Empirical Research On The Fluence Of The Corporate Governance Of Listed Firms To The Voluntary Information Disclosure

Voluntary disclosure of information refers to that listed companies initiative to provide the public with relevant information to other companies besides the mandatory information disclosure. The ways to disclose information includes periodic reporting, Temporary Bulletin, press conferences, and communication with institutional investors. The disclosure of information increase listed companies transparency and protect the interests of investors and enhance listed companies value and improve the securities market.The listed companies in our country initiative to disclose information very late. And its quantity and quality of voluntary disclosure is not high. Therefore, how to encourage the listed companies to initiative to disclose information is very important. t In addition to the impact of external economic environment, corporate governance affet the level of voluntary disclosure. Therefore, this paper analyzes how the Corporate governance impact the voluntary disclosure with the data of the real estate industry in experience research and Normative research. Then put up some recommendations to improve the voluntary disclosure.The explanatory variables include characteristics of ownership structure and board of directors. Specifically it includes stock concentration, the proportion of institutional investor ownership, the proportion of tradable shares, the nature of controlling shareholder,president and general manager of two level-one state and the proportion of independent directors. Control variables include the company' side and ROE. The experience research find the level of voluntary disclosure in the real estate industry is low. But it increases year by year. And only there is a significant positive correlation between the proportion of tradable shares and the voluntary disclosure. Other factors can't impact the voluntary disclosure Significantly.