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中文摘要：
本文以深交所2009-2012年主板上市公司为样本，研究内部控制信息披露质量对股票风险、流动性和资本成本的影响。首先设计评价内控信息披露质量的指标，利用熵权法计算评估值，发现我国上市公司内部控制信息披露质量呈上升趋势，但整体水平不高。通过实证研究发现，内部控制信息披露质量与股票风险显著负相关，与股票流动性显著正相关，与股权资本成本显著负相关。这说明提高内部控制信息披露质量，既有利于完善资本市场发展，又有利于节约股权资本成本，因此，应加强上市公司内部控制信息披露的监管。
英文摘要：
We put the Shenzhen Stock Exchange＇ s main board listed companies in 2009- 2012 as a sample, studied the effects of the quality of internal controlled information disclosure on the risk of the stock, liquidity, and the cost of equity capital. Firstly, we designed the indicators of evaluating the quality of internal controlled information disclosure and calculated the values by using the Entropy Weight Method. We have found that the quality is rising as year goes by. However, the overall quality level is not high. Besides, the quality is significantly negatively correlated to the risk of the stock, while the quality is significantly positively correlated to the liquidity of the stock, and is significantly negatively correlated to the cost of equity capital through empirical research. These three eorrelationships prove that improving the quality of internal controlled information disclosure is not only beneficial to the improvement of the capital market development, but also helpful to the reduction of the cost of equity capital. Therefore, we should strengthen the supervision of the quality of internal controlled information disclosure of listed companies.
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