Based on trust repair theory in causal attribution dimension，this paper examines the market reactions to management’s responsibility acceptance using data of listed companies in China which had material internal control weaknesses (ICW)．The results show that management’s responsibility acceptance increased the perceived responsibility and invited investors to blame management for ICW，thus experienced negative market reaction．It is found that management’s responsibility acceptance had more pronounced negative market reaction for firms with more serious ICW and more financial report-related ICW． Furthermore，the rectification of internal control weaknesses and media coverage significantly reduced the negative market reaction of management’s responsibility acceptance．Besides，although management’s responsibility acceptance had negative effects on securities market in the short term，it facilitated information transparency and reduced future stock price crash risk．This paper has important implications for understanding the role of management’s responsibility acceptance，and provides certain theoretical references for deepening the internal control system reform and improving the supervision of relevant department．