Internal Control Of Securities Company:Effect Of Implementation、Information Disclosure And Performance Relevance

In 2013, Ever bright Securities event, CITIC Securities、C hina Merchants Securities and GF Securities have been punished for the sponsor business highlight the importance of improving internal control, strengthening the risk management of securities companies, but also exposed the weak internal control of China’s securities companies. Internal control is one of the core aspects of corporate governance, but the existing studies focus on general corporate, securities company’s internal contro l problems involving less. In view of this, the thesis focuses on the security internal efficiency optimization researches, makes systematic analysis of security internal control from three levels of implementation of the status, the reliability of interna l control report and verify the effectiveness of internal control based on the internal control target.The innovation of this paper are that multiple case analysis are used while the current study the issue more in a single case studies mainly to cover the contents of a narrow; Secondly, we found a lot of problems exist in internal control implementation of securities case analysis, then the content analysis method was used to test that internal control evaluation report whether truthful disclosure of the se problems; Finally, verify the effectiveness of internal control based on the internal control target. Confirmed the empirical results of listed securities and unlisted securities company securities company’s internal control positive role in promoting the effectiveness of the company’s performance, the paper sample was divided into listed securities and unlisted securities firms into two categories, comparative analysis.Main conclusions of the thesis are as follows:(1) To guard against moral hazard and make up for gaps in the rigid system is not complete of internal control by constructing employees reputation mechanism and occupation moral evaluation mechanism; The defects existing in the governance structure of securities is root cause of the failure of internal control, to strengthen the internal control effect from the perfect angle of governance structure; Using the bottom- up path to design internal control system can better combine theory with practice and flexible use it according to the practical experience, contribute to identify and implement the internal control system.(2) Active disclosure of internal control defects of securities is less, the vast majority of securities lack of disclosure of internal control deficie ncies enthusiasm; Regulatory penalties and securities companies are not relevant of internal control information disclosure, securities company internal control information disclosure of the existence of too much modification or glossy behavior. Thus, the contents of internal control report are lack of information content; Standards of the degree of internal control defects are not uniform, and the internal control report lacks the disclosure of internal control deficiencies and corrective measures.(3)There existence a significant positive correlation between effectiveness of internal control and performance,security should strive to improve the level of effectiveness of internal control, so as to enhance their own performance; Listed securities internal co ntrol effectiveness put more positive influence on corporate performance compared to the unlisted securities.