The Research On The Measurement And Influence Factors Of Commercial Banks' Voluntary Disclosure

According to whether be controlled or not, information disclosure can be divided into two aspects. One is mandatory disclosure, the other is voluntary disclosure. The later is an actively disclosure of listed company by considering many facts, such as corporate image, the relationship between companies and investors, litigation risk avoiding. As the financial media, commercial banks'products and capital structures are different from other enterprises, and its particularity and professional in management make the capital providers difficult to know how the banks use their funds, so the problems of the information asymmetry in commercial banks are more complex and serious than other enterprises.The information asymmetry produce the "adverse selection" problem, that may increase the principal-agent cost between the shareholders and management and will enable investors to underestimate the bank value, then produce "lemon market" phenomenon, as a result, it will lead to the low efficiency in the stock market, and then affect the investment environment and the economic development of the whole society. So, commercial banks need voluntary and initiative to disclose bank information to the whole society with the help of the market self-regulation and feedback ability to get information, so that it will the more robust and reliable when the bank management and investors making the operation and investment decisions.This article selects Chinese listed commercial banks'reports as the research samples, from the domestic scholars, foreign scholars and related laws and regulations, using content analysis method to construct voluntary disclosure level evaluation index system which is suitable for Chinese commercial banks. The system includes seven type of information: environmental information, strategic information, knowledge capital information, management information, the management discussion and analysis, social responsibility information and forecasting information. Using the entropy theory of the information science, we construct a voluntary disclosure level testing model, then analyze Chinese listed commercial banks'voluntary disclosure level. And we also analyze the voluntary disclosure influence factors from three aspects:the bank general characteristics, bank financial position and bank management structure analysis. Draw the following main conclusions: (1) There are some gaps during the commercial banks voluntary disclosure case, the order of the importance in evaluation in all kinds of information is:forecasting information, social responsibility information, knowledge capital information, strategic information, management discussion and analysis, environment information and company management information. Besides, the voluntary disclosure level of the state-owned commercial banks is higher than the joint-equity commercial banks'. Meanwhile we make the comparison of the voluntary disclosure level between the state-owned commercial banks and the joint-equity commercial banks. The disclosure score of the state-owned commercial banks is higher than the joint-equity commercial banks' except the forecasting information.(2) The company size, profitability, growth, the nature of the first majority shareholder and the BOARDSIZE has significant correlation with voluntary disclosure level of listed commercial banks. Among them, the company scale and the level of the voluntary disclosure has the strongest significant positive correlation. But the HERF, the proportion of the state-owned shares and the proportion of the independent director with the voluntary disclosure level, the relationships are both not significant.