The Impact Of Corporate Governance Upon Voluntary Disclosure Of Listed Companies

In recent years,voluntary information disclosure of listed companies has been much concerned.Voluntary information disclosure as a complement to the mandatory disclosure can improve corporate image and protect the interests of investors,improve relations with investors.In word it does well for the effective development of the capital market.On the basis of current literature and theory at home and aboard, we focus on the relationships between voluntary disclosure and the structure of corporate governance with normative and empirical methods.The paper learn the existing research results and combined with the specific situation of listed companies in China,using content analysis to establish a set of voluntary disclosure level index system.Then we analysis annual reports to calculate the scores of the sample companies.On the whole, the level of voluntary information disclosure in Chinese listed companies is still very low.Afterwards,we take 7 explanatory variables form the side of the corporate governance,the market process,ownership concentration,the nature of the controlling shareholder,the chairman of board also work as the manager,the proportion of independent directors,frequency of the board meeting and auditing committee.In addition,Company size, company profitability and financial leverage are the controls variables.We selected 227 listed companies of manufacturing of 2007 in Shenzhen stock exchange as the research object.Then we use multiple linear regression model to test voluntary disclosure affecting factors.The result indicate that factors like the market process,frequency of the board meeting,auditing committee,company size and profitability have a significant influence on the degree of voluntary information disclosure.While ownership concentration,the nature of the controlling shareholder,the proportion of independent directors and company financial leverage is not significant corrected with voluntary information disclosure.At last,according to the result of empirical research,the paper give some advice about the internal and external corporate governance structure to advancing the voluntary information disclosure.