Analysis Of The Affecting Factors Of Internal Control Information Disclosure Of The Listed Companies

Sunshine is the best disinfector, light is the best police, transparenting the internal control information of listed companies is the effective action to strengthen the external supervise, to prevent and control business risk, and to improve operational efficiency.As the U.S. "Sarbanes-Oxley Act" published, China published "Shenzhen Stock Exchange Listed Company Internal Control Guidelines", "Shanghai Stock Exchange Listed Company Internal Control Guidelines", "the Basic Norms of Internal Control" etc, these regulations guide the direction of the disclosure of internal control information, studies of internal control rising to an upsurge. Most of the domestic scholars'studies focused on the status quo of disclosure of internal control information, the motivations of disclosure, the disclosure form and the foundation of internal control evaluation, etc., lack of studies that focused on factors which influence the disclosure of internal control information.This paper studies the issue of disclosure of internal control information, tries to find the factors which influence the disclosure of internal control information, reveals the rule of internal control information disclosure, which could help to provide strategy for supervise department, and to strengthen the disclosure of internal control information, thus to protect investors'benefit and to regulate operations of the capital market.Based on the analysis of the theories that related to the disclosure of internal control information, this paper selects 2008 Annual Reports and self-evaluation reports from the SSE main board, takes descriptive?statistical analysis to?reveal the status quo of internal control information disclosure, and then makes correlation analysis and regression analysis of the effecting factors, such as Equity Properties, Asset Size,?Profitability, Asset-liability ratio and Concentration Ratio of Shares. Through the study, we find that the foundation of listed companies to disclose their internal control information is different, the content of disclosure is different?and irregular, the disclosure at random positions, and the audit foundation of CPA is different. Thus we call for the unification of the regulations of the internal control information disclosure, and the audit foundation of CPA to publish early. The empirical study shows that, the Equity Properties and Asset Size have a significant effect on the level of internal control information disclosure, Profitability, Asset-liability ratio and Concentration Ratio of Shares don't have significant effect on the level of internal control information disclosure. Thus we propose that to strengthen the supervision of private listed companies, as well as focus on the listed companies which have small Asset Size.