| Since2002, the United States the Enron, the bankruptcy of WorldCom (the world’s communication) and other international revealed that a series of corporate financial fraud scandal that shocked the global; in China’s capital markets,"Joan China source"、"The Guang Xia"、" the CAO "a series of listed companies’ financial fraud cases, is equally shocking. The financial scandals of listed companies has greatly undermined the public confidence of investors, is also greatly affected the normal and orderly operation of capital markets. Get to the bottom behind these cases, the effectiveness of internal control of listed companies caused by the intimate concern. Enron, the United States on the introduction of the mandatory requirements of the Sarbanes-Oxley Act (Sarbanes-Oxley Act) listed companies to disclose internal control information and the auditor evaluation of internal control of the management authorities issued an audit opinion. is intended to strengthen regulation of listed companies through the public disclosure of internal control information. China in a long time to research and exploration, on the basis of drawing on advanced foreign experience, combined with the actual situation of China’s capital market, to develop a series of internal control norms. In2006, the Shanghai and Shenzhen Stock Exchanges were released Guidelines for Internal Control of Listed Companies, which requested the Board to deal with internal control be considered in the assessment and the formation of internal control self-assessment report, the certified public accountant to conduct an annual audit company financial reporting internal controls issued by the evaluations.2008, five ministries and commissions of the Ministry of Finance, the Securities and Futures Commission, the Audit Commission, the CBRC and CIRC jointly issued the "internal control norms", released in2010five ministries’internal controls supporting the Guidelines, so far China has basically to form a complete set of internal control system of norms. The introduction of the policy of this series makes the internal control information of listed companies in China in particular has become the focus of attention is the disclosure of internal control deficiencies; the implementation of the policy of this series are constantly promoting China’s listed companies to improve their internal control systems and active in the external disclosure of internal control self-assessment report; which also marked the listed companies in China’s internal control information disclosure from the voluntary disclosure towards mandatory disclosure stage.China in the construction of internal control information disclosure rules of the late start, but with the policies and regulations quickly, China’s external regulatory internal control information disclosure of listed companies raised more stringent requirements. Under the strict supervision of the external specification of the policies and regulations, listed companies also began to pay more attention to internal control construction of China’s listed companies disclose the quality of internal control information is also rising. Internal control disclosure internal control deficiencies to reflect the company’s own internal control system implementation and improve the information content of the listed companies disclosed internal control deficiencies and internal control of information disclosure responsibilities. Company internal control deficiencies may mean that the financial risk may be higher. To the outside world to fully understand the situation of the company’s operating effectiveness of internal controls in the relevant specification explicitly requires enterprises during internal control evaluation of internal control deficiencies identified internal control deficiencies in internal control self-assessment report should be disclosed and that the circumstances, the rectification of the internal control deficiencies and significant deficiencies corrective measures to be taken. Regulations on internal control of listed companies information disclosure norms, we can easily obtain information on the internal control deficiencies, enables us to further in-depth study of the disclosure of the listed company’s internal control deficiencies.In view of the overall internal control of listed companies in China is still relatively weak, internal control system to be improved, external supervision be strengthened, the impact study on the factors disclosed by the listed company’s internal control deficiencies or has some positive significance. Disclosed internal control deficiencies of Factors Influencing the incentives and constraints on the internal control weaknesses disclosed, is also conducive to the deepening of internal control deficiencies disclosed by the investors and regulators on the importance and the urgency of understanding, more conducive to the listed companies to continuously improve its level of internal control.In our country continue to improve and standardize information disclosure system on the internal control context of the Shenzhen Stock Exchange A-share listed companies in2010as a research sample, listed companies disclosed internal control self-assessment report for the study, to our listed the company’s internal control deficiencies disclosed. Chose the Shenzhen Stock Exchange listed companies for the study sample is better than the Shanghai Stock Exchange on the statistical study found that the overall quality of listed companies in Shenzhen internal control disclosure of information; between the horizontal can be comparative in order to make the sample selected, only selected Shenzhen A-share listed companies, SMEs plate relative to the main board listed companies has significantly different characteristics, operational risk is also higher.In this paper, the Shenzhen Stock Exchange A-share listing in2010,472of the company’s internal control deficiencies disclosed an empirical analysis, to determine what factors affect and constrain China’s listed companies disclosed the enthusiasm of its internal control deficiencies. In this paper the internal control deficiencies disclosed data from listed companies internal control self-evaluation report and collected by hand to complete the rest of the data from the annual reports of listed companies and CSMAR database. May affect internal control deficiencies disclosed three factors (corporate governance characteristics, operating performance, external audit), select some representatives of the characteristics of the three factors as explanatory variables, to examine whether disclosure of listed companies internal control deficiencies to produce significant impact.In this paper, through the following four parts:The first part (Chapter2) to analyze the theories of internal control weaknesses disclosed. This section is mainly the use of standardized research methods, first of all start from the concept, define the related concepts of internal control, internal controls, disclosure of internal control, internal control deficiencies Interpretation; followed by principal-agent theory, signaling theory, the effective theory of the asymmetric information theory and capital markets theory expounded analysis; internal control disclosure of information both from domestic and internal control deficiencies of the relevant research literature of the sort, analyze and summarize the current situation, thus forming a whole the basic theory part of the article, but also for the disclosed internal control deficiencies Empirical part to pave the way.The second part (Chapter3) to analyze the current situation of China’s current internal control weaknesses disclosed. Review the first disclosure of internal control information of the evolution process of the system, namely the foreign rules and relevant provisions of China’s summarized; then on the basis of full understanding of internal control information disclosure system, China’s current internal control deficiencies disclosed analyze the current situation through descriptive statistical methods to analyze the relevant data disclosed by the listed companies in China’s internal control deficiencies, pointed out the problems in China listed companies in the disclosure of internal control deficiencies.The third part (Chapter4) Internal-control deficiencies disclosed Empirical research component. The previous text of the basic theory expounded and past research literature combing basis carried out the sample selection, and raised a of this article research assumptions; in the independent variable, dependent variable conduct as defined in the basis, to collect collate the relevant data, using frequency statistics. descriptive statistics on sample characteristics were analyzed; then SPSS16.0statistical software for multivariate linear model regression analysis concluded that based on the regression results; and set the model robustness test, soundness test The results also support prior to regression results.The fourth part (Chapter5) improve the internal-control weaknesses disclosed in the recommendations section. Previous theoretical analysis and empirical results of the text on the basis of China listed company’s internal control defects disclosed on the basis of the experience of other advanced experience to put forward some policy recommendations to improve China’s listed companies internal control deficiencies disclosed quality.The innovation of this paper is to focus on research disclosed internal control weaknesses in information:First, on the basis of previously disclosed internal control information, because the internal control deficiencies to be able to truly understand the effectiveness of the company’s internal control for the practice also more instructive; Second, the object of study selected, for listed companies internal control self-assessment report, analysis of internal control deficiencies, more conducive to individual companies to make a comparison between the reference value from the more standardized information carriers; Finally, content analysis with reference to the content of the specification disclosed internal control deficiencies classification rate will be disclosed internal control deficiencies, the indexes relatively more quantitative empirical analysis to reveal the impact of internal control weaknesses disclosed factors. |
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