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The Study on Internal Control Information Disclosure and Equity Cost

Author: LuoYuRong
Tutor: WangZuo
School: Anhui University of Finance
Course: Accounting
Keywords: internal control infromation cost of equity capital self-evaluation report the Capital Asset Pricing Model
CLC: F830.42
Type: Master's thesis
Year: 2012
Downloads: 26
Quote: 0
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Abstract


In recent years, The importance of internal control information disclosure in the cost of capital are focused on by domestic and foreign academics and regulatory agencies. Based on protecting investors’legel rights and interests, U.S. authorities issued and passed legislation requiring public companies to disclose internal control evaluation reports and third-party evaluation report. With the regulations developping, the five ministries including the Ministry of Finance and others issued similar provisions. However, in our specific environment, Wether the internal control information to disclose affect the company’s cost of equity capital or not, how and to what extent to effect, and so on. At present, the research in China has not yet reached a consensus, which will undoubtedly make this research has practical significance.This paper focuses on internal control information disclosure and cost of equity capital, with the study of internal control information about at home and abroad history and combing at home and abroad on the internal control of infromation disclosure and cost of equity capital. Based on information asymmetry, signaling, and other basic theoretical analysis, and internal control disclosure of information analysis of the mechanism of the cost of equity capital, focusing on the internal control self-evaluation report, the paper put forward that the internal control disclosure of information quality could positively affect the internal control level thereby reducing the theoretical hypothesis of the company’s cost of equity capital. Then from selecting the1056samples of the listed companies in the Shenzhen Stock Exchange in2010, we build the model and the model for empirical analysis. By defining variables using descriptive statistical analysis, to sample the company’s internal control quality of information disclosure were quantified using multiple linear OLS and a robust test method and the empirical test results confirmed the hypothesis.The research results show that the quality of internal control disclosure of information are good for enhancing the level of internal control, and reducing the cost of equity capital, and thus playing the role of capital market allocation of resources to push the companies’development. In this paper, focusing on the status quo of China’s listed companies’ information disclosure, a sound system, strengthening supervision and policy recommendations. The same time, pointed out the limitations of this study and future research directions.

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CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory > Banking > Bank Accounting
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