了“四大”会计师事务所做审计活动,这可以被视为增加对财务报告的可靠性的信心。至于职责分离问题,超过70%的公司在一个人没有两位现象,但是有相当一部分的企业有问题,副董事长和总经理都是相同的人或主席也是首席执行官,等等。与此同时,不到1/3的比例从2007年到2011年为公司独立董事一个递减的趋势,这表明增强董事会的独立性。
表5提出了主要变量的皮尔森相关统计数据在两种不同的模型。从表中我们可以看到,除了事实,首席财务官和收益之间的相关系数大于0.5,其他相关系数都是低于这一水平。考虑到首席财务官和权责发生制是独立变量和因变量;高相关系数是合理的回归,它影响不大。此外,从表中的相关系数,我们可以看到一些重要的这些变量之间的关系。首席财务官和收益之间的相关系数是显著负,和DCFO和收益之间的相关系数是显著积极的,可以证实的假设变量收益相反的方向与年度经营性现金流。DCFO之间的相关系数和HLIC−0.209(P<0.05),这意味着如果内部控制的质量变得更好,然后操作现金流可以相对较低。自营运现金流和收益负相关,然后我们可以推断出该公司的内部控制得到更好的有更高的收益从而更保守。
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盐城工学院本科生毕业论文 2015
4. 面板数据回归分析
我们做的主要变量的单位根测试除了控制变量和单位根,但发现没有一个变量D△Nit-1集成的订单1,从这个结果我们可以看到,面板数据是基本稳定的。在协整检验,accrual-based损失识别模型已通过测试,这表明在这个模型中存在着长期稳定的均衡关系。我们不能做协整检验与持久性收入变化的模型,因为样本量不足。
然后做测试来确定面板数据的估算方法,我们得出结论,accrual-based损失识别测量应该是cross-weighted混合模型,和 固定效应模型最适合持久性收入变化的测量。面板数据回归结果如表所示6和7表,我们运行模型6与ICO,HLIC在表7。从结果,我们可以看到调整R2在所有四个模型是大到足以演示效果好,精度高。基于前面的分析,我们知道如果系数CFO和DCFO∗CFO消极的和积极的,分别在accrual-based损失识别模型,和系数D△Nit-1∗△Nit-1在持久性收入变化的模型是负面的,那么(H1)可以得到证实。表中我们可以看到,除了系数DCFO∗CFO在模型(3),不符合预测,其他变量的积极和消极的迹象都符合预期,从而证明保守主义存在于上市金融企业。表5报告测试(H2)的回归结果,它表明系数维DCFO∗CFO∗ICQ=−2.926(P<0.01)和系数D△Nit-1∗△Nit-1∗ICQ=7.527,这不是重要的,这些变量的系数确认之间存在正相关的质量内部控制和会计保守主义在金融行业。表6报告测试的回归结果(H3)取代我C问与Hl我C。的系数DCFO∗CFO∗HLIC= −0.824(P<0.01)和系数CFO∗CFO∗ICQ∗HLIC是5.511,这意味着公司加强了内部控制更保守,因此,(H3)是正确的。此外, 当我们在模型中添加他们一个接一个控制变量时，不改变积极的和消极的方向, 这意味着允许其他重要的因素的影响,这项研究的结果不受影响(由于篇幅有限,我们不列表当控制变量的回归结果从字面上添加)。同时,accrual-based损失识别模型回归的结果和收益变化的持久性型回归基本上达到了同样的结论,从而保证实证结果在某种程度上的可靠性。
表6： ICQ回归的面板数据模型
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盐城工学院本科生毕业论文 2015
∗,∗∗,∗∗∗表示显著差异在10%、5%和1%的水平。
5. 结论
我们采用熵方法来量化内部控制质量,然后基于中国金融行业样本应用两种不同的模型来研究内部控制质量与会计保守主义之间的关系。结果表明,在金融上市公司存在收入保守主义，内部控制的质量和会计保守主义是呈正相关,公司提高他们的内部控制更加保守。这些结果符合研究的结论,内部控制质量与保守之间的关系在金融行业与其他行业相比没有区别。
金融业是一个高风险的行业。创新金融工具和经济环境的变化增加内部控制的复杂性。会计保守主义不仅是一个有效的内部控制体系的重要证据,而且是收益质量的一个重要特性,它是公认的学者。本研究证实,内部控制可以提高财务报告的会计保守主义,并为我们提供了一个理论框架来提高金融企业的内部控制机制。然而,我们的研究也有一些局限性。在我们的示例中只包括40家上市金融公司,而许多未上市被排除在外的公司也扮演着重要的角色在社会经济活动中。除此之外,本研究需要进一步测试和内部控制之间的保守可能性,并且它可以作为未来努力研究的目标。
来自：Mathematical Problems in Engineering/6 March 2014
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