The Research Of The Relationship Between The Quality Of The Internal Control Information Disclosure And The Operating Performance Of The Listed Companies

From the world of American Enron event accounting fraud to the global financial crisis in2008, a pile and a pile of business failures is revealed significant problems of internal control. Beginning in2002, set off a worldwide strengthening internal control supervision wave, the listed company’s internal control construction has been given due attention.Since2002, the United States Foreign promulgated the "Sarbanes-Oxley Act", they embarked require listed companies to disclose the development of enterprise internal control logic, with its accompanying disclosure of listed companies internal control self-assessment reporting requirements, and hire an accounting firm to audit. Due to internal control problems become increasingly serious. In May2008and April2010, our country has released the "basic norms of internal control" and "Supporting internal control guidelines" for the design and operation of internal controls and conduct internal control self-assessment provides an important basis, while also become a CPA audit of internal control audit basis.Facts have proved that a good company which with prospects and much value to invest not only has good business performance, but also must be perfect, reasonable and effective internal control system. And the ability to disclosure of its capital markets in internal control timely and accurate, to achieve the company’s internal and external investors, good communication, reducing the information asymmetry between the two, to avoid the "moral hazard" and "adverse selection" phenomenon, internal good disclosure control information can improve the transparency of information, eliminating outside investors when the company’s valuation uncertainty, reduce financing costs and improve corporate performance. Therefore, this article is about the quality of information disclosure of internal controls and the listed company’s operating performance, the text of a total of seven parts.The first part is an introduction, describes the research background and practical significance, contents and methods of structural framework and possible innovations.The second part is a literature review of domestic and foreign literature of the sort, elaborated information disclosure of internal control at home and abroad for research progress and research perspective as well as a literature review.The third part is the theoretical basis, mainly on the design of this study is based on the theory of asymmetric information theory, agency theory and signal theory. And these theories and would like to combine the contents of this paper, for the hypothesis presented below provides a theoretical basis.The fourth part is the quality of information disclosure of internal control Index System. Accordance with the "scientific, systematic, combining theory and practice" principle from the company’s internal control self-assessment and external accounting firm two aspects of internal control information disclosure quality indicators set, and through the internal control AHP quantify the quality of information disclosure, the qualitative analysis and quantitative analysis.The fifth part of this study describes the assumptions and explanatory variables, the explained variable, and control variables. Based on the above theoretical analysis, this research hypothesis, and through the relevant literature, the internal control information disclosure index as an explanatory variable, the ROE as the dependent variable, and determine the impact of operating performance of listed companies and other variables, on this basis, determine the empirical model of this paper.Part VI is the empirical analysis, including descriptive statistics, correlation tests, multiple linear regression and robustness tests. And draw the corresponding empirical results and conclusions.Part VII is based on the research findings, suggestions and limitations of this article. For the above empirical results, combined with this conclusion, and taking into account the internal control of listed company information disclosure quality is not high, this article proposes the recommendations of improving internal information disclosure system of internal control from the government and the companies.In summary, the paper through the internal control information disclosure of listed companies and the quality of the relationship between corporate performance researches, aims to build a model, through a series of research, quality of information disclosure of internal control drawn on the company performance. Thus promoting the listed companies to improve their quality of information disclosure of internal control behavior, and enhance information transparency of capital markets, and promote rational allocation of resources, which will be China’s internal control disclosure of information theory to provide a theoretical basis for the development.