The Market Reaction To The Information Disclosure Of Internal Control Under Encouraging Voluntary Disclosure Rule-Empirical Evidence From The Annual Report Of Public Listed Companies Of SHSE In 2008

In 2002, the U.S. "Sarbanes-Oxley Act" enacted and provided good reference for the construction of national internal control system. China also accelerated the institutionalization of internal control disclosure process. Listed companies disclose internal control information under the rule of "Internal Control Guidelines for Listed Companies". How about the effect of the rule? Is there a good market response? Research on such issues is important for investors, management and government regulators. In this paper, the writer analyzes the necessity of disclosing internal control information, also makes a normative analysis of the market reaction to the information disclosure of internal control based on the multi-disciplinary theory. Then the writer researches the market reaction to the information disclosure of internal control under encouraging voluntary disclosure rule and finally analyzes the reasons and puts forward suggestions for improvement. The Purpose is to test the validity of the rule to identify problems and provide advice for better implementation of the new specification.