A Research On Voluntary Disclosure Of Chinese Listed Companies

With the further development and growing of the security market and the false information accidents exposed, the investors gradually pay more emphasis on the quality and quantity of information supply in intense competitive stock market. The compulsive laws and regulations is not enough for the demand′s diversity of investors, voluntary disclosure is needed to supply and expand. To distinguish from the bad performance corporations and reduce the agency cost, the better ones have the incentive to disclose information voluntarily in asymmetric information conditions. What's more, there are such limitations in compulsive disclosure system that it is needed voluntary disclosure to supply and expand. The research on Voluntary Information Disclosure is come into being under such background.Based on the methods of optimization of economic agent behaviors and the methods of information economics, this dissertation utilizes the reverse choices model and signal transmission model to the motives and mechanism of voluntary information disclosure. The corporate may adopt the full disclosure,partial disclosure and nondisclosure respectively with strategies of disclosing information,separating information and hiding information to realize the corporate value equilibrium.Does increment of information disclosure enhance corporate performance? We construct the voluntary disclosure index and make an empirical study on stock market both at home and broad during 2002-2003. The results show as follows: the extent of voluntary information disclosure and the growth of performance are relevant for these two kinds of corporations; in other words, increment of information disclosure can enhance corporate performance.