Correlations Between Growth Of The Listed Corporates And The Voluntary Information Disclouser In China

Voluntary information disclosure is the important tool to connect investors and the listed corporations, and reduce the impact of asymmetric information. The mature research in the western countries involves a number of areas of voluntary information disclosure, plays a significant role to regulate the security market. The researchs of voluntary information disclosure are gradual momentum, just concentrate on the theoretical area,and the empirical study is very rarely. Analysis on correlation of growth of the listed corporates to voluntary information disclose is scarce, needs to be further increased.The paper analyzes the importance of voluntary information disclosure, voluntary information disclosure is not mandatory by market supervisions, and effected by many factors. The paper studies the impact of the company's growth in my country to voluntary information disclosure, the Managements of excellent growth listed corporations have a stronger motivation for voluntary information disclosure through the analysis of motivation, to display the company's core competitiveness and attract investors and other stakeholders. Selecting parts of Shanghai and Shenzhen listed companies for the sample, based on researchs of the Western countries and Chinese scholars, analyzing of the sample listed corporates, the paper establishes the voluntary information disclosure index to the Mainland of China. According to listed corporates'periodic reports and temporary reports, the paper studies correlation of growth of the listed corporates to voluntary information disclose, the regression result shows when Chinese listed corporates'growth is significant, management are more willing to make voluntary information disclosure. The result is consistent to the conclusion of theoretical Analysis.Research of voluntary information disclose aimed at helping the decision making of Chinese listed corporates and market supervisions, improving the level of voluntary information disclose can use Various methods, the paper provides a number of recommendations From regulators and listed corporates at the end.