A Study On The Impact Of Internal Control On Business Performance Of J State Holding Mixed Reform Company From The Perspective Of Voluntary Information Disclosure

As a core measure to build an innovative country,deepening the mixed reform of state-owned enterprises is also an important guarantee for promoting the high-level development of the national economy.The Fifth Plenary Session of the 19 th CPC Central Committee clearly pointed out that to comprehensively deepen reform and build a high-level socialist market economic system,we must adhere to and improve the basic socialist economic system and ensure the decisive role of the market in the allocation of resources.As a key breakthrough in the reform of state-owned enterprises,the mixed reform of state-owned enterprises has entered an accelerated stage.As an important guarantee for the efficient operation and sustainable development of state-controlled mixed reform companies,internal control has an important impact on business performance;Voluntary information disclosure can reduce the information asymmetry between investors and company management,and its incentive and constraint mechanism has an important impact on the governance efficiency of state-controlled mixed reform companies.Therefore,it is of great significance to further explore the impact of voluntary information disclosure on the relationship between internal control and business performance.Focusing on internal control,voluntary information disclosure and company business performance,this paper studies the relationship between internal control,voluntary information disclosure and business performance based on principal-agent theory,information asymmetry theory,signal transmission theory and incomplete contract theory,and studies the relationship between internal control,voluntary information disclosure and business performance through the case analysis of J state-controlled mixed reform company and the comparative analysis of J state-controlled mixed reform company and two other state-controlled mixed reform companies in the same industry.The study finds that: First,the improvement of the internal control quality of J state-controlled mixed reform company will improve business performance.Second,the improvement of the voluntary information disclosure level of J state-controlled mixed reform companies can promote internal control and improve business performance.After the mixed reform of the state-controlled mixed reform company,it strengthened internal control,reduced internal friction,reduced the cost of entrusting agents,and improved business performance;The improvement of the level of voluntary information disclosure transmits the signal of good management and stable operation to investors,which is conducive to attracting investment and reducing financing costs;It has promoted the improvement of business performance by the internal control of J State-controlled mixed reform company.