Research On The Internal Control Self-assessment Of Listed Companies's Investment Behavior

Due to《Sarbanes-Oxley Act》disclosure of internal control information and reform of regulatory system, many authorities in the world carry out adjustment with the core of the supervision on their own disclosure system of internal control information. In 2006, China launched the disclosure controls of internal control information in annual reports of listed companies to improve corporate disclosure transparency. What about the disclosure of internal control information in annual reports of listed companies in China? Especially investing behaviors. Does it reflect the quality of listed companies, the quality of internal control and management intent? Does it effective on disclosure controls? For the urgent question of information users, listed companies and securities regulators, this paper was studied systematically with the empirical research methods.At first, according to disclosure of non-regulated period (2003-2005) and disclosure of control period (2006-2008), the article reveals internal control information disclosure conditions of listed companies in 2008's annual report through sub-sectors internal control information classified and graphical analysis. Secondly, the paper focus on the investment behavior conditions of disclosure of internal control information and carry out the descriptive statistical analysis among the contents statements of the annual investment behaviors in the internal control information disclosure, the corporate governance structure and the correlation of the key financial indicators. In addition, we can see clearly that the effects of disclosure control through comparison between disclosure of non-regulated period and disclosure of control period.In this paper, the research found that:(1) After the disclosure regulation in 2006, the number of annual "disclosure" self-assessment of internal controls increased significantly. The disclosure of internal control and the wording of rigor have been improved remarkably. To some extent, they have effect on policy to improve the transparency of internal control of listed companies.(2)Internal motivation study found that:After disclosure regulation in 2006, the" disclosure "and" internal control self-assessment report provided " various types of factors increased significantly and the role of internal control information signal gradually be strengthened.(3) The "disclosure" sample group on the investment behavior of self-assessment is significantly different from "not to disclosure" sample group on objective internal control conditions and management motivation. They are profitable, more independent directors and fewer annual meeting of the board of supervisors. But companies which have more the annual board meetings tend to disclose more the internal control information.