A Study On Influence Of Ownership Structure On Quality Of Internal Control Information Disclosure Of The Listed Companies

Internal control information disclosure not only reflects their own quality of internal control system, but also affects the judgment and decision making of investors, creditors and regulators. In April 2010, five ministries jointly issued guidelines-Enterprise Internal Control which requires the guidelines should be performed in the main board listed company in Shanghai Stock Exchange and Shenzhen Stock Exchange since January 1, 2012. With the continuous improvement of internal controls related to the system of internal control, it can be effectively implemented on an issue that people are most concerned about. Corporate governance structure determines the orientation behavior of managers, thereby affects the degree of internal control of information disclosure, equity ownership structure as the basis of corporate governance structure reflects the rights and obligations of corporate stakeholders, which determines the control of the company configuration and mode of operation of governance mechanisms. In this paper, contacting ownership structure and the quality of internal information, studying the extent to which the ownership structure affects the quality of internal control information, has a certain theoretical and practical significance. Firstly, this paper summarizes the research results at home and abroad about the information disclosure of internal control, clears content and significance of the study. Secondly, this paper analyzes the ownership structure of listed companies and information disclosure of internal control status. Then, based on the theory of agency, the signal asymmetry and signaling,putting forward the four hypotheses, establishing the empirical research model, and using A-share board listed company’s financial data and related information of internal control disclosure in 2012-2013 in Shenzhen to tests the impact of the ownership structure and the quality of internal control information disclosure. The results show that:(1) The relationship between the State’s stake and the quality of internal control was not significant;(2) The higher the proportion of institutional ownership, the higher the quality of information disclosure;(3) The greater the proportion of managerial ownership, the more of help to improve the level of internal control information disclosure;(4) The concentration of ownership is not conducive to the development of the information quality of internal control. Finally, based on the empirical results and the actual situation in China which were analyzed and summarized, drawing the appropriate inspirationThis study has the following meanings:(1) From this new perspective of ownership structure, studying information disclosure of internal control, which enriches the research of internal control information disclosure and ownership structure;(2) Providing further experience for the notice 《main board listed company on 2012 batches classification system of internal control practices implemented notice》released in 2012, improving information disclosure of internal control of listed companies;...