Does Continuous Supervision Improve The Quality Of Internal Control And Information Disclosure?

The information disclosure research in China started in 1994, after 20 years of development, the construction of the information disclosure system, mandatory and voluntary information disclosure, segment information disclosure all have experienced rapid development. Generally speaking, information disclosure quality has been steadily promoted.In the capital market, accounting information need to experience the production and disclosure step before appearing in front of external information users, so companies' information disclosure is a special characteristic of the capital market,attaching the accounting information with many quality, such as timeliness,completeness and intelligibility. The concept of information disclosure quality is the combination of production and disclosure step, it's a comprehensive description of the accounting information quality.Continuous supervision system is an important part of information production, it affects the corporate governance structure, internal control system, information disclosure quality, IPO proceeds utilization and many other aspects. Sponsors are like gardeners, they have to trim “the tree of listed company” with carefulness, make it become beautiful and neat. If you want to test the effectiveness of the continuous supervision system, the information disclosure quality is a perfect starting point.Information disclosure is the base of the stock market's stable operation,information disclosure system is a basic system of capital market. In the information disclosed by the listed companies, accounting information is a really core part. The investors can learn enterprise management situation from the information disclosure,the quality of the information has important influence on the securities market stabilization. SHSE and SZSE examine the quality of listed company information disclosure as authenticity, accuracy, completeness, timeliness and fairness five aspects,every aspect has its unique criteria.This essay selects 2001 to 2012 main-board listed companies as samples, use the information disclosure quality, as well as the internal control quality to verify the effectiveness of the continuous supervision system, divides the effect into internal control evaluation report quality, information disclosure reliability, completeness,timeliness and fairness five aspects, using the modified Jones model, descriptive statistics and regression analysis methods to examine how continuous supervision system impacts the listed company information disclosure quality. In the conclusions,we found that the timeliness, integrity and reliability has obtained a certain degree of ascension, the board structure has became more reasonable, which means the continuous supervision system do have positive effects on the stock market, and adapts the exploration to the registration system as well.