1、原文THEIMPACTOFCORPORATEGOVERNANCEONINTERNETFINANCIALREPORTINGTHEINTERNETISAUNIQUEINFORMATIONDISSEMINATIONTOOLINTHATITENCOURAGESFLEXIBLEFORMSOFPRESENTATIONANDPERMITSCOMMUNICATIONWITHANUNLIMITEDNUMBEROFPOTENTIALANDEXISTINGSHAREHOLDERSCURRENTLY,THEMAJORITYOFINTERNETFINANCIALREPORTINGIFRPRACTICESISVOLUNT
2、ARY1AND,FORTHEMOSTPART,UNREGULATEDFINANCIALINFORMATIONPROVIDEDONCORPORATEWEBSITESVARIESACROSSCOMPANIESANDRANGESWIDELYFROMREQUIREDSECURITIESANDEXCHANGECOMMISSIONSECFILINGSTOVARIOUSUNAUDITEDANDFORWARDLOOKINGVOLUNTARYDISCLOSURESINADDITION,IFRSUPPORTSPRESENTAIONMETHODSTHATARENOTAVAILABLEINTRADITIONAL,PA
3、PERBASEDFINANCIALREPORTING,SUCHASHYPERTEXT,MULTIPLEFILEFORMATSIEPDF,TEXTBASED,ANDMULTIMEDIAFOREXAMPLE,DEBRECENYETAL2002CONDUCTACROSSCOUNTRYANALYSISANDSHOWTHATFIRMSIZE,LISTINGONUSSECURITIESMARKETANDTHELEVELOFTECHNOLOGYARESIGNIFICANTLYPOSITIVELYASSOCIATEDWITHTHELEVELOFINTERNETFINANCIALREPORTINGETTREDG
4、EETAL2002INVESTIGATETHECHARACTERISTICSOFIFRFIRMSANDDOCUMENTASIGNIFICANTPOSITIVEASSOCIATIONBETWEENVOLUNTARYINTERNETFINANCIALDISCLOSURESANDFACTORSSUCHASFIRMSIZE,DEMANDFOREXTERNALCAPITAL,INFORMATIONASYMMETRY,ANDDISCLOSUREQUALITYRATINGSINEXAMININGTHEFACTORSTHATAFFECTLISTEDCHINESECOMPANIESVOLUNTARYADOPTI
5、ONOFIFRANDTHEIREXTENTOFDISCLOSURE,FINDSIGNIFICANTASSOCIATIONBETWEENINTERNETBASEDDISCLOSURECHOICESANDTHEMULTICLASSOFOWNERSHIPSTRUCTURE,SUCHASGOVERNMENTAGENCIESOWNERSHIP,STATEOWNEDCORPORATIONSOWNERSHIP,ANDLEGALPERSONOWNERSHIPWEEXTENDPRIORCORPORATEGOVERNANCEANDIFRRESEARCHBYEXAMININGTHEIMPACTOFFIRMSCORP
6、ORATEGOVERNANCESTRUCTURESONTHECONTENTANDFORMATOFINTERNETFINANCIALDISCLOSURESOFUSCOMPANIESTHEREHASBEENANINCREASINGCALLFORFIRMSTOIMPROVEONTHEIRCORPORATEGOVERNANCESTRUCTUREANDFINANCIALDISCLOSURESTHECURRENTSTUDYEXAMINESSEVERALCORPORATEGOVERNANCEMECHANISMSINASINGLEMODELASSUMINGDIFFERENTMECHANISMSMAYOFFSE
7、TORINTERACTWITHEACHOTHERASCORPORATEGOVERNANCEANDDISCLOSUREARECONSIDEREDNECESSARYMEASURESTOPROTECTSHAREHOLDERS,OURRESULTSPROVIDEEMPIRICALEVIDENCETOPOLICYMAKERSANDREGULATORSFORIMPLEMENTINGNEWCORPORATEGOVERNANCEREQUIREMENTSANDIFRGUIDELINESRESEARCHONIFRHASPRODUCEDVALUABLEINSIGHTSINTOTHEDETERMINANTSOFCOM
