An Empirical Study On Factors Influencing The Voluntary Disclosure Of Listed Companies

Information disclosure is potentially important means for management to communicate firm performance and governance to outside investors which can bring about various kinds of economic consequences. Almost all countries'Securities Acts have detailed rules and regulations on information disclosure, and researchers'studies focus on the content, motivation, influence factor and economical consequences of information disclosure. Many outstanding research results appear. Voluntary disclosure is an important research category as a mechanism which can transmit signals and relieve information asymmetry in information disclosure. In-depth study on the factors which influence on voluntary disclosure not only can help us explain the listed companies'information behavior better, but also can offer empirical proves for regulatory authorities of securities.This paper has five main parts. In the fist part we discuss the motivation, objective, research problems and framework, and this part has conducted this study's necessity and feasibility. In the second section we reviewed and analyzed the existing research literature carefully to clear the problems aforementioned and provided the basis and foundation for following research. In the third section we discussed the research design, research hypothesizes, models and variables definition, sample and sampling standard to prepare for empirical analysis. Part four is the empirical analysis of four hypothesizes we designed to test the research questions. Part five is the main conclusions collating from part four, in the end of this section we discussed the limitations of our study and given some suggestion for subsequent study.There are several innovations in this dissertation. The first one is the discussion of measurement standard of Voluntary Disclosure Extent (VDE) and a new measuring index system for VDE. The second one is the examination of disclosure inertia's influence on voluntary disclosure. The third one is the discussion of Top-Management Performance Pay Sensitivity's influence on voluntary disclosure. The forth one is the careful testing of factors influence voluntary disclosure information's structure. The fifth one is the examination of earnings forecast's affection elements. All of those innovations are unexplored problems.