Empirical Research On Relationship Between Listed Corporation's Voluntary Information Disclosure And Stock Liquidity

At present, there is a certain degree of credibility crisis in China's securities market. Investors in listed companies dissatisfied with the quality of information disclosure. Although securities regulators issued a series of disciplinary false disclosure, improve the quality of information disclosure laws and regulations. However, mandatory external measures required of listed companies can really take the initiative to meet to play a role. In context of market, Lots of excellent performance listed companies select voluntary information disclosure rationally. They hope to distinguish their own and other poor performance of listed companies. They want to describe the company's future prospects and show a company's core competitiveness and s communicate with and stakeholders and mitigate the credit crisis and enhance investor confidence through voluntary information disclosure.This article studies start from the voluntary information disclosure's related areas and basis of theoretical and laws of disclosure and contents of disclosure. Especially, in the comparison of the voluntary disclosure of domestic and foreign laws and regulations, we proposed domestic disclosure inspiration. This part of the paper constitutes a follow-up study of the theoretical basis. In the third part of article, we study the relation between voluntary information disclosure and stock liquidity from an economic point of view. We build a reputation investment model and introduce the concept of signaling equilibrium. We found that there is inner contact between voluntary information disclosure and stock liquidity. And we demonstrated that voluntary information disclosure can enhance stock liquidity. This article put focus on the importance of voluntary information disclosure and internal and external motivations and the effect of research in capital market. We through the effect of study of voluntary information disclosure (including the promotion of the improvement of corporate governance structure; enhance the company's reputation and image; increase the value of the company; reduce the cost of capital and debt costs; enhance liquidity of shares of listed companies) in capital market. We find that in out country, there is very little research about the relation of voluntary disclosure and liquidity of stock, and some only study from theoretical analysis. So, in the fourth part of this paper, we put focus on the empirical analysis of the relation of China's listed companies voluntary information disclosure and stock liquidity.Papers selected annual reports of listed companies in 2006 as the basis of listed companies in China to examine whether exist correlation between voluntary disclosure of information and stock. Study concludes: 1. In the same year, there is a positive relation between listed company's voluntary information disclosure and stock liquidity. 2. Adjacent to two years, a listed company's stock liquidity can rise with the increase of voluntary information disclosure.