Agency Costs And Voluntary Disclosure Of The Listed Companies

The separation of ownership and management authority in the modern enterprise system will inevitably lead to information asymmetry between the owners and the managers. As we all know, information disclosure can reduce information barriers between the owners and the managers, the owners can know the real operating conditions of the company better, and give better supervision and evaluation to the managers, so the agency problem caused by information asymmetry can be solved. Compared with western countries, China's capital market is not sound, corporate governance mechanisms of listed company are inadequate, far from corporate governance to achieve the desired effect. The significant information asymmetry in more state-owned properties listed companies, more behavior of managers deviate from shareholders'Interest, agency problem is complex, agency cost is huge. Adequate disclosure of information not only help solve the separation of ownership and agent problems, but also meet the information needs of majority investors of the capital market.Based on the importance of information disclosure, different from the domestic scholars pay more attention to the mandatory information disclosure, As the principal-agent theory, signal theory and other theories as the theoretical support, starting from the fundamental agency problem, linked the agency costs between the owner and managers to voluntary information disclosure, and study the relationship between agency costs and voluntary disclosure information of the listed companies in three aspects: whether the voluntary disclosure is affected by the agency costs;For the listed companies whose agency costs were declined, whether thier change rate of agency costs affect the voluntary disclosure of information.The study results show that:the higher the agency costs of listed companies,the lower level of voluntary information disclosure; reduce agency costs may be a motivation of voluntary disclosure; voluntary disclosure with a certain inhibitory effect on agency costs; the level ofvoluntary disclosure has generally low, and has a positive trend year by year,the level of classified information of voluntary disclosure are significantly different.The inspiration are:significantly reduce the agency costs;we can study whether the voluntary disclosure affect the agency costs;improve the quality of voluntary information disclosure.