A Study On Voluntary Information Disclosure Of Listed Corporations And The Correlation With Its Financial Performance

With thirty years of China's reform and opening up, the development of our economy has obtained enormous achievement and the capital market is becoming mature. As a necessary and effective supplement of a traditional compulsory accounting disclosure, the important role of voluntary information disclosure is appearing increasingly. For one thing, the growth of the financial security market impels the accounting information system perfection gradually. For another, with the improved quality of the investors, the pressure from fierce competition of listed corporations and the various motivations from inside and outside condition, the voluntary information disclosure are paid more attention by government's supervision departments, listed corporations and investors. Therefore, experts begin to research the voluntary disclosure emphatically and they have acquired many performance.Developed countries have studied for several decades on voluntary information disclosure, but our country study it lately. We are relatively weak in theoretical research and experimental research. Our research is concentrated on motive, content and influence factors primarily, so we should improve our study in perfecting disclosure system, building index hierarchy and disclosure effect in future. Consequently, on the base of theoretical analyses this paper test experimentally current situation of voluntary information disclosure of listed corporation. Then it analyses the relativity between voluntary disclosure and financial performance. It makes a preliminary study to voluntary disclosure behaviour and disclosure effect and gives relevant suggestions and measures. This thesis seeks to improve the voluntary disclosure level of our listed companies and to offer some references to better our information disclosure system.A sample of 116 listed companies is chosen to study the current situation of voluntary disclosure. The results are summarized below: the voluntary disclosure level is positive correlative with financial performance; financial performance of listed corporations can reflect the voluntary disclosure level of them; the level of voluntary disclosure may influence future financial performance, in other words, to some extent, may forecast the next financial performance of company. Finally, according to the study results, relevant suggestions are put forward in this paper, some shortage in thesis are shown clearly and study directions in future are pointed out distinctly.