近年来，我国上市公司屡屡发生财务丑闻，这些事件充分暴露出其内部控制的薄弱。因此，为规范上市公司内部控制信息披露，相关部门颁布了一系列法律法规。2006年，上海证券交易所和深圳证券交易所先后颁布了《上市公司内部控制指引》；2010年，财政部等五部委联合发布了《企业内部控制配套指引》，连同2008年发布的《企业内部控制基本规范》，共同构建了我国上市公司内部控制规范体系。随着各项法律法规的颁布，弄清楚内部控制信息是否能够更加真实的披露，以减少信息不对称，使证券价格更准确地反映企业价值，提高资本市场资源配置的效率，最终实现降低权益资本成本这一问题具有至关重要的现实意义。 本文主要运用多元线性回归的方法对内部控制信息披露和权益资本成本之间的关系进行实证研究。首先，以相关法律法规中对内部控制信息披露的要求为理论基础，结合上市公司年报、内部控制自我评价报告及其审计报告中的披露内容，建立内部控制信息披露质量评价体系，并对2009至2011年沪深两市主板A股544家上市公司的内部控制信息水平进行评价，评价结果显示：尽管越来越多的上市公司披露了内部控制自我评价报告，但是披露内部控制自我评价报告审计报告的上市公司并不多，并且大多数上市公司选择尽量不对内部控制缺陷进行披露；然后，利用PEG模型估算权益资本成本，并选择合适的控制变量，建立多元线性回归模型；再次，实证检验内部控制信息披露与权益资本成本之间的关系，实证结果表明：内部控制信息披露质量并未影响上市公司的权益资本成本，贝塔系数、公司规模、股权集中度、经营效率和权益资本成本正相关，股票流动性与权益资本成本负相关，而独立董事比例与权益资本成本不相关；最后，根据实证研究的结果提出相应的政策与建议。

In recent years, China's listed companies have occurred many financial scandals, these events all reflect the weakness of internal control. Therefore, in order to regulate the information disclosure of listed company internal control, the relevant departments have promulgated a series of laws and regulations. In 2006, the Shanghai Stock Exchange and the Shenzhen Stock Exchange has promulgated the internal control guidelines of listed companies; in 2010, the Ministry of Finance and other five ministries jointly issued the guidelines of enterprise internal control, together with the basic norms of internal control (2008), China’s enterprise internal control standard system has constructed. With the regulations, make it clear whether the internal control information disclosure can be more real, and reduce the information asymmetry, and whether the stock price can reflect the value of the enterprise more accurately, improve the efficiency of capital market allocation of resources, and ultimately reduce the cost of equity capital is of practical significance. This paper uses the method of multiple linear regression to analyze the relationship between the internal control information disclosure quality and cost of equity capital. First of all, based on the internal control information disclosure requirements of the relevant laws and regulations, combined with the listed company annual report, internal control self-assessment report and audit report disclosure, establish internal control information disclosure quality evaluation system, and use A shares 544 listed company to evaluate the internal control information quality，and the evaluation results show: although more and more listed company disclose their internal control self-assessment reports, but few listed company disclose internal control self-assessment audit reports, besides, most of the listed company don’t disclose the internal control defect; then, use PEG model to estimate the cost of equity capital and select the appropriate control variables，then build multiple linear regression model; Thirdly, test the relationship between the internal control information disclosure quality and cost of equity capital, and the empirical results show that: the quality of information disclosure did not affect the cost of equity capital of the listed company internal control. The Berta coefficient, firm size, ownership concentration, operational efficiency are positively related to the cost of equity capital, stock liquidity are negatively correlated to the cost of equity capital, while the proportion of independent directors and the cost of equity capital is not related to the cost of equity capital. Finally, according to the empirical results, put forward the corresponding policy recommendations.