Study On The Factors Affecting Internal Control Information Disclosure Of Listed Commpany

From Enron event of United States occurred in2001, to the global financial crisishappened in2008, A series of business failure case displayed the weakness of theenterprise internal control. The congress of U.S. issued the “Sarbanes-Oxley Act” in2002which forced listed companies to disclose the information of internalcontrol.Respectively, Europe and Japan also presented a detailed internal controlrequirements. Two Stock Exchanges of our country successively issued “ListedCompanies Internal Control Guidelines” in2006.“Internal control basic criteria”,issued in2008, formally put forward the mandatory requirements of disclose theinternal control information.This paper applies efficient market theory, information asymmetry theory, signaltransfer theory and principle-agent theory to research and analysis the importance ofinternal control information disclosure and the significance of mandatory disclosure.This paper clarifies that internal control information disclosure can relieve thecontradiction between the principal and agent, protect the rights and interests ofstakeholders in a certain extent, appear signals of enterprise operation good.This paper mainly, from the basic characteristic and the corporate governancestructure points, eight aspects, researches the influence factors of internal controlinformation disclosure. This article adopts content analysis, combined with “basicnorm of internal control” and “internal control supporting guide", and builds internalcontrol information disclosure rating scale. It can divide internal control informationdisclosure into seven secondary indexes and twenty-six third-order index. Then writercollects the listed company annual reports, internal control self-evaluation reports,auditing reports, and scores according to the rating scale.This paper makes an empirical research with score of internal controlinformation disclosure, based on75A shares listed on the main companies, which wasissued in our country in2010-2011. The study found that the scale of the enterprise,listing destinations, enterprise nature, ownership concentration significantly impact onthe level of internal control information disclosure, while other factors don’t.