An Empirical Study On The Voluntary Disclosure Of Listed Company In The SME Board

In the world view, the history of the listed companies'information disclosure has experienced a development progress that has been from voluntary to mandatory disclosure and then to the combination of voluntary and mandatory. Now the voluntary disclosure is still indispensable ,and the reason is that the voluntary disclosure is conducive to eliminating the information asymmetry of the capital market, make the transaction of the capital market become equity and efficiency,and improve the quality of information disclosure of listed companies. At abroad the research about the voluntary disclosure began in 60 years of the 20th century, their study procides us with methodological guidance, but because of the difference of their own market enviroment, the state of economic development and cultural background, we can't bindly apply the conclusions of other countries to prove that the state of the voluntary disclosure of our domestic capital market. Now the voluntary disclosure in our country also belongs to the third stage, and it is becoming more and more important with the further development of capital market. As the investment risk of the SME Board is greater than the Main Board, this paper specializes in the quality of the voluntary disclosure about the SME board.This paper refer the voluntary disclosure index construction mode which is widely accepted by aboard and home reaserchers. The voluntary information is usually divided into strategic information, key non-financial information, predictive information, and scalability information, and then in accordance with the latest revised rule to constructed the voluntary disclosure index system..We selected 269 listed companies in the SME Board as a sample, calculate the voluntary disclosure index according to the 2008 annual report, test their effectiveness, and provesd that it can be on behalf of the quality of voluntary information disclosure. Next we construct a multiple linear regression equation with nine explanatory variables and the quality of voluntary disclosure ,and study the nine variable on the impact of voluntary disclosure. The emprirical results show that company size, profitability, the proportion of independent directors, the ratio of aggregate circulation stocks are positively related to the voluntary disclosure index, and the degree of corporate liabilities is negatively related to it, while the degree of competition in the industry, region, one of the top ten accounting firms, ownership concentration do not make a significant impact on the voluntary disclosure. Finally, this paper gave some proposals from four facts according to descriptive statistics and empirical conclution: firstly, we should optimize stock structure of the SME Board , urge the ratio of circulation stocks to be much more , and formulate external multi-supervision; Secondly, the Commission should encourage and regulate the voluntary disclosure, increase the degree of supervision, and increase the cost of non-compliance; Thirdly, we should set up authoritative evaluation agent so as to give listed company invisible pressure in addition that provide decisive information to investor; Finally, create favorable public opinion environment and improve professional quality of investors.