Internal Control Information Disclosure Quality And Investor Protection

Research on investor protection issues discussed has always been the hot topic in the capital market, the watergate scandal and a series of interests is damaged due to financial information fraud investors event sounded the alarm information disclosure.Investors about its own protection consciousness and the outside world securities market regulators to protect investors in consciousness also gradually increase.Investment process is to obtain information analysis to make a decision process, the process of both quantitative and qualitative information is to influence the decision of the investors, including internal control as enterprise important qualitative information,have important influence on investor protection. There are two important problems in the protection of investors, first, the manager's opportunism, second, the controlling shareholder emptied of medium and small shareholders. Because of asymmetric information and principal-agent relationship, when insiders have absolute management decision-making power, is prone to small and medium-sized shareholders encroach on the Li Zengquan etc(2004). Improve the level of investor protection mainly needs to solve the problem of the information and agency problems Healy(2001). In recent years our country internal control information disclosure quality is still in a state of level is not high, is not expected to investor protection dynamics, due to the asymmetric information and agency problem is increasingly serious. Di Po company in 2015, the white paper is to highlight the issue, and point out that our country internal control information disclosure quality also has the very big rise space.In order to study the internal control information disclosure quality on the impact of investor protection. Based on the policy development on the relationship between the internal control information disclosure and investor protection are discussed.Policy development is to improve the quality of information disclosure, internal control disclosure of information quality and what is the relationship between investor protection, if the armed of information for investors, increase the transparency of the capital market, reduce the agent cost because of the asymmetric information. At the same time, the growing executive abuse lead to pathological development of company.Articles on internal control information disclosure and investor protection relevant literature, this paper introduces the internal control information disclosure and the related concepts and theories of investor protection, including information asymmetry,signal transmission and the theory of principal-agent, law and contract theory. This paper expounds the internal control information disclosure and investor protection based on the relationship between the view and the agent view. Empirical study,through descriptive statistical analysis of the internal control information disclosure policy development impact on the quality of internal control information disclosure,in the regression analysis to select the di's internal control information disclosure index as the foundation to build the articles themselves measure of internal control disclosure of information from the Angle of view of the problem of agency management fee and big shareholder capital occupancy rate as a measure of investor protection test the two hypotheses,illustrates the quality of internal control information disclosure is a positive correlation relationship between and investor protection.This article search the data through to 2008 to 2015, all the data of listed companies to empirical research and effective illustrates the policy development was beneficial to the improvement of the quality of internal control information disclosure,and demonstrates the article hypothesis. Finally on internal control information disclosure in our country are pointed out the defects and puts forward some Suggestions and future prospects.