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In recent years, the specific system of internal control information disclosure of Chinese listed company has been promulgated, this background of internal control information disclosure provides us an opportunity for related researching. In February2012, the "No.l Interpretation for related issues in implementing standard system of enterprise internal control" was formulated and issued. In September2012, the "No.2Interpretation" was formulated and issued. Five ministries interpret related issues concerning the implementation of internal control, self assessment, defect identification, information disclosure, internal control auditing, small and medium-sized enterprise’s internal control and so on. By general stipulations to specific interpretations, from simple disclosure requirement to critical defect identification, increasing attention is paid to establishing a sound internal control system, thus making it’s significant for us to carry on related research.The paper studies the quality of internal control information disclosure; with originally instructing the basic theory of information dissemination, we break through the existing researching scope about internal control information disclosure quality. We initiate a chain transmission mechanism which is expanded into the body of disclosure, information disclosed, the medium of disclosure, thus formatting of the theoretical basis of internal control information disclosure quality evaluation. Based on the nature of information theory, we build evaluation system and measurement model to examine the quality of internal control information disclosure in China. Besides, the paper empirically analyzes the economic consequences of ICDQ form investors’respective, studies the correlations between ICDQ and different economic consequences, such as the cost of equity, the stock liquidity, stock holding of institutional investors, possibility to get new loans, the cost of debt, length of the debt maturity.
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