Research On Voluntary Accounting Information Disclosure Of Listed Companies In China

Accounting information is a link between listed company and the capital market. Full disclosure of accounting information can reduce information asymmetry of securities issuing and securities transferring, and save transaction costs too. Besides, it can avoid"adverse selection"of investors before signing a contract, as well as restrain"internal control","moral risk"and opportunism of company managers. Accounting information can be divided into two kinds of information: mandatory information disclosure and voluntary information disclosure. Voluntary information disclosure is the supplement of the mandatory information disclosure, which is important to strengthen the transparency of information disclosure. Therefore, nowadays it will be significant to use better ways to promote and regulate the voluntary information disclosure.Drawing on relevant research methods and conclusions at home and abroad, and combining with the political, cultural, law background in China, this paper studies the voluntary information disclosure on the base of principal-contract theory, information asymmetry theory, signal theory and efficiency market theory. The paper has six chapters: Chapter I: Introduction. This chapter expatiate the research purpose and significance, relevant research in the domestic and foreign research, main content, method, innovations and etc. The study in the domestic and foreign research mainly analyzed and evaluated disclosure content, influence factors, disclosure quality of voluntary accounting information in listed company. Chapter II: This chapter introduces the concept and basic theory of voluntary accounting information disclosure in listed company. It believes that voluntary accounting information disclosure belongs to voluntary information disclosure, which means it is economic information disclosed by account principal part of listed company so as to affect enterprise valve and financial situation change. And the theory basis is principal-contract theory, information asymmetry theory, signal theory and efficiency market theory. Chapter III: This chapter introduces the characteristic and motivation of accounting information voluntary disclosure of listed company. Chapter IV: This chapter analyses and evaluates the affect factors of voluntary accounting information disclosure of listed company in China. Learned from study results in the domestic and foreign research, and combined with current situation in our country, the paper establishes the index of voluntary accounting information disclosure of listed company in China. Then it evaluated the quality of voluntary accounting information disclosure according to the annual reports of 104 chemical and chemical fiber samples listed companies in 2008. Through analyzing and comparing the whole situation of voluntary accounting information disclosure in samples companies, this chapter selects four factors to study information voluntary disclosure, such as shareholder profitability, capacity development, operational capacity and solvency. According to empirical research result, it shows that the degree of voluntary accounting information disclosure is related to shareholder profitability and capacity development. It illustrates that if the listed company has strong profitability and operating capacity, managers have motivation to deliver good information to investor timely. Chapter V: The design of system on the voluntary nature of Chinese listed companies to disclose accounting information. Learned from foreign experience and analysis section above, the paper designs the system of voluntary information disclosure in listed companies in china.Three new points of this paper are as followings: First, it gives the explanation and scope for the concept of voluntary accounting information disclosure of the listed company. Second, it constructs the index of voluntary accounting information disclosure of listed company which is fit for Chinese situation. Third, it deeply analyzes the affecting factors of voluntary accounting information disclosure in listed companies from the financial point.