Research On The Market Reaction To The Information Disclosure Of Internal Control Of The Listed Company

Ministry of Finance and other four ministries jointly issued the "Basic Norms of Internal Control"2008, promulgated "Enterprise Internal Control Application Guidelines", "Internal Control Evaluation Guidelines" and "Internal Control Auditing Guidelines" three supporting guidelines, "basic Standard for enterprise internal control" and three supporting guidelines together constitute the enterprise internal control system in 2010. Standardized system of internal control company since January 1,2011,at the same time inside and outside the market performed for the Shanghai Stock Exchange from January 1,2012, the Shenzhen Stock Exchange main board listed company executed. Internal control standard system implementation means that our internal control disclosure of information by the voluntary disclosure of information to change the mandatory disclosure of information. According to available literature, Chinese scholars currently in internal control information disclosure has been made in a series of stages of research results, however, to study the market reaction internal control of information disclosure little. In this context, the Internal Control market reaction information disclosure for investors, senior executives of listed companies and securities market regulators have important theoretical and practical significance.Paper review and summarize the existing literature and research results on the basis of internal control disclosure of information content, the market reaction mechanism of information disclosure and internal controls market reaction connotation elaborate. In principal-agent theory, the efficient capital markets hypothesis and information asymmetry theory as a guide, analysis of internal control of listed companies to disclose the information market reaction theoretical level. Papers related to the data of 567 listed companies as samples, research papers presented hypotheses and construct empirical models in 2014, preclude the empirical analysis done by correlation analysis and multiple linear regression method to achieve the purpose of verification of the hypothesis put forward by the paper. Combining theoretical research and empirical results, the sound internal control of listed companies the relevant provisions of information disclosure, improve the corporate governance structure, strengthen the efficiency problem of external oversight mechanisms and other market solutions, to safeguard China's capital market long-term stability and prosperity to ensure the establishment of a rule-based internal control information disclosure standards system operating effectively.