Empirical Research About The Effects Of Corporate Governance On Voluntary Disclosure

Voluntary disclosure includes accounting and other information, it represents company managements'free choices,it belongs to information in excess of requirements. The listed companies in China began to disclose voluntary information in recent years, it is still low in spite of it increases year by year, it has a long further way to rise. At the beginning of this century, Some scholars began to research the effects of corporate governance on voluntary disclosure,but as the implement of the new company law, the new securities law, the new accounting standards and the equity division reform,the previous conclusions are not useful now.Therefore, it is necessary to research the problem again, it makes high practical value on perfecting the information disclosure system, improving the quality of information disclosure, improving the information transparency of the capital market, promoting the effective distribution and the rational flow of resources, building a more effective, healthy and sustainable development capital market.This thesis discusses the effects of corporate governance on voluntary disclosure, it analyzes the effects of the ownership structure, the board of directors and the board of supervisors characteristics on the voluntary disclosure level respectively,it makes empirical research on verifying the effect, then raise my own ideas to improve voluntary disclosure.This thesis can be divided into four parts:Firstly,the introduction talks about the background, importance, objective, content, method, innovation points and deficiencies.Secondly, this thesis theoretically defines voluntary disclosure and corporate governance.The more perfect corporate governance is,the better voluntary disclosure will be.Thirdly,this thesis makes an empirical study on the effect of corporate governance on voluntary disclosure, and verifies the relevant relations between the corporate governance variables and voluntary disclosure. This thesis verifies the second part of the theoretical analysis basically,it attempts to make reasonable explanation of the voluntary disclosure according to our country's present situation for the different part of the empirical conclusions.At last, the conclusion and suggestion are about how to improve voluntary disclosure of listed companies in China from the point of corporate governance.This thesis combines normative research and empirical research method to analysis the effect of corporate governance on voluntary disclosure, so as to improve the quality of voluntary disclosure from the point of corporate governance.The innovative point of this paper is a new corporate governance variable,which verifies the effectiveness of the board of supervisors,it discusses how to improve the voluntary disclosure level from a new point.This thesis judges the effectiveness of the board of supervisors from two parts. Firstly, the senior executives of our listed companys such as directors, general managers and supervisors,some of them have certain political powers,if the supervisors'political powers are smaller than other senior executives,this thesis considers that it is hard for them to play the supervisions'role.Secondly, if the supervisors are not independent, it is also hard for them to play the supervisions'role,such as they are worker supervisors, or shareholder supervisors, This thesis is mainly from the two parts to judge the effectiveness of the board of supervisors, then vadifies the relationship between the board of supervisors and voluntary disclosure level.Of course, it is from a new point to improve the voluntary disclosure level.