內部控制與裁決性應計項目之評價

Internal Control and the Pricing of Discretionary Accruals

本文檢視內部控制缺失與裁決性應計項目評價的關聯性。以2004至2011年美國上市公司為研究樣本，我們發現內部控制缺失對於裁決性應計項目與股票報酬間關聯性，及裁決性應計項目與未來獲利間關聯性，具有負向影響。此一研究結果顯示內部控制缺失降低了裁決性應計項目的市場評價，以及傳達未來公司績效的能力。我們進一步發現修正內部控制缺失，能正向提升裁決性應計項目的市場評價，以及裁決性應計項目對未來獲利能力的影響。另外，本文也發現公司層級內部控制缺失與操縱盈餘達到盈餘門檻的盈餘管理行為，內部控制缺失對裁決性應計項目價值攸關性的負向影響較大。

This study examines the impact of internal control deficiencies on the pricing of discretionary accruals. Using U.S. data over the period from 2004 to 2011, we find that internal control deficiencies negatively moderate the association between discretionary accruals and current stock returns, as well as the association between discretionary accruals and future profitability. These results suggest that internal control weakness leads the market to attach less value to discretionary accruals and reduces the ability of discretionary accruals to reflect future performance. We further find that firms modifying previously internal control deficiencies exhibit positive implications of discretionary accruals for current stock returns and future profitability. Moreover, we find the impact of internal control deficiencies on value relevance of discretionary accruals is more pronounced for company-level relative to account-level, and when firms engage in earnings manipulation to meet earnings target.