关键词: 内部控制审计报告 , 盈余质量 , 倾向评分匹配 , 双重差分法

Abstract: Based on the nonfinancial firms listed on the Shanghai and Shenzhen stock exchanges during 2006—2010, this paper explores the economic consequences of voluntary disclosure of auditors reports on internal control. With propensity score matching, firms that disclosed their auditors reports on internal control continuously during 2006—2010 (disclosure firms) are matched with control firms that did not disclose any auditors reports on internal control (nondisclosure firms). Using the differenceindifference approach, this paper compares firms earning quality and cost of equity capital between the two groups. This paper finds that disclosure firms have higher earnings quality and lower cost of equity capital. These findings provide empirical evidence for the mandatory disclosure policy on auditors reports on internal control that was gradually implemented from 2011.

Key words: auditors-reports on internal control , earnings quality , cost of equity capital , propensity score matching , differenceindifference approachaaa