Shanghai A-share Listed Company's Internal Control Information Disclosure Influence Factors Research

In the wake of the bankruptcy cases and financial fraud happened in our country and abroad, especially some high-risk companies, like World Communication, Xerox and other grand ones whose financial scandal have hit the global capital market, people also focus on the importance of disclosure of internal controlling information. As a significant part of quoted company’s information disclosure, internal controlling information disclosure has gradually become an international trend, which has taken effect on strengthening the construction of quoted company, the stability of securities market, the impact of investors’ decision-making and so on. Although our national researchers are now concentrated on the theory of internal control, due to the disclose level and awareness is relatively lower than advanced countries, the process is still in its infancy. What’s more, the level of company internal controlling information disclosure is low, which results in a situation that the concerning research becomes more and more, and the influential factors of company internal controlling disclosure level also become one of the hot issues. At present, domestic research of those factors mainly takes western methods, empirical research is also not sufficient, so this paper intends to make a further research on the influential factors of internal controlling information disclosure.At first, this paper compares the research situation of internal controlling information disclosure at home and abroad and the advanced countries in the internal controlling information disclosure, finding the existing deficiency in our country. From the point of principle-agent theory, asymmetric information theory, signal transfer theory and the decision usefulness theory, the paper analyzes the necessity and drives of quoted company’s internal controlling information disclosure. Due to Shanghai and Shenzhen have different requirement to internal controlling information disclosure, and comparing with other industries, high-risk industry has higher frequency about the emergency of the problem of internal controlling information disclosure, so the empirical analysis of the present study has chosen all information of technological real estate listed companies which have the characteristics of high-risk industries in Shanghai A shares to be the research sample, built internal controlling information disclosure index, put forward the company size, the nature of the controlling shareholders, ownership, management, whether chairman and manager can be all in one, concentration of the ownership, the independent directors proportion, the size of board and the size of the board of supervisors, whether can be specially managed, whether can be overseas listed, profitability, financial leverage, whether to set up the audit committee, firm size, type of audit opinion and other15influential factors and assumptions, then do the empirical analysis by SPSS19.0.The result proves that the internal controlling information disclosure level of Shanghai A shares quoted company is not high. Setting up the audit committee, the types of audit opinions, whether to be specially managed and listed overseas are four outstanding influential factors of internal controlling information disclosure. Because of the chosen of the sample, other factors all have some relations with information disclosure level, but not so deep. At last, according to the reality and the empirical analysis results, the paper puts forward some related suggestions about promoting the level of our country’s internal controlling information disclosure.