8、PANIESDISCLOSURECHOICESFOREXAMPLE,ASHBAUGHETAL1999DOCUMENTIFRPRACTICESANDPROVIDEPRELIMINARYEVIDENCEONWHYSOMEFIRMSDISSEMINATEFINANCIALINFORMATIONONTHEIRCORPORATEWEBSITES,WHILEOTHERSDONOTTHERESULTSINDICATETHATFIRMSENGAGINGINIFRARELARGERANDMOREPROFITABLETHANTHOSENOTENGAGINGINIFRFURTHERMORE,FIRMSRESPOND
9、INGTOTHEIRSURVEYINDICATEDTHATDISSEMINATINGINFORMATIONTOSHAREHOLDERSWASANIMPORTANTREASONFORESTABLISHINGANINTERNETPRESENCEDEBRECENYETAL2002STUDYVOLUNTARYINTERNETFINANCIALREPORTINGIN22COUNTRIESTOIDENTIFYTHEFIRMANDENVIRONMENTALDETERMINANTSOFINTERNETFINANCIALREPORTINGINSTEADOFSEPARATINGTHEINTERNETFINANCI
10、ALCONTENTINTOREQUIREDANDVOLUNTARYITEMS,THEYEXAMINEBOTHTHECONTENTANDPRESENTATIONMETHODSOFDISCLOSURETHEFINDINGSREVEALTHATTHEPRESENTATIONASPECTOFIFRISMOREASSOCIATEDWITHTHELEVELOFTECHNOLOGYANDDISCLOSUREENVIRONMENTTHANTHECONTENTOFIFRTHEIRPRIMARYFOCUSISONFACTORSUNIQUETOTHECHINESECONTEXT,SUCHASTHEEXISTENCE
11、OFSTATEOWNERSHIPDOMINANCETHEYFINDTHATIFRISPOSITIVELYANDSIGNIFICANTLYASSOCIATEDWITHTHEPROPORTIONOFLEGALPERSONOWNERSHIP,BUTNOTWITHOWNERSHIPBYDOMESTICPRIVATEINVESTORS,FOREIGNINVESTORS,ORTHESTATEONECHARACTERISTICOFPRIORSTUDIESISTHESTRONGFOCUSONQUANTITATIVEASPECTSOFTHEDETERMINANTSOFIFRANUMBEROFSTUDIESEXA
12、MINETHERELATIONSHIPBETWEENIFRANDFACTORSSUCHASFIRMSIZE,PROFITABILITY,LEVERAGE,ETCONLYAFEWSTUDIESINVESTIGATEQUALITATIVEDETERMINANTSOFINTERNETBASEDDISCLOSURESSUCHASOWNERSHIPSTRUCTUREANDLEVELOFTECHNOLOGYANOTHERCHARACTERISTICOFPRIORSTUDIESISTHECOMMONUSEOFANALYSTSRATINGSOBTAINEDFROMTHECFAINSTITUTEFORMERLY
13、AIMRINORDERTOEXPLORETHELINKBETWEENFIRMSENGAGEMENTINIFRANDREPUTATIONSFORTHEIRCORPORATEREPORTINGPRACTICES,BOTHASHBAUGHETAL1999ANDETTREDGEETAL2002USEASAMPLEOFFIRMSFORWHICHANALYSTSRATINGSOFOVERALLDISCLOSUREQUALITYWEREAVAILABLEFROMTHECFAINSTITUTEINITS1994/95AND1995/96ANANNUALREVIEWOFCORPORATEREPORTINGPRA
14、CTICESFORPURPOSESOFUNDERSTANDINGIFRINTODAYSENVIRONMENT,THEAPPLICABILITYOFTHEIRFINDINGSISLIMITEDBYTHEUSEOF1994/95AND1995/96DATATHEIMPACTOFCORPORATEOWNERSHIPSTRUCTUREONINTERNETFINANCIALREPORTINGUSINGMEASURESOFMANAGERIALOWNERSHIPANDINSTITUTIONALOWNERSHIPMANAGERIALOWNERSHIPRECONCILESTHEPOTENTIALAGENCYCO
