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首页> 外文期刊>Journal of accounting, auditing & finance >The Role of Internal Control in the Equity Issue Market: Evidence From Seasoned Equity Offerings
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The Role of Internal Control in the Equity Issue Market: Evidence From Seasoned Equity Offerings

机译：内部控制在股票发行市场中的作用：来自经验丰富的股票发行的证据

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摘要

This article examines the role of internal control requirements under the Sarbanes-Oxley (SOX) Act of 2002 in firms' cost of raising equity capital. We find that, prior to the disclosure of internal control weaknesses (ICWs), ICWs are not directly associated with underwriters' gross spread and seasoned equity offering (SEO) underpricing. After the disclosure, however, underwriters charge a risk premium on ICW issuers, especially on those disclosing ICWs in multiple consecutive years. We also find that SEO underpricing is exacerbated by multiple-year-disclosed ICWs but not by first-timers. More notably, we find that managers play a dominant role in deciding issue size pre-disclosure, but this dominance weakens post-disclosure. Taken together, our evidence suggests that internal controls help moderate the cost of raising equity capital and that ICW disclosures have significant implications for underwriters in the equity issue market.
机译：本文研究了2002年《萨班斯法案》（Sarbanes-Oxley（SOX）Act）规定的内部控制要求在公司筹集股本成本中的作用。我们发现，在披露内部控制弱点（ICW）之前，ICW与承销商的总价差和经验丰富的股票发行（SEO）定价偏低没有直接关系。但是，在披露之后，承销商会向ICW发行人收取风险溢价，尤其是连续多年披露ICW的发行人。我们还发现，多年披露的ICW加剧了SEO定价偏低的现象，但初学者并未加剧。更值得注意的是，我们发现管理者在决定披露前的问题规模方面起着主导作用，但是这种优势削弱了披露后的情况。综上所述，我们的证据表明内部控制有助于降低筹集股本的成本，并且ICW的披露对股票发行市场中的承销商具有重大影响。

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