The Impact Of Corporate Governance Structure On Voluntary Information Disclosure

As the development of the securities market, the gradually consummated information disclosure system, the voluntary information disclosure is receiving investors, regulators and listed companies themselves more and more attention. The voluntary information disclosure has long been the Western scholars' one of the research keys, it have gradually become Chinese theoretical circle's focus, but the domestic scholars' majority articles carried on at theoretical research, empirical study relatives few. As China's economic environment, economic development level, traditional culture and corporate growth course, our country 's governance structure of listed companies has certain particularity , many foreign research results does not adequately apply to listed companies in China.Sound corporate governance structure constraints the voluntary information disclosure quality, so this article placed perspective on the empirical study of impact of company governance structure on the voluntary information disclosure. In the selection of independent variable, this article proposed two new corporate governance structure factors of "senior management population" and "the foreign capital stock proportion" for the first time, and obtained the affirmative conclusion.In this article's focus of empirical study part, according to 2006 annual report data, according to the 11 professions' proportion of Shanghai stock market randomly selected 227 listed companies as the research object. Based on Chau & Gray and other scholars' study, selected 52 voluntary disclosure information clauses to be the indicator system which calculates listed companies' dependent variable, and carried out a detailed analysis of the current situation. Used the voluntary information disclosure with 12 corporate governance structure factors to make regression analysis, the empirical study examined the impact of our country 's corporate governance structure on the listed companies' voluntary information disclosure. The results show that: equity concentration, the proportion of state-owned shares, the proportion of foreign investment shares ,the number of executives, the size of companies, the net assets returns ratio, and financial leverages had a significant impact on the voluntary information disclosure. Based on the previous chapter's empirical study, from the overall develop perspective to perfecting corporate governance structure and promoting the voluntary information disclosure, proposed the application recommendations to improve our country's listed companies' voluntarily information disclosure behavior.