15、NFLICTSBETWEENMANAGERSANDSHAREHOLDERSANDTHUSREDUCESAGENCYCOSTSEMPIRICALSTUDIESFINDTHATMANAGERIALOWNERSHIPOVERCOMESTHEPROBLEMOFMANAGERIALMYOPIA,WITHHIGHMANAGERIALOWNERSHIPASSOCIATEDWITHANINCREASEININNOVATIONANDPRODUCTIVITYOFFIRMSAND,INTHELONGTERM,THEVALUEOFTHESEFIRMSTHECORPORATEGOVERNANCEMECHANISMSAF
16、FECTAFIRMSINTERNETFINANCIALREPORTINGBEHAVIOR,INCLUDINGBOTHTHECONTENTANDPRESENTATIONFORMATOFINTERNETDISCLOSURESAGENCYTHEORYJENSENANDMECKLING1976PROVIDESAFRAMEWORKLINKINGDISCLOSUREBEHAVIORTOCORPORATEGOVERNANCEINTHEORY,THEIMPACTOFCORPORATEGOVERNANCEONVOLUNTARYDISCLOSURESMAYBECOMPLEMENTARYORSUBSTITUTIVE
17、ITISCOMPLEMENTARYWHENADOPTIONOFGOVERNANCEMECHANISMSSTRENGTHENSTHEINTERNALCONTROLOFTHEFIRMANDMAKESITLESSLIKELYFORMANAGERSTOWITHHOLDINFORMATIONFORTHEIROWNBENEFITS,LEADINGTOIMPROVEMENTSINDISCLOSURECOMPREHENSIVENESSANDINTHEQUALITYOFFINANCIALSTATEMENTSONTHEOTHERHAND,ITISSUBSTITUTIVEWHENGOVERNANCEMECHANIS
18、MSREDUCEINFORMATIONASYMMETRYANDOPPORTUNISTICBEHAVIORSINTHEFIRM,RESULTINGINADECREASEINTHENEEDFORMOREMONITORINGANDVOLUNTARYDISCLOSURECORPORATEGOVERNANCEBYSHAREHOLDERRIGHTS,OWNERSHIPSTRUCTURE,ANDBOARDCOMPOSITIONSHAREHOLDERRIGHTSVARYACROSSFIRMSSOMEFIRMSRESERVELITTLEPOWERFORMANAGEMENTANDALLOWSHAREHOLDERS
19、TOQUICKLYANDEASILYREPLACEDIRECTORSBYEITHERINTERNALOREXTERNALTAKEOVERWHILEOTHERFIRMSRESERVEEXTENSIVEPOWERFORMANAGEMENTANDPLACESTRONGRESTRICTIONSONSHAREHOLDERSABILITYTOREPLACEDIRECTORSASSHAREHOLDERRIGHTSDECREASE,THECOSTOFREPLACINGMANAGEMENTINCREASESFORSHAREHOLDERSFASB2000,CHAPTER2DESCRIBESIFRINTERMSOF
20、CONTENTANDPRESENTATIONTHEFINANCIALCONTENTONAFIRMSWEBSITEUSUALLYCONTAINSVOLUNTARYDISCLOSURES,SUCHASSTOCKQUOTES,PRESSRELEASES,FINANCIALHISTORY,ETC,INADDITIONTOTRADITIONALREQUIREDFILINGS,SUCHASQUARTERLYANDANNUALFINANCIALREPORTSTHEPRESENTATIONFORMSRANGEFROMTHEEQUIVALENTFORMATOFPRINTEDANNUALREPORTTODYNAM
21、ICFORMSSUCHASSOUNDANDVIDEOTOENHANCETHEDISPLAY,READABILITY,ANDUNDERSTANDABILITYOFFINANCIALINFORMATIONIFRREFERSTOTHEUSEOFTHEFIRMSWEBSITESTODISSEMINATEINFORMATIONABOUTTHEFINANCIALPERFORMANCEOFTHECORPORATIONSINTHISNEWAPPROACH,FIRMSAREUSINGTHEINTERNETTOMARKETTHEIRCOMPANIESTOSHAREHOLDERSANDINVESTORSINIFRF
