A Study On Control Disclosure Quality Of The Listed Companies In SME Board Based On Overall Meriting Of The Control Self-assessment Reports

In recent years, China's regulatory authorities securities have focused on the disclosure of internal control of listed companies have become, and introduced many policies and regulations to regulate the internal control of listed companies. Along with the continuous improvement of laws, regulations and resources put on internal on the construction of control systems by listed companies, China's listed companies, especially Listed SMEs, are improving their quality of control disclosure each year, so as the number of "Control Self-assessment Report" is increasing quickly year by year.The objects of this study are Listed SMEs' "Control Self-assessment Reports". Firstly, we statistically describe the companies on the SME board as well as their "Control Self-assessment Reports". Secondly, we analyses the repots through the content analysis, and research on the comprehensive quality of the information. Thirdly, we used multiple regression analysis to study the factors affecting the quality of the information quality of "Control Self-assessment Reports". Finally, we proposed some relevant policy recommendations on the basis of the results of research above.According to the comprehensive scoring of the "Control Self-assessment Reports", we concluded that although the number of Self-assessment Reports made by the listed companies on SME board are of the vast majority, however, the quality of the reports is still not good enough, and was especially lack of disclosure on the control environment and risk assessment. Regression analysis showed that the quality of "Control Self-assessment Reports" made by listed companies of SME board was significantly and negatively related to factors of growth time after being listed, company risk, and whether the company was breaking the rules and has been punished, and the quality of the reports was significantly and positively related to whether the company location is on the east coast. Other factors, such as board size, ratio of independent directors, nature of the controlling shareholder, company operating capacity, profitability, accounting firm's reputation, type of audit opinion, company size and the industry which the company belongs to, was not significantly related to the quality of "Control Self-assessment Reports".This study has practical significance about the measurement of the control disclosure quality of listed companies and how to improve the regulatory of listed company's information disclosure.