Research On The Correlation Between Voluntary Disclosure And Enterprises' Value Of Listed Companies

Voluntary disclosure is worthy of study for its great theoretical and practical value. It is very necessary to discuss how capital structure influences firm value. In order to improve communication with investors and other shareholders, to deliver security market information of corporate valuation and prospects in the future, listed companies conduct disclosures voluntarily in addition to mandatory requirement of information disclosure. Voluntary disclosure can reduce, information asymmetry during issuing securities, reduce transaction costs, show the company's advantage, and improve the relationship between listed companies and stockholders. Because of these, people pay more and more attention on voluntary disclosures. The study of voluntary disclosure in china is still staying at the exploring stage. Study the relationship between voluntary disclosure and enterprises'value for the domestic listed new energy companies means important theoretical and practical significance for the entire capital market development and improvement. This paper is about to study the effect of the voluntary disclosure on the enterprises'value.The article first analyzed the background of Paper topics, research significance, the ideas and methods of this research, and made a summary of the voluntary disclosure and enterprise's value at home and abroad research. After that we analysised the basic theory of voluntary disclosure and enterprises'value. This study is based on a sample of 45 listed new energy Chinese companies on Shanghai Stock Exchange. In this paper, we select enterprise's value as explained variable, and select voluntary disclosure as explanatory variable. In addition, company growth is chosen as the control variables. The board of voluntary disclosure is characterized by three attributes, which are the strategic information, the financial information and the non-financial information. In considering the case of China's national conditions, we choose the suitable indicators for these three attributes. Then, a linear multiple regression equation is established to test the association between voluntary disclosure and enterprise's value. Through the empirical analysis, we find that the capital voluntary disclosure and enterprises'value are positive correlation. At last, this paper provides some advices for the development of voluntary disclosure.