| The degree of disclosure levels to solve the asymmetric information has a crucial role。Our level of information disclosure of listed companies is not high, because many listed companies disclose information that only requires the disclosure of related information。Voluntary disclosure has not been thought the main form o Voluntary Disclosure that when companies disclosure information that the relevant authorities require the disclosure of information must be disclosed, in order to pass the good signal of the company to outside, an action that meeting the needs of stakeholders and disclosure information activity。Voluntary information disclosure can reduce problems caused by the information asymmetry and opportunistic behavior, for example:managers of the "moral hazard" and investors "adverse selection"。This can improve the listed company’s relationship with stakeholders, to show the ability of the company, which for optimizing the allocation of resources throughout the community level, and the protection of the interests of stakeholders, and promote the sound development of China’s capital market and so is of great significance:for investors, researching the voluntary disclosure can help them to recognit well the listed company of information disclosure action, for the enterprise, researching voluntary disclosure, which can help the enterprises to realize the importance of voluntary disclosure, may be more disclosure of information, and improve the voluntary disclosure level and quality, is helpful to improve the deficiencies in corporate governance, this in the capital market development has a positive effect; for capital markets, information is the basis for decision-making investors, the market plays a guiding role in capital flows,voluntary disclosure level higher, investors will make relatively more accurate, objective investment decisions。 The internal management mechanism based on the board of directors for the core, and the company monitor exterior governance mechanism is to point to a market system of management controls, to ensure the maininvester earnings。The board is not only the agent of shareholders, or managers, and bears the owners of the highest policy-making and entrusted, company three responsibility supervision managers in company management structure, the core of transitional "in" status。The board in accounting policy choice, information disclosure aspects of content and form plays a vital role。Voluntary disclosure of our listed companies has many problems, at home and abroad, the barrage of corporate governance of listed company appear since defects and problems caused financial fraud。Such as Enron, xerox, YinGuangXia, kelon events, these events by the virtue of the facts behind greatly reduced the disclosure of information of listed company investors’confidence and hinder the development of capital markets。Voluntary disclosure researching is still in the stage of exploration in domestic, to based on this, the paper chooses voluntary disclosure level as researching topic in industry, analyzes the relationship between board of characteristics and voluntary disclosure of listed companies, trying to find out the internal of different sectors with improvement measures, governance mechanisms looking through improved as a board to the internal governance mechanism for core and raising the voluntary disclosure level, and gain some of the decision makers, information disclosure supervision department valuable opinions, making capital market can better develop。This article elaborates the research background, the research significance, the research idea and method, innovation, and the overall framework of this study。Then, on voluntary disclosure of the domestic and foreign relevant research papers were introduced, mainly from the voluntary disclosure factors affect the angle of related literatures,the paper sorting characteristics from the company, corporate governance, economic consequences, three aspects of voluntary disclosure is discussed, and analyzes the theoretical basis of voluntary disclosure, mainly expounds the theory, signal transmission entrusted generation, the core competition theory, the theory of effective market hypothesis, game theory。According to the actual situation in our country, G.K Gray reference Chau&S J (2002) voluntary disclosure index system, and then based on December 2007, the China securities regulatory commission issued "public issuance of securities company information disclosure content and format criterion no.2< annual report >>, the content and format devised 23 index of the voluntary disclosure index system, used to be interpreted variables, and interpretation of the number of independent directors, directors meeting times, big shareholders directors proportion, the size of the board to define the board after explanatory variables, characteristics as proposed in this paper based on the four research hypotheses。Hypothesis 1:the number of independent directors of different industries voluntary disclosure level relationship with different; Hypothesis 2:different industries board meeting times and the voluntary disclosure level relationship is different; Hypothesis 3:different industries big shareholders directors proportion voluntary disclosure level relationship with different; Hypothesis 4:the size of the board and different industries voluntary disclosure level relationship is different. Then, using 102(ended December 31,2009) of listed companies (shenzhen two cities is only listed shares steel listed company, the only listed separately shares information technology (IT) industry) as voluntary disclosure is an empirical study found:after the number of independent directors more steel, the voluntary disclosure level, and the lower the IT industry, the number of independent directors voluntary disclosure level is higher; Steel and IT industries board meeting times and the voluntary disclosure level are presenting positive correlation relationship, and the IT industry board meeting times and the voluntary disclosure level is not significant; the relationship between The steel big shareholders directors proportion, the voluntary disclosure level higher, and the IT industry, the greater the large shareholders directors proportion the voluntary disclosure level lower; Steel and the IT industry two industries the size of the board and voluntary disclosure level of both showed negative phase relationship, in addition, steel board scale and voluntary disclosure level, though, but not significant negative correlation with the size of the board, the IT industry voluntary disclosure level a significant negative correlation。Finally, the study concluded that the sample company voluntary disclosure overall level is not high, including steel and the IT industry has the highest percentage of financial information disclosure, strategic information disclosure is less, at least financial information; Steel and the IT industry board features (independent directors, big shareholders directors proportion) on the influence of voluntary disclosure level are different; Steel board meeting help frequently to raise the level of voluntary disclosure。The IT industry of times of the board meeting voluntary disclosure level has no significant influence。Steel board scale is bigger, the voluntary disclosure level is lower, but this is not significant negative correlation relationship。The IT industry to the size of the board voluntary disclosure level of influence is significantly negative correlation. Overall, two samples industry characteristics on the board of the influence of voluntary disclosure level is different, the author through empirical analysis attempts to analyze the reasons for the differences from the macroscopic aspects and puts forward the relevant policy recommendations for this article, and explained the limitations。... |
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