A Research On The Problems Existing In Voluntary Information Disclosure Of Listed Companies In China

The poor performance on voluntary information disclosure of listed companies in China have a negative influence on listed companies'image, increasing their financing costs, at the same time, increasing the risk of outside investors also, resulting in the "lose-lose" situation between listed companies and outside investors. Therefore, having a system research on the problems existing in voluntary information disclosure of listed companies in China can make a positive influence on improving the capital market mechanism and creating a good image of listed companies and reducing the risk for investors.After analysing the evaluation results of the level of voluntary information disclosure of listed companies in China in this paper, finding many problems existing in voluntary information disclosure at present, including: the overall quality of voluntary information disclosure is not high enough, the number of disclosure items is inadequate, the content of disclosure is not detailed enough and the level of disclosure is not balanced enough.In order to analyse the influencing factors on voluntary information disclosure of listed companies in China to put forward some proposal on enhancing the level of voluntary information disclosure, this paper have a system research on the influencing factors of voluntary information disclosure in the combinative method of demonstration research and normative research, and basing on demonstration research, finding some influencing factors of voluntary information disclosure finally, including: there is a significant positive correlation between the proportion of shares belong to top ten shareholders and the level of voluntary information disclosure, there is a significant positive correlation between the Herfindal index (H_INDEX) and the level, there is a significant positive correlation between the proportion of independent directors and the level.Therefore, we must take a variety of measures to improve the level of voluntary information disclosure of listed companies in China, including: optimizing ownership structure to enhancing the degree of ownership concentration of listed companies in a relative balanced level, improving the system of independent directors to increase the proportion of independent directors, responding positively to national policy to increase the proportion of tradable shares, and improving relevant laws and regulation to increase the total number of internal committees and to increase the proportion of paid directors.