Research On Voluntary Accounting Information Disclosure Of Listed Company

The listed company could finance in the international capital market due to the economic globalization. In this context, it forced the management to disclose more reliable information to attract investor to obtain more capital with the wider capital market they had and furious competition they faced. Simultaneously, the capital market required more high quality information of listed company with the increasing of the quantity and quality of investor. So, the listed company needed to disclose more accounting information voluntarily besides mandated information. Hereon, this paper mainly studied on voluntary accounting information disclosure of listed company, there were two reasons: one was the current research had not distinguished the concept clearly between voluntary information disclosure and voluntary accounting information disclosure, another was most of the voluntary information disclosure researched from the point of view of management and seldom from accounting aspect. This paper gave the concept of voluntary accounting information disclosure and then established the index of voluntary accounting information disclosure of listed company; finally it put forward the countermeasures to perfect voluntary accounting information disclosure of listed company in China. This would help the stakeholders to make scientific decision and promoted the development of capital market healthy and continuously.Combining the research method and conclusion of former literature review and the political, cultural, law background in China, this paper developed its study on the base of principal-contract theory, information asymmetry theory, signal theory and efficiency market theory. The paper had seven chapters: Chapter1: introduction. This chapter illustrated the research background and target, content and method, research frame and innovations etc. Chapter 2: literature. This chapter evaluated the literature in China and abroad from motivation, content, influence factors, disclosure effect etc. of voluntary accounting information disclosure of listed company. Then, it put forward the further problems in this study. Chapter 3: the basic theory of voluntary accounting information disclosure of listed company. This chapter illustrated the concept and theoretical base of voluntary accounting information disclosure of listed company, the difference and relation between voluntary accounting information disclosure and mandated accounting information disclosure. Chapter 4: current situation analysis of voluntary accounting information disclosure of listed company in China. The main problems of voluntary accounting information disclosure of listed company in China were: the listed company had no sustainer to disclose accounting information, the quantity of disclosure was low, the content was not sufficient and reliability was not high. The reasons of these occurring problems were: the regulations and system related to voluntary accounting information disclosure of listed company were not sound, corporate governance structure and mechanism of listed company needed to be consummated, the listed company traded off the benefits and costs of voluntary accounting information disclosure, the stakeholders did not have high requirement of voluntary accounting information etc. Chapter 5: the international comparison of voluntary accounting information disclosure of listed company. This chapter compared the regulation and content of voluntary accounting information disclosure of listed company including the United States, Britain, Germany, Japan, Singapore, Hong Kong etc. so as to provide the reference for China's voluntary accounting information disclosure regulation. Chapter 6: voluntary accounting information disclosure of listed company positive analysis. First, using the former researches as reference and combing China's fact, the paper established the index of voluntary accounting information disclosure of listed company in China. Then it evaluated the quality of voluntary accounting information disclosure of listed company using listed companies'annual report of 2006 and 2007 as example from petrifaction and plastic industry. The findings showed: the quantity of disclosure was low, the content of disclosure was not sufficient and disclosure mode was singularity. Second, the paper analyzed the influencing factors such as company size, profitability, foreign holder proportion and the authority of the auditor. It indicated that company size, profitability influence the extent of voluntary accounting information disclosure of listed company notablely, foreign holder proportion and the authority of the auditor did not influence the extent of voluntary accounting information disclosure of listed company. Chapter 7: the countermeasures of consummating voluntary accounting information disclosure of listed company in China. According to the former criterion and positive analysis, the paper put forward the countermeasures to ameliorate the voluntary accounting information disclosure of listed company in China, such as consummating the system of voluntary accounting information disclosure of listed company, establishing incentive and restriction mechanism of voluntary accounting information disclosure of listed company, training rational investor and improving the quality of stakeholders, creating better social credit environment etc. The innovations of this paper were: firstly, the paper gave the concept and scope of voluntary accounting information disclosure of listed company. Secondly, the paper established the index of voluntary accounting information disclosure of listed company suitable to China's context. The third one was that the paper had revealed the disciplinarian and the forming reason of voluntary accounting information disclosure of listed company in China; hereon the bases, it put forward the countermeasures to ameliorate the voluntary accounting information disclosure of listed company in China. So this would benefit the stakeholders to make scientific decision, collocated the resources of the capital market effectively. With the development of social economy, the security market and investor would be more maturity. They would require more high quality voluntary accounting information; this would also provide wide research space for the researchers. The author thought that the research of voluntary accounting information disclosure of listed company in China could be developed from these aspects in the future as follows: the conversion of voluntary accounting information disclosure and mandated accounting information disclosure of listed company, the reliability and moderating evaluation of voluntary accounting information disclosure of listed company, the criterion of the content and format of voluntary accounting information disclosure of listed company, the supervision of voluntary accounting information disclosure of listed company etc.