內(nèi)部控制薄弱環(huán)節(jié)和信息不確定性【外文翻譯】

1、外文文獻翻外文文獻翻譯譯譯譯文原文：InternalControlWeaknessesInfmationUncertaintyIII.HYPOTHESESRESEARCHDESIGNTheCapitalMarketConsequencesofMaterialWeaknessDisclosuresOneintentionofSection302istoinfminvestsofweaknessesindisclosingfirms’sys

2、temsofinternalcontrols.Ifweakcontrolmechanismsincreasemeasurementerrsmanagers’abilitytomanageearningsthenthesedisclosuresmayidentifyfirmswithpreviouslyunknownlowqualityfinancialrepting.Theeticallyempiricallyrecentresearc

3、hindicatesthatinvestsrequirecompensationfuncertaintyaboutafirm’sfinancialreptingquality.Thesestudiesarguethatuninfmedinvestsfaceanadverseionproblemintradingsecuritiesinthecapitalmarket.Ifinvestsrequirecompensationfuncert

4、aintyaboutafirm’sfinancialreptingqualitythenweaknessdisclosureshavethepotentialtocauseinveststoreviseupwardtheirbeliefsaboutfirmrisk.Therefeweexpectdisclosingfirmstoexperiencebothnegativeabnmalreturnsanincreaseintheircos

5、tofcapitalinresponsetolowerperceivedreptingquality.Howeverinvestbeliefrevisionrequireseitherthatthedisclosuresconveynewinfmationtothemarketthatthedisclosurescauseinveststoplacemeweightonvaluerelevantinfmationpreviouslyov

6、erlookedinvaluation(e.g.OuPenman1989Sloan1996).Thereissomequestionastowhetherinternalcontrolweaknessdisclosuresmeetthenecessaryconditionstocausebeliefrevision.Ifweaknessdisclosuresdonotconveyanyincrementalinfmationaboutt

7、hequalityoffirms’reptingfuturecashflowsiftheriskcashflowexpectationsassociatedwithlowqualityreptingarefullyimpoundedinpricethenthepublicdisclosureofweaknessesisunlikelytohaveinfmationalvalue.Ourfirsthypothesisstatedinthe

8、alternativereflectsthisempiricalquestion:H1:Materialweaknessdisclosurescauseinvestbeliefrevisionthatisdisclosures.Specifically‘‘effective’’Section404disclosuresmaybeinterpretedaspositiveeventsffirmspreviouslyreptingweakn

9、essesunderSection302(AshbaughSkaifeCollinsKinneyLaFond2007)butmayprovidelittleincrementalinfmationotherwise.Similarly‘‘ineffective’’Section404disclosuresmaybeinterpretedasnegativesurprisesffirmspreviouslynotreptingsuchwe

10、aknessesbutmayprovidelittleincrementalinfmationwhenfirmshavepreviouslyreptedtheweaknesses.Structuringouranalysestoincpateconditionalresponsesshouldincreasethepowerofourtestsallowustoqualifycontempaneousresearchsomeofwhic

11、heitherpoolsSection404Section302disclosuresdrawsinferencesaboutmaterialweaknessdisclosuresfromSection404alone.Anadversereturnreactioncanreflectanincreaseintheexpectedrateofreturnlowerexpectedfuturecashflows.Reducedexpect

12、edfuturecashflowscanberelatedtocostsdirectlyassociatedwiththematerialweakness(e.g.expectedcostsofremediatingthecontrolweaknessexpectedincreasedauditfeesetc.).Costscanalsobeindirectifthematerialweaknessleadscustomerssuppl

13、iersotherstakeholderstoquestionthefirm’sabilitytofulfillitsimpliedcommitments(Bowenetal.1995Matsumoto2002).Topartitionthereturnreactionintocashflowriskcomponentsweconductseveraladditionalanalyses.Firstweidentifyabnmalcha

14、ngesinexpectedcashflowsbycomparingearningsfecastrevisionsfdisclosingfirmstothoseofvariouscontrolsamplescomprisedoffirmsmatchedonindustryeachofearningsqualitysizeperfmance.Ifdisclosingfirmsareexpectedtoexperiencehigherdir

15、ectindirectcostsweshouldobservelesspositivefecastrevisionsfthesefirms.Althoughwecannotisolatechangesinindirectcostcomponentswecanusethesamecomparisonstoidentifycertainabnmalincreasesindirectcostsfdisclosingfirmssuchasaud

16、itprofessionalfees.AsreflectedinHypothesis2wepositthatdisclosingfirmsexperiencelowerexpectedfuturecashflowshigherincreasesinauditprofessionalfeesthancomparablenondisclosingfirms.H2:Firmsdisclosinginternalcontrolweaknesse