The Study Of Internal Controlling Disclosure Of Listed Corporation

In 2002 American big company's, like Enron and WorldCom,accountant scandal has expedited Sarbanes-Oxley Act, this act althoughalso was called the Company Reform Act, but because it mainly aimed atsecurities market , therefore also is called US Securities Law haspromulgated the biggest securities law reform since 1933. It can be seenthat the capital market reform and the Corporate Governance reform isclosely linked, therefore the study of security disclosure regulation has thepractical significance with the capital market regulation reform. Thetheory of internal controlling disclosure of listed corporation from thecontent is a part of the theory of Corporate Governance, but essentially isone kind Corporate Governance mechanism for the purpose of enhancingquality of the disclosed information, distinguishes between purely usesexterior regulation and audit method to guarantee the quality of disclosedinformation. But as a new theory of information disclosure, we shouldclosely examine: In the reality, whether exists realistic illustration of thisnew theory? If exists, how dose this new theory have the function? Whatis its function object? What are the relation of this theory and theregulation of disclosure? How in the reality further realizes this theory? Inlight of this, this article that uses method which with the aid of the legalscience, the economic and the management study has launched the systemdiscussion to the above question. This thesis consists of an introduction and three chapters. As a new theory, it must have its reality the basic illustration tosupport. So the main content of Chapter one selects the illustration of thetheory of internal controlling disclosure of listed corporation andlaunches the analysis. The event of Enron and its latter a series of bigcompanies' accountants scandal, not only has urged the Americangovernment to promulgate Sarbanes-Oxley Act also to symbolize sincethe Roosevelt new deal, a US capital market biggest transformation start.On the century's end US'S capital market operation and the regulationpattern become the world the model, without doubt its transformation willbecome the wind vane of whole world capital market. Moreover, this actalso is called the Company Reform Act, the main content of this act also istransforms the accounting system, the auditing system take the companyinterior and so on as. Based on above two reasons, the first illustration oftheory of internal controlling disclosure is the fourth chapter ofSarbanes-Oxley Act. Through to this act related chapter analysis, maydraw such conclusion: Or must erupt the so serious disclosure scandal inexterior regulation mechanism highly developed US; obviously pureexterior regulation is insufficient to guarantee the quality of informationdisclosure. But in this act, the solution measure of information disclosurereforms the request which accountant disclosed, strengthens internalsupervising and managing and the restraint management level behavior,also confirmed the significance from another side strengthened the internalcontrolling to guarantee the quality of disclosed information the quality.Through the above analysis, we may draw such conclusion that is theinternal controlling therefore can guarantee the quality of disclosedinformation and its function intermediary is that it may the effectivecontrol managers' information superiority. Therefore the second part hasanalyzed the information superiority definition, the characteristic as wellas has the reason. Merely depends upon an act is unable to explain theinternal controlling research the practical significance, company's internalcontrolling inevitably involve the company internal Corporate Governance.As a new theory it is unable find the powerful evidence in corporate law.But the various countries to goes on the market the company behavior tocarry on the standard the criterion system-- Corporate Governance Rulesfor Quoted Companies, because it governs in the reform in the companyforesightedness and the experiment, becomes the analysis interiorcontrolling theory the b...