Internal Control Information Disclosure Quality Of Listed Companies

British historian Arnold Toynbee once said:"A country and a nation, and its decline is often from the inside, and outside forces, but its decline before the final blow." Rise and fall of the enterprise is all about. From the United States occurred in 2001,2008, Enron affected the global financial crisis, a series of painful failures company map out the trail of internal control out of control, around the world since 2002 on the supervision of listed companies continue to strengthen internal controls in the global capital markets set off a wave of strengthening internal controls.Issued in 2002, the U.S. "Sarbanes-Oxley Act" 302 and 404 listed companies in terms of senior management on the effectiveness of internal control self-assessment, employ certified public accountants report on the self-evaluation mandatory audit requirements, and in accordance with the type and size of listed companies classified step by step, to strengthen internal control of listed company supervision. Europe, Japan and Australia, respectively, in the capital market regulatory rules in the regulation of listed companies presented a detailed internal control requirements. June 2008 and April 2010, China’s Ministry of Finance, Securities and Futures Commission, the Audit Commission, China Banking Regulatory Commission. China Insurance Regulatory Commission jointly issued the "basic norms of internal control" and "supporting internal control guidelines" for the design and internal control operation and effectiveness of internal control to carry out self-evaluation provides a strong basis for accounting firms also has become the basis for internal control auditing standard.Practice has proved that-an investment value of companies not only have good business performance and development prospects, but also must have a complete, reasonable, effective internal control system. Disclosed by listed companies in the quality of internal control information, not only to reflect their own whether already established sound internal control systems and awareness of information disclosure obligations, but also affect investors, creditors and regulators judgments and decisions. Therefore, this article on the internal control of information disclosure of listed companies related to issues of quality, the text of a total of 8 chapters.Chapter 1:Introduction. This study focuses on the background and significance, content and methods, possible innovation and literature review. Literature review of which were domestic to foreign literature and literature were collected and combing, and on this basis, a literature review.Chapter 2:Basic theory of internal control disclosure. First, internal control and internal control disclosure of the concept of multi-angle, multi-level analysis, the author puts forward its own interpretation and to define its scope. Then, in economic theory as the support, respectively, from the efficient market hypothesis theory, agency theory, asymmetric information theory and the theory of signal transmission theory was elaborated for the full disclosure of information on the quality of internal controls laid a theoretical foundation.Chapter 3:Internal control information disclosure system of international comparison. Through the United States, Britain, European Union, Canada. Japan and other internal control and corporate governance is relatively good results in countries and regions of the listed company information disclosure system of internal control are introduced, on this basis with the information disclosure system of internal control the evolution of comparison process, so as to arrive on the regulatory system of reference and inspiration.Chapter 4:Build the index system of quality of information disclosure in internal control. Accordance with the "compliance, reliability, sufficiency, substance over form" principle of self-evaluation from the company’s internal control and accounting firms to two aspects of internal control audit of internal control disclosure quality index set, and through specific quantitative methods-AHP, to build the index system of quality of information disclosure in internal control, then analyze and evaluate the index system.Chapter 5:Internal control disclosure quality factors. I built the internal control of quality of information disclosure index as a quality of information disclosure of internal control factors are explanatory variables, and from the corporate governance structure and corporate characteristics of both the starting, as far as possible will affect the quality of information disclosure of internal control as possible factors explanatory variables, the use of capital market data to its internal control quality of information disclosure to be verified.Chapter 6:Internal control quality of information disclosure and corporate performance. This chapter focuses on the perspective from the listed company to test quality of information disclosure and internal control the correlation between corporate performance, which reflects a certain degree of information disclosure of listed companies within the control of the economic consequences. I use Tobin’s Q, as a measure of corporate performance of the indicator were established through the model to explore the explanatory variables and the relationship between the explanatory variables.Chapter 7:Optimizing the quality of information disclosure of internal control system reconstruction. Chinese listed companies for disclosure of internal control status of low quality, consideration of internal control quality of information disclosure, and economic consequences of factors, from government regulators, industry supervision, corporate self-regulation gradually made three perfect information disclosure system of internal control, improve corporate quality of information disclosure of internal control system arrangement and the corresponding research proposals.Chapter 8:Conclusion and Outlook. Analysis of the full text of this chapter, the results of a comprehensive and summarized, combined with the quality of our internal control disclosure status, proposed to improve the quality of internal control disclosure policy recommendations, the last of this paper, the shortcomings of the research process are described and proposed future direction for further research.In summary, this internal control of listed companies by the quality of information disclosure, focusing on analysis of the quality of information disclosure of internal control status and factors and the relationship between corporate performance through improved information disclosure of listed companies internal control mechanisms to improve corporate quality of information disclosure of internal control, and increase information transparency of capital markets, promote efficient allocation of resources and reasonable flow to establish a more sound, healthy and sustainable development of capital markets, which will reform the capital market theory and the construction of certain significance and practical value.