Investor Sentiment, Internal Control Quality And Performance Report Of Listed Companies

Performance Express is a system innovation in our country,aimed at not changing the time of periodic report disclosure,in order to timeliness and fairness,after the end of the reporting period,the annual report is issued before company's main financial indicators.In recent years,as more and more listed companies voluntarily disclose performance letters,the research company voluntarily disclosed the performance of the express related content has become a hot spot.Based on signal transmission theory,pandering theory and principal-agent theory,this paper takes the annual performance Express disclosed by the main board listed companies as the research subject,selects the Shanghai and Shenzhen A-share data for 2009-2017 years,studies the voluntary information disclosure behavior,and also pays attention to the quality of the disclosed performance Express.As a research hotspot of behavioral finance,investor sentiment has been concerned by scholars,and the internal control system plays a vital role as a means of corporate supervision and motivation.Based on this,this paper combines the macro-level factors of listed companies-investor sentiment and internal control factors of listed companies-to explore the relationship between investor sentiment,internal control quality and the performance express of listed companies.Through the regression analysis and empirical test of the research samples,the results show that:(1)The investor sentiment has an impact on the performance Express disclosure behavior of listed companies,when the listed companies profit,the investor sentiment and the public company performance Express disclosure possibility is proportional,the higher the investor sentiment,the more likely the listed company to disclose the Performance Express,And when the company loses money,the two are inversely proportional;(2)in all the samples of listed companies that disclose performance letters,the higher the investor sentiment,the more likely the performance Express is to have major misstatement and error,the lower the quality of the performance letter;(3)the quality of internal control also has an impact on the quality of unaudited information,Performance Express quality can be guaranteed,at the same time,the quality of internal control has a regulatory effect.According to the research conclusions in this paper,we advice that: companies should establish an effective internal control system,improve the quality of internal control,standardize management behavior,objective and real disclosure of information,in order to maintain the long-term stability of business operations.At the same time,investors should enhance their sense of self-learning,rational decision-making,to avoid blind follow-through to bring serious consequences.