Corporate Governance And Voluntary Disclosures Under The Control Of Large Shareholders

In order to improve communication with investors and other stakeholders, to deliver security market information of corporate valuation and prospects in the future, listed companies conduct disclosures voluntarily in addition to mandatory requirement of information disclosure. This active behavior of information disclosure is referred to as voluntary disclosures. The existing researches mainly analyzed motives for voluntary disclosure from the perspective of external market mechanism, including hypotheses of capital cost, capital market transaction, corporate control contest, stock compensation, litigation cost, proprietary cost, and management talent signaling. From the end of the last century, the relationship between voluntary disclosures and corporate governance has gradually become the focus of the field of voluntary disclosure decision.Up to now, the studies on relations between company governance and voluntary disclosure decision are mainly in developed countries and regions. Scholars in our country have done some exploratory studies, but these studies need extending and furthering. The phenomenon of large stockholder control in listed companies is ubiquitous in our country. After the reform of non-tradable shares,the security market of China will enter an era of transparent regulations. Therefore, the research on the relationship between voluntary disclosures and corporate governance would be a valuable issue. This paper designs the scale of voluntary disclosure level based on Botosan Index and Chau-Gray Index, then analyzed the effects on voluntary decision made by companies'internal management mechanisms under the control of large stockholders with empirical research methods. It has analyzed it from the perspectives of share structure, director boards and supervisor boards. In the end, this paper has put forward suggestion on managing voluntary disclosure of listed companies in our country, aiming to provide references for information disclosure supervision and security legislation, company governance of listed companies in our country.