Research On The Market Reaction Of The Internal Control Audit Information Disclosure Of Listing Corporation

Since the "Enron fraud incident" in 2001, due to a serious lack of internal control system,the financial fraud cases outbreak frequently, the effectiveness of internal control and information disclosure of listed companies attract more and more attention. In 2008 and 2010, the Ministry of Finance, Securities and Futures Commission, the Audit Commission, the CBRC, the China Insurance Regulatory Commission five ministries have issued "the basic norms of enterprise internal control "and "the enterprise internal control supporting guidelines", together to build a corporate internal control system, Marking China’s information disclosure of internal control development stage from voluntary disclosure to the mandatory disclosure stage. The standard system provides that disclose the company’s annual report at the same time, disclose the annual self-evaluation report and internal control over financial report issued by the CPA.Disclosure of the internal control information is an important basis for investors to make investment decisions, especially the internal control audit report issued by the certified public accountants, provide the internal control quality information to investors that can not provided by the financial report, which affects investors’ judgment and policy decision,and thus cause the company’s stock price fluctuations. Then, How the implementation of the internal control system, How the capital market react to the audited internal control information disclosed by the listing Corporation, What is the difference of capital market reaction compared to the mandatory disclosure of voluntary disclosure, this paper is committed to solve these problems.On the basis of summarizing and analyzing the implementation status of the internal control system, this paper studies the internal control audit information from 2011 to 2013 in Shanghai and Shenzhen Stock Exchange, Combined event study method and multiple regression analysis, from an empirical perspective of information disclosure of internal control audit market response, This article draws the following conclusions:The internal control audit opinion disclosed by the listed companies has information content; The capital market is different from the different types of non-standard audit opinion; The difference between mandatory disclosure and voluntary disclosure of the capital market reaction unlikely. Finally, according to the conclusion of the empirical research, some suggestions are put forward for the regulatory agencies, listing Corporation, certified public accountants and investors.