Research On Internal Control Deficiency Of Listed Companies Based On Information Disclosure Violation

With the rapid development of market economy,internal control,as an important tool of modern enterprise management,has been accepted and adopted by more and more enterprises.Enterprise internal control is closely related to the quality of accounting information.The improvement of enterprise internal control provides a powerful guarantee for the quality of accounting information disclosure.Dibo data show that in 2017,456 listed companies in China disclosed their internal control deficiencies,accounting for 14.14% of the number of companies that disclosed internal control evaluation reports.After the establishment of the internal control system,whether the internal control has played its due role in the enterprise management of our country is still worth exploring and discussing.Among many listed companies,Wuliangye's popularity and corporate image are relatively high,and its sensational compensation case has great impact,involving a wide range of areas,lasting for a long time.As a typical state-owned holding company,Wuliangye Co.,Ltd.examines the whole process of its case development,explores the characteristics and defects of its internal control system,and compares with the same type of enterprises,it can be certain.To some extent,we should explore the common problems of information disclosure of state-owned listed enterprises.Wuliangye Company is a typical state-owned holding company.Its proportion of state-owned shares dropped from 67.05% in 2007 to 56.07% in 2008,and lasted until 2012.Although the annual report of the company in 2012 shows that Wuliangye's largest shareholder's share-holding ratio has dropped to 36%,the reduced shares are held by Wuliangye Group Company,which is also state-owned shares in essence.From the equity relationship,we can see that the ultimate controller of Wuliangye listed companies is Yibin SASAC.In the actual management,the local government has entrusted Wuliangye listed companies to Wuliangye Group management,Wuliangye Group is the actual controller of Wuliangye listed companies.Through the analysis,we can find that the ownership structure of Wuliangye is obvious.The proportion of the majority shareholders in the company occupies an absolute controlling position.There are no other shareholders that can be checked and balanced.The defects of internal control mainly lie in the irrational ownership structure of the company.At the same time,the defect of the ownership structure of the company's "dominant share" directly or indirectly affects the performance effect of the company's audit committee.The members of the board of directors and management overlap highly,and the members of the audit committee are appointed directly by the controlling shareholders,which ultimately fails to effectively supervise the operation of the various mechanisms of the company.The occurrence of irregularities in the company's information disclosure confirms this.There are some defects in the company's internal control.These factors interact with each other and ultimately affect the quality of information disclosure of Wuliangye.On the basis of drawing lessons from relevant research results at home and abroad,this paper mainly uses case analysis method to analyze the irregularities of information disclosure in Wuliangye Company from the perspective of ownership structure and audit committee,using the collected information and information,and according to the Basic Standards of Internal Control of Enterprises,and finds out the problems of internal control.This article from the perspective of internal control and internal control deficiencies.Starting with the basic concepts of trap,supported by the related theories of internal control,this paper combs the violations of Wuliangye Company's internal control by analyzing the causes of the violations of Wuliangye's information disclosure and combing them with the overall framework of Wuliangye Company's internal control.From two different perspectives of ownership structure and audit committee in internal control,this paper analyses and summarizes Wuliangye Information Disclosure Violation cases.Through the analysis of various elements of internal control at home and abroad,especially the study of equity balance and audit committee,it is found that equity balance largely determines the quality of internal control of the company,and the analysis of ownership structure and audit committee.The impact of internal control effectiveness.Today,with the rapid development of market economy,the reduction of state-owned shares and the free circulation of shares have become a new normal.This trend not only solves the problem of the circulation of shares,but also brings new solutions to the corporate governance.While the new non-state-owned shares are integrated into the management of the company,the ownership structure of the company will tend to meet the development of market economy.Therefore,the introduction of external shareholders,especially non-state-owned organizations,can bring new balance to the company.Suppressing the dominance of state-owned shares can make the major shareholders better supervised and managed.Only in this way can the internal control of the company really play a role and make the management make decisions to meet the needs of the company's development.