Research On The Impact Of Internal Control Information Disclosure Of GEM Listed Companies On Financial Risks

In recent years, the research on the internal control information disclosure of listing companies is the focus of the experts and scholars. As an important supplement of main market, gem occupies a very important position in the capital market. Due to the characteristic of high growth and high risk of the gem listed companies, the internal control information disclosure of the gem listed companies is more strict than other companies in our country. Moreover, the research on the internal control information disclosure in China started relatively late, and most of the research object is the main board listed companies. However, the research on the gem listed companies is less. Improving the internal control information disclosure level of the gem listed companies, it is benefit to polish up the structure of the corporate governance, optimize the allocation of resources, improve the efficiency of company management, and enhance the control level of financial risk. Therefore, it is of the great practical significance to study the influence of the internal control information disclosure on financial risk of the gem listed company.Under the support of the relevant theory, selecting 245 gem listed companies of shenzhen stock exchange as samples, collecting data, constructing internal control information disclosure index, selecting 8 impact of indicators, and putting forward eight hypothesis, making the financial risk as the dependent variable, then the empirical analysis is carried out by using SPSS software. The empirical results can be showed that the level of internal control information disclosure, the proportion of independent directors,accounting firm’s reputation, the enterprise scale and the growth of company are correlated with the financial risk negatively; Two part-time is positively associated with the financial risk; The board size, ownership concentration are related to the financial risk. The empirical conclusions can be obtained as follows:high quality level of internal control information disclosure, moderate size of the board of directors, moderate shareholding concentration, the high proportion of the independent directors, the good reputation of public accounting firms, bigger enterprise scale and the better growth in the company face relatively small financial risk; existing the phenomenon of two part-time, the financial risk is bigger. This paper puts forward suggestions and countermeasures from two perspectives, which are improving the quality of the internal control information disclosure and the corporate governance structure; Finally, reasonable prospect is put forward.