Empirical Study Of Voluntary Disclosure Motivation

Accounting information disclosure has traditionally been the focus of scholars in various countries. Foreign scholars believe that the disclosure of financial information plays a key role in the operation of the capital markets. On the one hand, listed companies disclose financial information to the investors in order to make them understand the operations of the corporations, which lead to the companies getting the purpose of funding corporate finance. On the other hand, investors can make a correct investment in companies according to the financial information. With the rapidly development of the economy, in capital markets the vital of the information disclosure is more apparent now. For the present, information disclosure has become a focus in China. Accounting information disclosure is generally divided into mandatory disclosure and voluntary disclosure. Currently, most countries, as well as our country, have adopted mandatory disclosure to disclosed financial information Combined with voluntary disclosure.In our country, there are a lot of researches on voluntary disclosure. Through empirical studies on Voluntary Disclosure of listed companies, we found that the level of voluntary disclosure was getting higher and higher. The companies usually select information to disclose.Above all, the paper believes that the companies have strong or weak desire to disclosure the information and our companies have the main motivation to disclosure the information. So the paper will use empirical methods to examine strong or weak of the voluntary disclosure in order to find out the main motivation.The difficulty of the research is defining of variables and constructing models. Selected 260 listed companies of the A-share in Shenzhen market (from year 2007 to 2008)as a sample, the article took voluntary disclosure level as the dependent variable, chose the number of companies whose performance was improved to represented that the listed companies had desire to promoting corporate image, chose the number of companies whose costs of capital were lowering to represented that the listed companies had desire to reducing costs, and chose the number of the company whose aim was asset turnover reduction to represented that the listed companies had desire to reducing agency costs. Through constructing multi-linear model and descriptive statistics, correlations, regressions to the samples, we found that main voluntary disclosure motivation of listed companies was reducing costs of capital.The innovations of the article are as follows:firstly, the article found out the Voluntary disclosure motivation of the listed companies in our country; secondly, according to the empirical methods and models, the article found out the main Voluntary disclosure motivation of the management of listed companies; thirdly, the article clarified how to improve the level of the Voluntary disclosure.