The Study Of Income Method For Enterprise Value Valuation Calculate Discount Rate Based On Model Dcapm

Internal control and the disclosure of internal control information in particular isa hot issue in recent years. Accounting scandals and cases occurred in largecompanies in the United States,as a result Congress of the United State passed theSarbanes-Oxley Act. The act is a shock as it required listed companies to disclosetheir internal control reports and require certified public accountant to audit thecontrol reports.Business community in the U.S. think that the Sarbanes-Oxley Act hadthe greatest impact on the community of business and accounting.Since theSarbanes-Oxley Act,the disclosure of internal control information have into theforcing stage,at the same time,acts in other countries have passed.In our country, in2006,the Shanghai Stock Exchange and Shenzhen StockExchange has issued internal control guidelines. In the year of2008, Ministry ofFinance,Audit Commission, CBRC and CIRC jointly issued the standards of theInternal Control,in2010, five ministries have developed a complete guide tostandards,it Required listed companies to assess the effectiveness of the internalcontrol,to disclose the annual report of self-evaluation, and to hire Accountants toaudit the reports.In this paper, a combination of theoretical and empirical information on thecorrelation of internal control disclosure and stock price changes.In this paper,atfirst,I make the descriptive analysis on disclosure of internal control information inShanghai-listed company, to reflect the specific situation of disclosure of the internalcontrol from the figures. Through empirical testing of the relation of internal controldisclosure and the changes of stock price in the correlation, empirical results showthat: Detailed disclosure of internal control information will have a significantpositive effect on stock price, on the contrary, the simple disclosure of internal controlinformation will have a significant negative impact on stock price. At the base ofdetailed Disclosure, based on the based on standard does not impact on stock pricesmore significantly than based on guidelines, we also try to explain thisproblem.Finally, make policy recommendations according to empirical results toimprove the quality and degree of the disclosure of the internal controlinformation.Improve the internal control system to improve the disclosure of internalcontrol d information, and finally to improve the share price of the listed companies.As a result,it can provide empirical evidence for the improvement of oursystem of disclosure of internal control information.The innovation of this paper is that complement to the basic norms andguidelines to make a set for January1,2012to lay the foundation for fullimplementation,this will help companies to understand and grasp the essence of itsmain content and enable enterprises to accurately disclose the self-evaluation reportand audit report. In closely connection with the basic norms of the institutionalcontext on the basis of the beginning of the implementation of the new system toconduct empirical analysis, to keep abreast of the implementation of the basicspecification, while the problems put forward policy recommendations.