A Study On Status And Correlation Of The Voluntary Information Disclosure In Listed Companies

In the capital markets, caused by the presence of information asymmetry ,there is information supply demand imbalance, affecting the fairness and profitability of capital market operations.So highlights the importance of research about information disclosure of listed companies, particularly in relation to the voluntary disclosure of information of listed companies, which is more important. Listed company's ability to provide its stakeholders useful information for decision-making related to the interests of stakeholders, also to some extent, affected the company's reputation, which enhance the value of the enterprise. In this paper, based on previous research, the voluntary information disclosure of listed companies is divided into strategic information, predictive information, financial analysis information, social responsibility information ,such information on four aspects, then building evaluation system of voluntary information disclosure of listed companies。By listed companies annual reports, interim reports in 2009, the level of voluntary information disclosure of its rate, and calculated by excel listed company's overall voluntary disclosure index and its various elements such as strategic information disclosure index, predictive information disclosure index, financial analysis information index, social responsibility information index。the disclosure index from Sample companies, which analyzed the l evel of disclosure index of the various industries , the industry index for the different sample companies disclosed the apparent difference, between different sectors , the disclosure index are also of significant differences in the same sectors.What factors affect voluntary information disclosure of listed companies? From the theoretical point of reputation, five variables factors may affect the listed companies on the voluntary disclosure index include ownership concentration, book value, ROE, debt to capital ratio, accounting firms . Listed companies found that the overall voluntary disclosure index was significantly negatively correlated wit the book value h ownership concentration, the net assets yield a significant positive correlation. Strategic information disclosure index and ownership concentration, debt to capital ratio was a significant positive correlation, which has negative correlation with the book value, whether it is one of the four major accounting firms relate to strategic information disclosure index has a positive effect. Financial analysis information disclosure index of listed companies and ownership concentration, the net return on assets significantly and positively correlated ,and book value, debt to capital ratio was negatively correlated. Social responsibility information disclosure index of listed companies and ownership concentration, the net assets was significantly negatively correlated ,and debt to capital ratio was a significant positive correlation.After correlation analysis of the voluntary disclosure index and its affecting factors of listed companies, Grey system theory is used to analyze the correlation of sample companies;s voluntary disclosure index and the value of the company. Sample data is collected by calculating the value of the industry average Tobin's Q, the industry average of strategic information disclosure index, the industry average of forecast information disclosure index , the industry average of disclosure index of financial analysis, indicators of social responsibility information disclosure。On this sample using gray relational analysis of gray system theory analysis about correlation between listed companies voluntary disclosure index and the enterprise value, to find how is the disclosure index to affect the market value ,then the enterprise's intrinsic value. Through a series of calculations to obtain the gray correlation degree of the overall corporate voluntary disclosure index and Tobin's Q value is 2.24 ;the gray correlation degree of social responsibility information disclosure index and Tobin's Q value is 3.02 whichi is the highest; then forecast infoumation disclosure index,then financial analysis information disclosure index,then social responsibility information disclosure index.