22、IRMSTHATIS,FIRMSTHATHAVEIMPLEMENTEDIFR,THEMARKETINGACTIVITIESNOLONGERARELIMITEDTOTHEPRODUCTS,ANDTHEFIRMSWEBSITESARENOTDEDICATEDSOLELYTOORDINARYCONSUMERSTHEUSEFULNESSOFAFIRMSINTERNETFINANCIALREPORTINGDEPENDSONHOWEASYITISTOACCESSITSONLINEFINANCIALINFORMATION,THEAMOUNTOFTHISINFORMATIONREPORTEDANDWHETHE
23、RUSERSCANDOWNLOADORANALYZETHISINFORMATIONUNDOUBTEDLY,IFRWILLBECOMEINCREASINGLYPOPULARWORLDWIDETHEINTERNETFINANCIALREPORTINGIMPLEMENTATIONBYFIRMSCREATESNEWCHALLENGESTOMANAGEMENTINCHARGEOFESTABLISHINGTHECONTROLFRAMEWORKANDTOINTERNALAUDITORSINCHARGEOFREVIEWINGTHECONTROLSTHEGROWINGPOPULARITYOFINTERNETFI
24、NANCIALREPORTINGWILLCONTINUEINMANYCOUNTRIESANDCITIES,AFTERFIRMSHAVEREALIZEDTHEMANYADVANTAGESASSOCIATEDWITHITITWILLBERISKYFORTHEMANAGEMENTANDINTERNALAUDITORSOFAFIRMTOIGNOREIFRINDEED,INTHEINTERESTOFTHEUSERSOFFINANCIALINFORMATION,MANAGEMENTANDINTERNALAUDITORSHAVETOPROVIDETHEIREXPERTISETOENSURETHATTHEEL
25、ECTRONICFORMSOFREPORTINGPRODUCEQUALITYFINANCIALINFORMATIONAFIRMSCORPORATEGOVERNANCEMECHANISMSINFLUENCEINTERNETFINANCIALREPORTINGBEHAVIOR,INCLUDINGBOTHTHECONTENTANDPRESENTATIONFORMATOFINTERNETDISCLOSURESINTERNETFINANCIALREPORTINGPROVIDESANEFFICIENTMEANSFORCOMPANIESTOIMPROVECOMMUNICATIONSWITHINVESTORS
26、,DECREASECOSTSASSOCIATEDWITHDISTRIBUTINGHARDCOPYINFORMATION,ANDINCREASETHEFREQUENCYOFINFORMATIONDISCLOSURESTHEINTERNETALSOPROVIDESMOREFLEXIBILITYASTOTHETYPEOFINFORMATIONDISCLOSEDTOINVESTORSANDTHEPRESENTATIONFORMATOFTHEDISCLOSURESTHENUMBEROFINDIVIDUALINVESTORSTHATUSETHEINTERNETTORESEARCHINVESTMENTOPP
27、ORTUNITIESANDCONDUCTSTOCKTRADESONLINEISCONSTANTLYGROWING,WHICHMAKESIFRANIMPORTANTAREAOFACADEMICRESEARCHCURRENTLY,DISCLOSUREONTHEINTERNETISFORTHEMOSTPARTVOLUNTARYCONSEQUENTLY,THEREARELIMITEDASSURANCESASTOTHEQUALITYOFTHEINFORMATIONREPORTEDONCORPORATEWEBSITESTHEFINANCIALACCOUNTINGSTANDARDSBOARDSBUSINES
28、SREPORTINGRESEARCHPROJECT2000NOTEDCONCERNSWITHTHEQUALITYOFWEBFINANCIALINFORMATION“WITHINCREASEDTIMELINESSTHEREISTHEPOTENTIALFORDECREASEDRELIABILITY”REGULATORSHAVEALSOEXPRESSEDCONCERNOVERTHEFORMATINWHICHINFORMATIONISDISPLAYEDONTHEWEB“ACOMPANYMAYINADVERTENTLYGIVEVISITORSTHEIMPRESSIONTHATALLINFORMATION
29、PROVIDEDINOTHERWEBSITESTOWHICHTHECOMPANYSWEBSITEISLINKEDISAFFORDEDTHESAMELEVELOFACCURACYANDRELIABILITY”WEFINDTHATFIRMSWITHWEAKSHAREHOLDERRIGHTSAREMORELIKELYTOUSETHEINTERNETTODISSEMINATEINFORMATIONTOEXISTINGANDPOTENTIALINVESTORSINTERESTINGLY,FIRMSWITHWEAKSHAREHOLDERRIGHTSAREALSOMORELIKELYTOPROVIDESPE
