The Empirical Research On Organization Efficiency, Voluntary Disclosure Of Internal Control Information And Investors’ Protection

The interests of investors’ protection is the hot issues of common concern in domesticand foreign，in theoretical and practice circles during recent years, but a series of financialscandals happen, people have to concern on the accountant’s authenticity and validity, thusalso caused investor’s trust crisis about accounting information. The function of voluntarydisclosure of internal control information for investor protection is actually to solve theinformation problems and agency problems, to reduce the information asymmetry in investorsas well as between investors and managers. It plays an important role in obtaining the equaltrading rights and the rights of internal information for investors. But the formers’ study oninformation disclosure is not deep enough, and the majorities are normative research.Empirical study on the voluntary disclosure of internal control information and the content asthe company’s investor protection means, its role is often being ignored. It has reached a basicconsensus theory that voluntary disclosure of internal control information is one of theimportant steps in listed company governance. The release of the signal, information andefficiency will reduce the agency cost and information cost to protect the interests of investors.But very few people have done the empirical study. The effect remains to be tested on thevoluntary disclosure of internal control information and the efficiency of the organization toprotect the interests of investors.This article based on the theories and attempted to explain the voluntary informationdisclosure on internal control and the organization efficiency to illustrate the effect ofprotecting the interests of investors. It will carry on the research from four aspects: first, howthe organization efficiency influences the internal control of the listed companies ’ voluntaryinformation disclosure; second, how the internal control of the listed companies ’ voluntaryinformation disclosure influences the protection of investors ’ interests; third, the impact of theorganization efficiency on investors’ protection; fourth, how the organization efficiency andvoluntary disclosure of internal control information influence the protection of investors’interests.This article hopes to provide with strong pertinence and operability analysis and research,to create a brand new angle of view for the modern company governance of the listed companies, to protect the investors better, to play a certain reference role on the voluntarydisclosure of internal control information system and to improve the organization efficiency.