A Study On The Voluntary Disclosure Of Listed Company

Accountant is based on the development of economy and management. Financing report as the final product of accountant information system , will develop along with economy. The content of financing report can be classified mandatory disclosure and voluntary disclosure. The content which is required by the legalize accountant principle and other laws, we call mandatory disclosure .Contrarily, voluntary disclosure is the content which the firm disclosure voluntarily. Along with the economy environment changing, the power of the investor and creditors is strengthening .The administers will take into account their interests, this is the reason of voluntary disclosure. The aim of this paper is research "Does the listed company have incentive to disclosure voluntarily" and "what affects the listed company disclosure voluntarily " on the background of our special market environment.This paper which is based on the theory of agent, information asymmetry and signal, deeply discuss the condition of the voluntary disclosure appearance .we also describe the status of voluntary disclosure on the foundation of literature and statistics. We put forward the research hypothesis the level of voluntary disclosure has positive correlation with the listed company stock price, testify with the data of home equipment listed company, and try to find the factors which affect the level of voluntary disclosure using linear regression .This paper is divided into seven sections: the first section is guiding which bring forward the research issue and background; the second section is the theory of voluntary disclosure, in this section, we define the concept of voluntary disclosure, and we analysis the incentives of voluntary disclosure; the third section is the present status of voluntary disclosure; the fourth section prove the validity of voluntary disclosure; the fifth section study on the factors of voluntary disclosure; the sixth section is about the warps and quality supervision of voluntary disclosure; the seventh section is the research conclusions, prospects and shortages.The research conclusions are as follows:1.Voluntary disclosure has the existence foundation. Voluntary disclosure reduces the risk of information asymmetry and decreases the agent cost. The investors chase fortune ,so they need the information, the listed company administrators use voluntary disclosure to increase the value of listed company or decrease the possibility that the listed company is under estimated.