An Impact Of Internal Control Information Disclosure On Enterprise Agency Costs

In recent years,corporate financial fraud has occurred frequently,a serious violation of the interests of investors creditors.The disclosure of internal control information can reduce the adverse impact caused by information asymmetry,so the regulation of internal control information disclosure by many countries attention.The United States,Japan and other developed countries have issued a relevant bill,standardizing the scope and depth of internal control information disclosure.In order to comply with the strong demand of internal control information of capital market stakeholders,2008 China's internal control standards committee promulgated the "basic norms of internal control" and "supporting guidelines",requiring China and SSE and Shenzhen listed companies should be in 2012 year to provide internal control self-evaluation report and internal control audit report.The problem of enterprise principal-agent is a long time,internal control information as important enterprise information,increase its disclosure efforts,can help stakeholders make investment decisions,ease the capital market information asymmetry problem.How does the disclosure of internal control information under the new disclosure system affect the cost of agency agent?In-depth study of this issue is conducive to expanding the scope of economic control of internal control information disclosure.This paper is divided into six chapters.Based on the new internal control information disclosure system,this paper explores the influence of internal control information disclosure on the agency costs of enterprises,and injects new vitality into the problem of alleviating the principal-agent.This paper expands the shortcomings of predecessors' research,and deeply studies the influence of internal control information and its five elements on the ownership and creditor's rights.On the one hand,the internal control information disclosure can reduce the degree of information asymmetry and reduce the cost of collecting information of the principal.On the other hand,the feedback of internal control information can help the enterprise improve the internal control system,realize the internal checks and balances and alleviate the principal-agent problem.According to the theoretical analysis,the author puts forward the research hypothesis,selects the alternative index to carry on the regression analysis,finally concludes that the high level of internal control information disclosure has a significant inhibitory effect on the cost of the equity agent,and the influence of the five elements on the cost of the equity agent different enterprises can be based on their own circumstances,the rationalallocation of resources to the internal control system.Because the creditor's ability to obtain information is stronger than that of the individual investors in the capital market,the disclosure of the internal control information has little effect on the cost of the debt agency.According to the actual situation,this paper puts forward the following policy recommendations:1.Development departments need to further improve the standard of internal control information disclosure standards;2 Supervision and management departments need to improve the internal control information disclosure supervision mechanism;3.Third party audit should improve the internal Control the audit accountability system;4.Enterprise management should enhance the degree of emphasis on the construction of internal control system.