本研究使用TFIDF文字探勘技術分析樣本公司年度財務報告裏的管理階層討論與分析(Management’s Discussion & Analysis of Financial Condition and Results of Operations，以下簡稱MD&A)與財務資訊，欲探討公司內部控制有效性對於MD&A資訊與財務資訊一致性之影響。本研究樣本自2002年至2014年美國上市櫃公司之年報中選取，研究結果顯示，當內部控制出現重大缺失，會對企業財務報導一致性產生顯著影響，內部控制具備有效性，其財務資訊與MD&A文字性資訊所揭露之訊息較為一致。 / The major purpose of this study is to examine the relationship between internal control weakness and the financial reporting consistency. I use TFIDF text mining technology analysis the Management's Discussion & Analysis of Financial Condition and Results of Operations (MD&A) and financial information. All annual report of the US-listed companies from 2002 to 2014 are collected as data samples. As anticipated, we find that internal control weakness is negatively correlated to the financial reporting consistency. Companies with no internal control weakness present more consistent MD&A information comparing to their financial information.

本研究主要係在探討經過會計師查核的內部控制報告書是否會影響到分析師的公私有資訊精確度以及市場流動性。實證結果發現，當公司被視為具有重大內控缺失者，會造成分析師公有及私有資訊精確度下降，進而使得整體資訊環境的不確定性增加。本研究亦發現，當公司揭露內部控制缺失時，該公司在宣告期間會有較差的市場流動性以及較嚴重的資訊不對稱性。本研究更進一步將內控缺失區分成公司及會計層級內控缺失，結果發現有公司層級內控缺失的公司，相較於會計層級缺失者，會有較差的公有資訊精確度及市場流動性。最後，本研究發現，若公司下一年度有進行內部控制缺失修正時，會產生較高的公私有資訊精確度及較高的市場流動性。 / This dissertation extends prior research on internal control weaknesses (hereafter ICW) by examining the impact of internal control weakness and their remediation on information precision and market liquidity for firms filed Section 404 reports with the SEC. First, I find that the presence of ICW is associated with lower precisions of public and private information contained in analysts’ earnings forecasts, which in turn increase overall information uncertainty. Second, I find that market liquidity is significantly lower for ICW firms. Moreover, this dissertation provides evidence that firm-level control weaknesses have stronger impact on public information precision and market liquidity than account-specific control weaknesses. Finally, this dissertation suggests that ICW remediation firms have higher information precision and market liquidity, compared to non-remediation firms. My results are robust after controlling for the endogeneity problem and other sensitivity tests.