The Study On The Effects Of Voluntary Information Disclosure On Corporate Value

Community information disclosure of listed companies made a higher demand, but there are still a lot of our information disclosure issues, listed companies only mandatory information disclosure can not satisfy the information needs of investors, diversification, and constantly demand new encourage listed companies to disclose more voluntary information. Voluntary information disclosure by listed companies to improve the quality of corporate information disclosure to reduce information asymmetry, while it can improve the relationship between investors and improve the company's reputation and image, This is a serious problem, the paper listed companies on China's issues of voluntary disclosure.Throughout the voluntary disclosure of domestic and international empirical studies, mostly concentrated in the areas of influencing factors, research results are more mature. But with further research development, information disclosure requirements to improve, scholars have not only remain in the influencing factors, capital costs, many professionals began to explore its value in the company played the role. Company voluntary disclosure would affect the value of it? Enhancement of corporate value is the improvement of voluntary disclosure, or high-value business more willing to increase voluntary disclosure? In the existing literature, this paper, based on agency theory focus on the use of Game Theory and research knowledge to Shenzhen A-share listed companies as samples, select the voluntary disclosure of the main level, company size, ROE, industry attributes such as the explanatory variables, also refer to the domestic and on the voluntary disclosure index construction, classification research, in the level of voluntary disclosure and corporate value, to question the relationship between the cases, the combination of endogenous and Empirical Test, the final study found:Voluntary Disclosure and Corporate Value, in general, significantly correlated, monopoly industries and corporate voluntary disclosure of significant value not significant, competitive industry, the level of voluntary disclosure of a significant relationship with firm value, this assumption verified. At the same time, over time, the level of voluntary disclosure of value of the company significantly. Based on conclusion of this article, starting from the company's own building, the introduction of third-party rating system, establish a sound market environment and institutional investors in the quality of building construction and make appropriate policy recommendations in four areas...