China's Listed Companies Voluntary Disclosure

Today, with the security market growing, a lot of countries try adopting voluntary disclosure of business information to strengthen the validity of market. In our country, Shenzhen Stock Exchange issued " The guidance on investor's relation management of listed company " on October 21,2003, in which the concept of " voluntary disclosure of business information " of listed company has been put forward for the first time. So far," voluntary disclosure of business information " has been brought into the information disclosure system of our country. This thesis attempts to study the theory and the practice of voluntary disclosure through problems of voluntary disclosure of business information.This thesis studies the problems of voluntary disclosure by investigations and analysis, and has put forward some innovative opinions. For example, the voluntary disclosure of business information is not merely a form of accounting disclosure of information, or a content of the high-quality financial report, it is a kind of strategy of the company governance, which will play full roles while cooperating with other company strategies. The causes on voluntary theory are extensively approved agent's theory and signal theory, besides this thesis has put forward the theory of excessive earning of disclosure. The voluntary disclosure of business information supplements original mandatory disclosure of business information in order to increase market validity. The voluntary disclosure of business information opposes the commercialized accounting information, and the former is more feasible than the later.This thesis is divided into four parts.The first part is the basic theories of voluntary disclosure of information, including the current research situation and the causes of voluntary disclosure of business information, the relation between voluntary disclosure and mandatory disclosure of business information, the relation between voluntary disclosure of business information and the commercialized accounting information.The Second part is the relation between voluntary disclosure of business information and high-quality financial report. This thesis thinks that the voluntary disclosure of information contributes to offering the high-quality financial report. How to improve the quality of financial report? We can analyse from the main environment of voluntary disclosure of business information, that is both accounting sides of supply and demand of information, and molding the effective supply and demand subjects can strengthen the validity of voluntary disclosure of business information. Thus we can get the high-quality financial report. Talking about the supply and demand of accounting information, we have to face the question that there is have information asymmetry during the production of accounting information. Analysing from effective market theory, this thesis thinks voluntary disclosure of business information can strengthen the validity of market, and alleviate the information asymmetry, but it is not the only means to dispel information asymmetry or the inside trade.The third part is the analysis of the objection of voluntary disclosure of business information. As a new concept, the voluntary disclosure of information has not been used abundantly, so people will unavoidably nourish different opinions on it. For example voluntary disclosure of information will increase disclosure cost of listed company, so weaken the motive of disclosure further, etc. For these questions, this thesis thinks that as a helpful activity, the voluntary disclosure of business information should be analysed from the whole listed company systematically and completely and be treated with correct method. So we could realize the advantage that the voluntary disclosure of business information can improve the validity of listed company and even security market.The fourth part is the idea of implementing voluntary disclosure of information in our country. From listed company and relevant departments, this thesis constructs concrete problem of voluntary disclo...