30、CIFICINFORMATIONREGARDINGCORPORATEGOVERNANCEONTHEIRWEBSITESAPOSSIBLEEXPLANATIONISTHATMANAGERSPROVIDEADDITIONALDISCLOSURESTOSHAREHOLDERSINRESPONSETOTHEINCREASEINAGENCYCOSTSTHATRESULTFROMTHEEXISTENCEOFWEAKSHAREHOLDERRIGHTSINADDITION,WEFINDTHATFIRMSWITHAGREATERPERCENTAGEOFINDEPENDENTDIRECTORSAREMORELIK
31、ELYTOENGAGEINIFRRECENTRESEARCHTHATHASSHOWNTHATCORPORATEDISCLOSUREINCREASESWITHBOARDINDEPENDENCEBOARDINDEPENDENCEISANIMPORTANTELEMENTINMONITORINGTHECORPORATEFINANCIALACCOUNTINGPROCESSANDAFFECTINGTHERELIABILITYOFFINANCIALREPORTSAHIGHPERCENTAGEOFINDEPENDENTDIRECTORSONTHEBOARDENHANCESTHEMONITORINGOFMANA
32、GERIALOPPORTUNISMANDREDUCESMANAGEMENTSCHANCEOFWITHHOLDINGINFORMATIONEMPIRICALEVIDENCESUGGESTSTHATCORPORATEDISCLOSUREINCREASESWITHBOARDINDEPENDENCEBEASLEY1996FINDSTHATTHEPROPORTIONOFINDEPENDENTDIRECTORSONTHEBOARDISPOSITIVELYRELATEDTOTHEBOARDSABILITYTOINFLUENCEDISCLOSUREDECISIONSWEFINDTHATBOARDINDEPEN
33、DENCEALSOINCREASESDISCLOSUREUSINGAVOLUNTARYDISSEMINATIONTOOLTHEINTERNETIMPORTANTLY,WEALSOFINDAPOSITIVEASSOCIATIONBETWEENBOARDINDEPENDENCEANDCORPORATEGOVERNANCEDISCLOSURESOURRESULTSSUGGESTTHATBOARDINDEPENDENCEISEFFECTIVEININCREASINGVOLUNTARYCORPORATEDISCLOSURESENGANDMAK2003FINDTHATINCREASEDPRESENCEOF
34、OUTSIDEDIRECTORSISASSOCIATEDWITHREDUCEDDISCLOSUREUSINGASAMPLEOFSINGAPOREFIRMS,SUGGESTINGTHATEXTERNALDIRECTORSINSINGAPOREPLAYASUBSTITUTEMONITORINGROLETODISCLOSURERATHERTHANACOMPLEMENTARYMONITORINGROLEOUTSIDEDIRECTORSMAYBEELECTEDBYBLOCKHOLDERSANDHAVEDIRECTACCESSTOACQUIREINFORMATION,THUSDEMANDLESSDISCL
35、OSURETRADITIONALACCOUNTINGMEASURESDONOTFULLYCAPTURETHEVALUEOFFIRMSWITHHIGHGROWTHPROSPECTSANDHIGHINTANGIBLESTHEREFORE,HIGHGROWTHFIRMSATTEMPTTOMITIGATEINFORMATIONASYMMETRYBYMAKINGDISCLOSURESTHROUGHADDITIONALMEDIUMSSUCHASIFRORCONFERENCECALLSMANAGERSHAVEINCENTIVESTODISCLOSEFAVORABLEINFORMATIONPRIORTOASE
36、CURITYOFFERINGTHEYALSOMIGHTDISCLOSENEGATIVEINFORMATIONIFTHEMARKETINTERPRETSNOTDOINGSOEVENMOREUNFAVORABLYTHEINTERNETHASEMERGEDASAMEDIUMOFCOMMUNICATIONOFFINANCIALREPORTINGINFORMATIONBYCOMPANIESSINCETHEMIDTOLATENINETIES,THEREAREVARIOUSASPECTSOFINTERNETBASEDFINANCIALREPORTINGTHATAREDIFFERENTFROMTHETRADI
