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A Research On Voluntary Disclosure Of Chinese Listed Companies

Posted on:2009-01-20Degree:MasterType:Thesis
Country:ChinaCandidate:L LongFull Text:PDF
GTID:2189360272492100Subject:Accounting
Abstract/Summary:PDF Full Text Request
In Chinese capital market nowadays, what factors influence the voluntary disclosure? Can the improvement of voluntary disclosure increase the enterprise value? What kind of voluntary disclosure can increase the enterprise value? A research on these questions is of positive and realistic significance to the stimulation of the motivation to improve voluntary disclosure, alleviation of the information asymmetry me try and the realization of market efficiency and justice. Through theoretical analysis, the passage focuses on the influencing factors of voluntary disclosure and how the voluntary disclosure affects enterprise value.First, the passage takes China's actual conditions into account. Through content analysis ,the passage builds up a system which includes Human resource information , research and development of companies social information ,Financial forecast information ,corporate governance information and management level discussion and analysis information and can be classified into six categories and 36 indexes to measure the voluntary disclosure .By using the measuring system to analyze the 100 samples of 2005 annual reporting on A-share listed companies in shanghai , the voluntary disclosure can be obtained .Through empirical study on the influencing factors of voluntary disclosure ,the passage finds out that five factors including the proportion of government agencies ownership ,the proportion of share-holding directors to total number of director on the board ,the existence of an audit committee ,profits of companies and the competition within the industry are of great significance to the voluntary disclosure. In the five factors, the proportion of government agencies ownership is significantly and negatively related to the voluntary disclosure .While the increasing proportion of share-holding directors to total number of director on the board, the existence of an audit committee, an increase in profits and fiercer competition within the industry will boost the voluntary disclosure. Besides, the proportion of outside ownership, firm leverage, growth rate of companies and firm size are no significance to the voluntary disclosure.In the empirical study on how the voluntary disclosure affects enterprise value ,the passage chooses Tobin's q of market and rate of Return on common stockholders'Equity as dependent variables to measure enterprise value .Then the passage uses regression analysis after controlling three factors including firm growth rate ,firm leverage and assets scale to obtain the conclusion : voluntary disclosure ,Human resource information disclosure, social information disclosure and management level discussion and analysis information disclosure are significantly and positively related to enterprise value and the conclusion is stable .Tobin's q is slightly and positively related to corporate research and development in formation disclosure and management information disclosure, while the Rate of Return on common stockholders'Equity is significantly and positively related to the two kinds of afore mentioned information .In addition, because there are few listed companies that are willing to disclose financial forecast information , an accurate conclusion of how such information disclosure affects enterprises value can't be obtained.
Keywords/Search Tags:Voluntary Disclosure, Disclosure Index, Influencing Factors, Enterprise Value, Information Asymmetry
PDF Full Text Request
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