Empirical Study On The Determinates Of Voluntary Disclosure By Chinese Listed Companies

With the rapid development of the Chinese security market and the enhanced analytical knowledge of the investors,voluntary information disclosure begins its gradual momentum in China. As the steady improvement in the financial disclosure system and the ever increasing demand for company's information from institutional and individual investors, voluntary information disclosure becomes one of the key research topics in our country. Looking back on the western countries'disclosure history, the mature capital market has normally gone through three stages: voluntary disclosure, compulsory disclosure, and the combination of these two kinds of disclosure. At the moment China is experiencing the infant development of the third stage, the growth of the financial security market brings the need for voluntary information disclosure into prominence.Nowadays,most of the researches just concentrate on the theoretical area,and the empirical study is rare .On the background of such situation; this paper modifies the foreign exports'voluntary disclosure index based on the HK listed corporations and establishes the index suitable to the Mainland of China. The paper describes the situation of Chinese listed corporations, it is find out that the items of voluntary disclosure of the annual reports are very few, and most of the corporations are unwilling to disclose predict information.The paper studies the determinates of voluntary information disclosure in China. The regression result shows that the voluntary disclosure is effected obviously by industrial difference , the quality of the public auditor,and the proportion of current A share and the extence of H share etc . The paper also studies the proportion of shares held by the agency investors and the main business profit that is never studied empirically in China before .The result shows that both of them are not obviously related with voluntary disclosure decision.According to the study of some corporation management structure factors and the voluntary disclosure, it shows that the degree of equity concentration has the negative relationship with the disclosure index but is not obvious. The CEO duality will make the company reduce the information disclosure in some extent and the crossed effect of the CEO duality and the proportion of independent directors is very poor on the index.In the end of this paper,the implications of the findings for policy and research...