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[Core Tips] The lack of internal control may cause investors to suffer huge losses in the short -term Inner Mongolia，Its harm is even far greater than simple accounting report fraud cases。

At the beginning of the new century，A series of financial fraud in the world and the case of bankruptcy and closure after listed companies after listed companies，Make the regulators realize，It is invalid or seriously relying on external supervision and corporate governance mechanism arrangements，The internal control supervision of the enterprise is mentioned in an unprecedented important location。As a result of regulatory reflection，In 2002, the US Congress adopted the "Sabos & MDASH; Oxley" Act，The most important content of the bill is to strengthen the internal control supervision of listed companies，It is expected that internal control supervision can provide effective supplements for existing external supervision mechanisms of listed companies，to maintain the quality of accounting information of listed companies，Protecting investors' interests。

Shanghai promulgated in 2006、The Shenzhen Stock Exchange "Guidelines for the Internal Control of Listed Companies" and the five ministries led by the Ministry of Finance in 2008 and 2010 on the "Basic Specifications for Internal Control of Enterprise" and "Guidelines for Internal Control of Enterprise"，All are the annotations that the capital market pays attention to the internal control of listed companies。The most important reason behind it is，Lack of internal control may cause investors to suffer huge losses in short -term Inner Mongolia，Bet365 app download Its harm is even far greater than simple accounting report fraud cases。It is this kind of continuous pursuit of the protection of investors' interests，Capital market supervision from external supervision of listed companies to internal governance supervision，From internal governance supervision to internal control supervision，Get continuously developing。

　　Internal control and audit contract attributes

Internal control supervision is actually when the original financial information disclosure cannot meet the effective performance of modern enterprises，As a supplementary contract,。Enterprise as a collection of a series of contracts，The most important of which is the entrustment of the owner (client) and the manager (agent) & mdash; agency relationship。Disclosure and audit of corporate financial information is the product of the change of property structure，It is caused by the signing and execution of the company's contract。After 2001 American companies' fraud cases，Market discovery，The disclosure and audit of only corporate financial information cannot achieve effective supervision of the implementation of corporate contracts。Therefore，Enterprise internal control evaluation and audit system based on the quality control of the company's financial information production process，The height of market supervision was mentioned，I hope to ensure the financial information of the enterprise during the production of financial information。

There are two levels of control in the internal control information disclosure of listed companies。First, the listed company evaluates the effectiveness of the company's internal control in accordance with the "Internal Control Guidance of Listed Companies"，and disclose the internal bet365 best casino games control evaluation report，This is also the research carrier of most internal control information disclosure; the second is based on the disclosure of the internal control evaluation report of the listed company，hires a registered accountant to conduct a third -party audit for the internal control evaluation report of the company's internal control and the effectiveness of the company's internal control，To improve the recognition of investors' internal control information reliability。

　　Internal control audit signal transmission effectiveness

Like the disclosure of the annual financial information of the enterprise，Internal control information disclosure itself as a voluntary information disclosure behavior，It is also facing the question of the audit。Especially in the protection environment of Chinese investors，Internal control audit of the enterprise as a signal，Obtain compliance by evaluating the internal control evaluation report of the audit unit、Connect of fairness and evaluation methods，Reasonable guarantee of the reliability of the internal control evaluation report of the enterprise。In the case of disclosure of internal control information disclosure of the enterprise，The cost of disclosure of internal control information will be low，The final result may be that the internal control report of the enterprise is full of false information。Then，Investors will be difficult to distinguish the real and false components in the disclosure of internal control information between different enterprises，It is difficult to effectively identify the internal control information of the enterprise，Reverse selection phenomenon will happen because of this。To solve the problem of reverse selection，Under the conditions of market mechanism and contract mechanism，Enterprise management with better internal control of the company In order to effectively convey bet365 live casino games the signal of internal control level and quality to the market，to allow the market to effectively identify，Will voluntarily invite independent auditors to conduct internal control audit，Improve the cost of transmission of internal control signals，It is difficult for companies that have poor internal control to imitate，Then the signal function of the internal control information disclosure of the enterprise is effectively executed。

In the internal control information disclosure system，Internal control audit mainly played signal transmission。Signal transmission theory thinks，The effectiveness of the signal depends on two important prerequisites。The first necessary condition for the signal is selective，That is, the behavior of being used as a signal must have non -murmical characteristics。The second necessary condition for the signal is that it is not easy to imitate，That is for high -quality companies，The cost of passing the signal is lower than that of low -quality companies。First，Although the "Internal Control Guidance of Listed Companies" in Shanghai and Shenzhen Stock Exchange in my country has put forward requirements for internal control audits of listed companies，However, in actual execution，The proportion of internal control audit disclosure is still low，Internal control audit is also a corporate voluntary information disclosure behavior，This is in line with the first condition as a signal。Next，Disclosure of internal bet365 best casino games control evaluation report，Internal control audit reports are affected by the accountant during the disclosure，Its disclosure has increased the legal risk of the company and the accounting firm。

So，In the absence of an independent audit，The disclosure of the internal control evaluation report of listed companies in my country is voluntary Bet365 lotto review disclosure，But it does not meet the second condition of the signal transmission theory，It is not easy to imitate simulation。In this case，Only disclosed in the internal control evaluation report will be difficult to get the market recognition，Even the market will be identified as a bad signal。In order to solve the problem of reverse selection，Increased imitation of internal control effectiveness signals，Under the conditions of market mechanism and contract mechanism，Listed companies with high internal control efficiency can choose internal control audit。

　　Internal control audit signal and market pricing

As a signal as an internal control effectiveness，Market pricing of internal control information disclosure has always been one of the important contents of internal control empirical research。Ogneva、Subramanyam and Raghunandan test the correlation between internal control defects and capital costs，Discovery internal control defect disclosure is positively related to capital costs，That is, the more companies that disclose more internal control defects，The higher the cost of its capital。Beneish、Billings and HODDER to the 302 in the Sabes Act, respectively、404 clauses disclosed 330 and 383 companies in the internal control defect report for inspection，Discover internal control defect disclosure under Article 302 leads to a significant increase in capital costs，and not significantly under Article 404。It can be found from the existing literature，The market control information disclosure of the internal control information of the listed company，Investors can disclose information according to the internal control information of the listed company，identification and pricing of the internal control level and quality of listed companies。Zhou Qinye and other believes，Different from the US capital market with internal control defects as a bad bet365 Play online games signal transfer，The disclosure of internal control information in my country is still in the introduction of the internal control status of the listed company，Internal control defect disclosure is very small。Disclosure of internal control information in my country can only be priced in internal control audit disclosure of the signal transfer condition。

We think，After changing the internal control information supervision mode of the enterprise，Through independent third -party audit，Investors will recognize the effectiveness of the internal control information transmission of listed companies，and then trust the information quality of listed companies more，Gives lower capital costs。Internal Control Audit as an effective guarantee mechanism for the transmission of internal control information in my country，enable investors to effectively identify the reliability and internal control level of the internal control evaluation report of the enterprise，Then give differentiation and treat capital pricing。The revelation given us this result is，Strengthening internal control audit can help the implementation of internal control supervision of the enterprise and the optimization of market efficiency。

(Author Unit: School of Management of Xiamen University)

Reprinted, please indicate Source: China Social Sciences Journal