Research On The Correlation Between Internal Control Information Disclosure And Stock Price Changes Of Chinese Listed Companies

In today's era, with the rapid growth of the social economy, in the economic market, past problems gradually revealed, the treasures of attention by people more and more financial problems. The enron financial fraud events that took place at the end of 2001, the United States it is well known that the effect is extraordinary. Followed, appeared in 2002, the world communication bankruptcies, America's big companies have a financial scandal, became the sarbanes act of accelerating agent. Officially in June 2002, the United States congress enacted sarbanes-oxley, the legislation on internal control information disclosure of listed companies made clear rules. The contents of the bill two clear rules:the first rule is that requires all listed companies in the United States must be in relation to the disclosure of the own internal control evaluation report. The second rule is that for the listed companies have to hire a professional accounting firm audit opinion on the company's internal control report, and need to bear corresponding responsibility. The sarbanes-oxley's mandatory provisions means that the two way of internal control information disclosure of listed companies in the United States from voluntary to mandatory disclosure. Since United States enacted the sarbanes-oxley, countries to realize the seriousness of the problem, the company internal auditing for its basic national conditions to make the corresponding countermeasures and regulations. In our country, in 2006, China's Shanghai and shenzhen stock exchange has issued the securities education rules. Five ministries and puts forward the rules of the deeper in 2010, made it clear that the listed company of our country has the obligation to the company internal control self assessment, and evaluation report must be disclosed, as well as both drawn by a professional accounting firm audit report related to the internal control evaluation. Based on the study of the process of internal control information disclosure of listed companies, its associated with the company's share price movements, make empirical research. First of all, the author through a lot of information about listed company internal control part of the research at home and abroad, and combed the countries on the development of internal control system and the related concept, put forward the assumption, that in China, for company's internal control information disclosure of listed companies and detailed situation can produce certain effect to the company's share price movements. This article, takes the annual report of 2014 listed companies in Shanghai stock market in our country as the research sample, the theory and data analysis, it is concluded that the cumulative excess return, by bringing the cumulative excess yields obtained to establish a good model in advance, multiple linear regression analysis. Then draw the conclusion:China's detailed case of the internal control information disclosure of listed companies can share price changes bring certain influence to the company. Prove before hypothesis. Finally shown through empirical research, the author's hypothesis, Chinese detailed situation of internal control information disclosure of listed company and the company's stock price changes do exist a certain correlation. The more detailed disclosure of company internal control information, more can promote the company's share price increases.