37、TIONALHARDCOPYPRESENTATIONTHESEFACTORSINCLUDETHEACTUALMODEOFPRESENTATIONAND,THEPROCESSOFACCESSTOTHEINFORMATION,THATISACCESSINGACOMPANYSWEBSITERATHERTHENTHEHARDCOPYVERSIONOFTHEFINANCIALREPORTSTHEINTERNETOFFERSTHEPOTENTIALFORCOMPANIESTOREACHAWIDERRANGEOFUSERSDUETOTHEAVAILABILITYOFFINANCIALREPORTINGINF
38、ORMATIONONTHEWEBSITESWITHOUTTIMELIMITSORBOUNDARIESASCORPORATEGOVERNANCEANDDISCLOSUREARECONSIDEREDNECESSARYMEASURESTOPROTECTSHAREHOLDERSRESEARCHONIFRHASPRODUCEDVALUABLEINSIGHTSINTOTHEDETERMINANTSOFCOMPANIESDISCLOSURECHOICESFOREXAMPLE,ASHBAUGHETAL1999DOCUMENTIFRPRACTICESANDPROVIDEPRELIMINARYEVIDENCEON
39、WHYSOMEFIRMSDISSEMINATEFINANCIALINFORMATIONONTHEIRCORPORATEWEBSITES,WHILEOTHERSDONOTFURTHERMORE,FIRMSRESPONDINGTOTHEIRSURVEYINDICATEDTHATDISSEMINATINGINFORMATIONTOSHAREHOLDERSWASANIMPORTANTREASONFORESTABLISHINGANINTERNETPRESENCEINSTITUTIONALSHAREHOLDERSAREOFTENCHARACTERIZEDINACADEMICRESEARCHASSOPHIS
40、TICATEDINVESTORSWHOHAVEADVANTAGESINACQUIRINGANDPROCESSINGINFORMATIONCOMPAREDWITHOTHERINVESTORSCONSEQUENTLY,INSTITUTIONALINVESTORSCANBEMOREEFFECTIVEASTRADERSANDMONITORSTHANCANSMALL,DIFFUSERETAILINVESTORSINSTITUTIONALINVESTORSCOULDACTUALLYPREFERTHATINFORMATIONNOTBEBROADLYDISSEMINATEDBECAUSETHEYARECONC
41、ERNEDABOUTEITHERADECLINEINTHEQUALITYOFTHEINFORMATIONCOMMUNICATEDORALOSSOFTHEIRINFORMATIONALADVANTAGESOURCEANDREAKELTON,2008“THEIMPACTOFCORPORATEGOVERANCEONINTERNETFINANCIALREPORTING”JOURNALOFACCOUNTINGANDPUBLICPOLICY,VOL27,NO1,JANUARY,PP6267译文公司治理机构对网络财务报告的影响互联网是一个独特的信息传播工具,因为它的表现形式灵活,并能与无限数量的客户相沟通。
42、目前,大部分网络财务报告行为都是自主完成的,大多数不受管制。互联网可以提供不同公司的各种财务信息,此外,网络财务报告的表示方法如超文本、多种文件格式(如PDF格式)和多媒体等,这是只靠传统的基于纸张的财务报告所无法表现的。之前已经研究了企业的激励机制、企业的网站信息化水平的决定因素和信息的呈现格式。例如徳布雷塞尼等(2002)进行的跨国分析表明,在美国证券市场上市的企业规模和技术水平与网络财务报告的水平有关。伊特历治等(2002)对企业网络财务报告的调查研究显示,网络财务信息的自动披露和各种影响因素呈正相关,这些影响因素如企业规模、外部资金需求、信息不对称、信息披露质量。在研究影响中国上市公司
43、自愿采用网络财务报告及信息的披露程度的因素时,网络信息披露的选择和所有权结构有着密切的联系,如政府机关的所有权,国有公司的所有权和法人所有权等。通过美国公司网络财务信息披露的内容和格式对公司治理结构的影响来研究我国的公司治理结构和网络财务报告,人们已经越来越会要求公司改善其治理结构和财务信息的披露。当前的研究显示,在一个机制不同的模型下几个公司的治理机制可能会抵消或者相互作用,为保障股东的权益,完善公司治理机制和信息披露被认为是必要的措施,研究的结果为公司政策制定者和监管机构实施新的公司治理机制和应用网络财务报告提供了指南。网络财务报告已经成为公司披露信息的决定性因素的选择。例如,阿什博等(1
