Research On Disclosure Of Internal Control Informat Ion Of U.S.-listed Chinese Companies Under The Background Of Sarbanes-Oxley Act

At the beginning of 21st century,financial scandals were broke out continuously in United States,involving several famous multinational companies,such as Enron,WorldCom,and xerox.The series of events caused investors suffering from serious losses,which hammered the confidence between investors and the public severely,and also brought negative impact on economy in US.Therefore,the disclosure of internal control information has attracted extensive attention of financial accounting domestic and overseas.In order to restore the confidence of investors and revive American capital market,US government issued the Public Company Accounting Revolution and Investor Protection Act in 2002(known as sarbanes-Oxley Act commonly,for short as SOX Act in this paper)and a series of supporting regulations in 2002.The Sarbanes Act forced all US-listed companies to disclose information about their internal controls.This act meets the securities needs in market and is conducive to protect the interests of the majority of investors.The general guidelines of this paper could be summarized as "theoretical analysis,current situation explanation,case analysis,improvement suggestions".First of all,the background and significance of SOX was introduced,then the main content framework of Sarbanes Act and the main provisions on internal control information disclosure,and descriptive statistics was used to collect the annual reports of 40 Chinese companies listed in United States from 2018 to 2020.The current situation of internal control information disclosure and the existing problems were analyzed.The China Eastern Airlines is selected to study,analyze the difference in internal control information disclosure of companies listed at the same time in China and the United States.Finally,on the basis of the previous research results,this paper draws lessons from Sarbanes Act to propose suggestions on how to improve internal control information disclosure.The status of internal control information disclosure of Chinese listed companies is investigated in this paper.The China Eastern Airlines is selected to study,analyze the difference in internal control information disclosure of companies listed at the same time in China and the United States,and finally propose suggestion for improving internal control information disclosure of Chinese listed companies in United States:optimize the internal control information disclosure system of listed companies,strengthen cross-border supervise and cooperation between China and the US,Strengthen the internal governance structure of listed companies and comply with the US regulation of requirements on internal control information disclosure strictly.The implementation of Sarbanes Act urges Chinese listed companies in the United States to take the lead in implementing internal control construction to improve their own management level.Therefore,the research on the internal control information disclosure of Chinese enterprises listed in the United States is conducive to improve quality of internal control information disclosure of Chinese enterprises listed in the United States,which also provides valuable experience for the follow-up listed enterprises in the United States.