| 摘要: | 本研究在於探討內部控制缺失揭露對公司價值之影響，研究中以金融業為探討對象，採用內控申明書「缺失揭露數」為內控缺失嚴重性之衡量。實證結果指出，內控缺失揭露數與市場異常報酬呈顯著負向關係；亦即，企業內控缺失數會驅動投資人向下修正公司價值。由於內控申明書缺失揭露為公司價值攸關資訊；因此，嚴密的規範與監視內控缺失揭露，有助於維護投資人利益。
This study is to investigate the impact of internal weakness information disclosures on firm value. Using finance-sector companies as our sample and number of weaknesses disclosed in the statement of internal control as a measure of severity of weaknesses, this study demonstrates that the severity of weaknesses is significantly associated with abnormal market returns surrounding the period of issuing the statement of internal control. Specifically, the more weaknesses the statement presents, the more downward revisions the investor makes. Based on the finding that information of weaknesses con-tained in the statement of internal control is value-relevant, this paper contends that placing more regulation and monitoring on the disclosure of internal control weaknesses is beneficial to the investor. |