44、999)对网络财务报告文档的研究,并提供初步证明为什么一些公司在企业网站上进行财务信息的传播,而有的公司则没有。结果表明,应用网络财务报告的公司比不应用网络财务报告的公司能获取更大的利润。此外,对公司的调查显示,股东传播信息的一个重要原因是公司建立了自己的网站。徳布雷塞尼等(2002)在22个自愿使用网络财务报告的国家进行研究,以确定影响公司和网络财务报告的环境因素,而不是要分离网络财务的内容和自愿项目,同时也是为了检查他们披露的内容和呈现形式。调查结果显示,与网络财务报告的内容相比网络财务报告与技术水平和披露环境的联系更加紧密。他们研究的主要焦点是中国独特的因素,如国家所有权形式的存在。他们
45、发现网络财务报告与显著的法人持股比例有关,但不是国内的私人投资者、外国投资者或者国家机关。先前的研究的一个特点是对网络财务报告定量数据方面的决定性因素的关注。大量研究网络财务报告和财务状况之间的关系和影响因素,如公司规模、盈利能力、杠杆作用等。但很少人会去研究基于互联网的信息披露的定性因素,如所有权结构和技术水平。先前的研究的另一个特点是分析师的评级普遍采用从特许财务分析师协会(前身是美国投资管理研究协会)获得的方法。为了探究公司网络财务报告和声誉对其公司财务报表的影响,阿什博(1999)和伊特历治(2002)等利用从特许财务分析师协会1994/95和1995/96每年的公司报表年度评论获得的
46、信息,对公司分析师评级的整体信息披露质量进行抽样调查。通过他们在1994/95和1995/96年获得的数据去了解网络财务报告在当今这个环境下的发展,他们的研究结果的适用性是有限的。公司所有权的结构影响网络财务报告的使用管理权和学术所有权,调和所有权的管理人员和股东之间(潜在)的代理冲突,从而降低代理成本。研究发现,管理者持股克服了管理的近视问题,公司的所有权与公司的管理创新和生产能力有关,从长远来看,有利于公司价值的实现。因为,管理权有利于调整股东和管理者的利益,减少对股东的检测需要。公司治理结构影响公司的网络财务报告的行为包括网络信息披露的内容和表现形式。如代理理论(詹森和麦克林,1976)
47、提供了一个连接企业治理结构信息披露的框架。从理论上讲公司治理对信息披露的影响可能是相辅相成的也可能是替代性的,这种相辅相成的治理机制有利于加强对公司的内部控制,使管理者不太可能为自己的利益而保留信息,从而提高信息披露的全面性和财务报告的质量。另一方面,替代性的治理机制可以减少信息的不对称和机会主义行为,为此需要更多的监测和自愿披露的信息。公司治理机构有股东权利、所有权机构、董事会组成,而且公司股东的权利也各不相同,有些公司储备管理力量,以备让小股东能够快速、方便地更换董事(内部或外部收购),而其他公司的管理和地方力量的储备对股东权利有所限制。为减少股东权益,股东的管理成本也相对会增加。财务会计
48、准则委员会(2000)从内容和形式方面描述了网络财务报告。对一个发布公司财务内容的网站除了传统要求提交的文件,例如季度和年度财务报告,通常还包括股票行情、新闻发布、财务历史记录等等。动态年度财务报告的表现形式范围如声音和视频格式的动态形式,采用动态形式可以提高财务信息的可读性和可理解性。网络财务报告是通过公司网站来传播公司财务信息的财务报告,公司利用网络财务报告向其它的股东和投资者推销自己。在使用网络财务报告的公司,他们的营销活动不再局限于产品,而且公司的网站也不再是专用于普通消费者。公司网络财务报告的有效性取决于在线财务信息的的简易程度和用户下载和分析的信息量。毫无疑问,网络财务报告在世界各
49、地将变得越来越受欢迎,在很大程度上,这些关于网络财务报告的研究目的除了确定公司的(财务)信息、公布公司的财务报表外,更进一步提出了网络技术在公司财务报告领域的可行性的难题。网络财务报告对公司在建立管理控制框架和对内部审计人员的控制方面提出了新的挑战。网络财务报告使公司实现了更多优势,这使网络财务报告将会在许多国家和城市得到更大的普及。如果公司管理机构和审计人员忽略网络财务报告,这对于公司的管理将是相当危险的。事实上,管理人员和内部审计人员会为对公司财务信息有兴趣的用户提供专业知识,以确保电子形式的财务报告能产生高质量的财务信息。一个公司的治理机制影响网络财务报告的行为包括网络披露的内容和表现形式。网络财务报告为企业与投资者之间的沟通提供了一种有效地手段,它降低了相关信息成本,提高了信息披露的效率。网络也提供了更多的灵活性,如给投资者提供更多形式的信息披露的类型。用网络来研究投资机会和在网上进行股票交易的个人投资者数量不断增加,这使得对网络财务报告的研究成为一个重要的研究领域。目前,在网上的信息披露行为大部分都是自愿的,因此有质量的信息披露是公司网站发展的有限保证。财务会计准则委员会的业务报告研究项目(2000)指出网络财务信息的质量问题及时性的不断增加可能会降低信息的可靠性,并且互联网上提供的信息不具有相同质量的可以预测的完整性。公司管理者对