Research On The Relationship Between Voluntary Information Disclosure Of Listed Company And Management Of Company

Whether the listed companies are willing to disclose more information based on the current trust crisis of Chinese Securities Market. What're the reasons that the voluntary information disclosures of listed companies have been influenced? Are there any relationship between voluntary information disclosure and the management of the companies? The purpose of this article is to investigate these questions by both academic and positive methods.Based on expenses theory, substitute theory, signal theory, valid market hypothesis, excess disclosure profit theory, learning from the related research method and conclusion in foreign literature and making combination with our specific background, this article put forward the research hypothesis and review the management structure of the companies from stock equity structure, directorate structure, how directors hold the stock and posts.In the demonstration part, we choose 120 listed companies by random as the research objective, making the index of company voluntary information disclosure based on 2005 data and combining with the analysis of company management structure, such as ratio of floating stock, ratio of independent director, status of CEO, stock-holding ratio for senior manager, ratio of the number of the directors who hold the stock, ratio of state-owned shares, ratio of state-owned corporate shares. The result is that ratio of floating stock, status of CEO, ratio of the number of the directors who hold the stock and ratio of state-owned shares have obvious connection with the voluntary information disclosure.According to the conclusion, this article put forward some suggestion regarding how to improve the company's management structure and promote the voluntary information disclosure.