Study Of The Relationship Between Voluntary Information Disclosure And Corporate Performance Of Chinese Tourism Listed Companies

Corporate performance is the goal of corporate governance, information disclosure is an important part of corporate governance, and therefore the discussion of the relationship between information disclosure and corporate performance has a positive value on the promotion of healthy and sustainable development of companies. Public company's shares are issued to the public, facing the investors composed by thousands of people, so that the public company's information disclosure is very important for the healthy development of capital markets. From maintaining market order and promoting fair competition point of view, public companies, especially listed companies, are required by government monitoring departments to make true, accurate, complete, fair and timely disclosure of information. In accordance with or without regulation, information disclosure is divided into mandatory disclosure and voluntary disclosure. Voluntary information disclosure of companies is that voluntary disclosure outside those mandatory disclosed information which should be offered based on the existing laws, regulations and rules, contributing to the investor decision-making, being regarded as the supplement and improve of mandatory information disclosure, and helping the information users better understand related information about companies. In order to enhance investors'confidence and display the companies'differences with the poor performance ones, listed companies with excellent performance tend to highlight their competitive advantages through voluntary information disclosure, so that listed companies'performance would influence voluntary disclosure behavior. Therefore, it is necessary to keep track of this issue, and choose different industries'category to analyze in order to find out more valuable points of view and optimize the management performance of Chinese listed companies.As a strategic pillar industry of national economy and the modern service industry with people's satisfaction identified by state council, tourism industry includes monopolistic competitive resource companies, incomplete competitive services companies, and multiple cross-integrated business comprehensive companies. As one of the flagship enterprise cluster, tourism listed companies need to have better corporate governance to promote the rapid, healthy and sustainable development, and research on the correlation of their performance and information disclosure have a certain theoretical value and practical significance, which could both enrich theoretical fruits and also help strengthen the guidance on corporate practice.This paper selects 20 tourism listed companies in Shanghai and Shenzhen Stock Exchange before the end of 2006 as the sample, applies empirical analysis to discuss tourism listed companies'voluntary disclosure behavior for the purpose to test the correlation between voluntary disclosure and corporate performance with Voluntary Disclosure Index as the dependent variable, performance indicators as independent variables including Return on Equity, Turnover of Total Assets, Debt to Asset Ratio, Operating Income Growth Rate and Jensen Index, and the date as the dummy variable. The results show that:(1) Voluntary disclosure of Chinese tourism listed companies mainly focused on macro-analysis and operational plan while was lack of strategic measures, corporate culture and market forecast information, etc.; the overall voluntary disclosure level was lower, but from the time sequence analysis, our tourism listed companies'level of voluntary disclosure increased year after year; voluntary disclosure of attraction companies was significantly higher than hotel companies and comprehensive companies. (2) Voluntary disclosure of tourism listed companies was positively correlated with Return on Equity, Turnover of Total Assets, Operating Income Growth Rate, and was negative correlated with Debt to Asset Ratio and Jensen Index.