A Research On The Voluntary Disclosure Of Listed Companies In China

As the development of capital market and the change of the company environment, investors and other stakeholders request the more relevant accounting information. The listed companies, as a mirror of the market, disclose its information timely, accurately, effectively, transparently, which relate to the vital interests of investors. Pressure of information disclosure faced by listed companies is continuing to grow. How to effectively disclose the more real, effective, and reliable accounting information become the topic concerned by listed company. Relying solely on the mandatory disclosure of accounting information cannot fully meet the needs of users of information and regulators. The voluntary disclosure of information, as an important part of the capital market, has become an important channel for the company's stakeholders to know the company. At present, China's study on voluntary information disclosure started relatively late relative abroad, but as the gradual improvement of the market mechanism in China, the study of voluntary information disclosure is worth exploring.In this article, the top100equity of Chinese listed companies in2010are selected as the sample. Based on the regulations of the annual reports of listed companies published by China Securities Regulatory Commission in2007, the draft of the annual reports of listed companies published by China Securities Regulatory Commission in2011, and the domestic and foreign scholar's research theories, the voluntary disclosure level index system is presented to measure the level of voluntary information disclosure of listed companies. The article also assumes that the company's characteristics included the company size, the proportion of the tradable shares, the concentration of the top ten shareholders, the proportion of independent directors, the separation of ownership and management, the ROE, and the big four accounting firms audit impact on the voluntary disclosure. The multiple regression analysis verified the assumptions that the direction of company characters is same as that of the voluntary disclosure.