Empirical Research On The Fluence Of The Corporate Governance Of Listed Firms To The Voluntary Information Disclosure In China

Along with the development of security market, voluntary disclosure is receiving more attention from the investor, supervising department and listed company. On the base of mandatory disclosure, voluntary disclosures make corporate disclosure more complete and specific, and improve the quality of corporate disclosure, which is helpful in getting rid of information dissymmetry and incompleteness, in realizing fairness and efficiency of capital market. With the rapid development of the agency theory in the past 30 years, it provides us theoretical basis about studying of the relationship between corporate governance and information disclosure. It is a close relationship between the corporate governance and voluntary disclosure. Perfect corporate governance has a positive impact on voluntary disclosure. Corporate governance guarantees the quality of information disclosure through a set of system arrangement. The perfection degree of corporate governance restricts voluntary disclosure quality. Voluntary disclosure is helpful to the transparency of corporate governance and management information. Voluntary disclosure can eliminate the information asymmetry of internal people and external people and promote the improvement of corporate governance structure. Therefore, I propose the main view herein: There are complementary effects between voluntary disclosure and corporate governance. Setting-up and validity of corporate governance mechanism are having great influence on the level of voluntary disclosure.The full paper is divided into four parts. Firstly, the writer sum up the study in voluntary disclosure and corporate governance about different country's studies. Secondly, definition of voluntary disclosure and corporate governance are stated, and the article carries on a theoretical analysis. Thirdly, this paper research voluntary disclosure and corporate governance in our country, and analyse relationship between voluntary disclosure and corporate governance in theory. Fourthly, this paper makes an empirical study on influence to voluntary disclosure by corporate governance. Corporate governance is characterized by seven attributes, which are board size, the proportion of independent directors to total number of directors on the board, CEO duality, the proportion of outside ownership, the proportion of corporate ownership, the proportion of state-owned ownership and the proportion of managerial ownership. This study is based on a sample of 102 listed Chinese companies that only have A-shares Stock Exchange. Then, a linear regression equation is established to test voluntary disclosure. Lastly, the paper provides some advice on improving listed Chinese companies'voluntary disclosures.