An Empirical Study On The Influencing Factors Of Voluntary Information Disclosure Of Listed Companies

With the increasing demand of investors, voluntary information disclosure of listed companies has been much concerned. Listed companies disclosure voluntary information can reduce financing costs, reduce the information asymmetry between investors and establish a good corporate image. In word it does well for the improvement of the market capital. But the voluntary guide is not built in China, the level of voluntary information disclosure is still very low, the research in this area is still in the exploratory stage. Therefore, this paper selected206listed companies, which belong to Shanghai Stock Exchange as object to study, using a theoretical analysis and empirical analytical methods, elaborated on voluntary disclosure of the specific content and the inherent characteristics and voluntary disclosure of information motivation, and by way of empirical research focused on analyzing which factors affecting the degree of voluntary information disclosure.The paper base on agency theory, signal theory and efficient capital markets hypothesis, with reference to foreign research results, combined with China's relevant policies and information disclosure requirements, establishing a set of voluntary disclosure level index system. From the external environment, corporate governance, corporate financial characteristics, selected nine variables, using multiple linear regression model that affect the extent of voluntary disclosure of an empirical study of factors. We can find company performance, independent directors to the board the number of meetings, audit fees and industry concentration on the extent of voluntary disclosure have a significant effect; and net profit growth and financial leverage on voluntary disclosure of no significant impact among net profit growth, financial leverage and voluntary disclosure.Based on the results of the studies, the thesis puts forward some plans for improving voluntary disclosure in China, such as building voluntary information disclosure system, establishing incentives for information disclosure, improving the qualities of investors and creating a good social environment...