The Research Of Voluntary Information Disclosure Of Listed Companies In China

Nowadays, under the background of the economic globalization, the financing range of listed companies has expanded from domestic market to international market. Coming together with the broader capital markets is more intense competition. In order to raise sufficient capital to achieve high-speed and stable development, the listed companies have enough motivation and willingness to disclose their information to investors. At the same time, the expansion of markets also means that the upgrade of the number, the overall rationality and maturity of investors, thus there is a higher requirement of the quantity and quality of disclosed information of listed companies. This means, statutory and regulatory requirements of the mandatory disclosure of information has been unable to meet the requirements of both the supply and demand of company information, voluntary disclosure of information has become the best way to solve this problem.In this paper, the study of the voluntary infoimation disclosure of China primarily uses research methods of comprehensive evaluation analysis, comparative analysis, specification and system analysis. Based on the understanding of overview of voluntary information disclosure theory and comparative analysis of voluntary disclosure on the major developed countries and regions to found that China’s current problems and put forward appropriate recommendations for improvement. From the framework point of view, the paper can be divided into five parts. The first part describes the background and significance of the subject of this paper, elaborates the research status and achievements of the current domestic and foreign scholars on the Voluntary Disclosure, indicates the framework and methods of the research, and points out the main contribution of the research. The second part describes the basic concept motivation and international analysis of voluntary information disclosure, focus on the analysis of the differences and relations between voluntary and mandatory disclosure, and points out the motivation of voluntary information disclosure. At the same time, this part explains the development process of voluntary information disclosure, with using of the method of comparative analysis to research the system and contents of voluntary information disclosure of different countries, which is useful and significant for the voluntary development of accounting information disclosure of listed companies in China. The third part makes an analysis of current state of China which shows that the willingness insufficient number and poor quality of voluntary information disclosure of listed companies in China. The study of the reasons to cause this problem indicates that the regulatory system of laws and regulations is imperfect, the governance structure of listed companies is unsound, the demand for voluntary information disclosure of listed companies is insufficient, and the supervision is weak. In the fourth part, several recommendations for improvement is proposed with the hope that by raising awareness of the voluntary information disclosure of listed companies, improving corporate governance structure, developing effective demand, strengthening the supervision on the voluntary information disclosure and other means, to raise the level of voluntary information disclosure of listed companies in China. The fifth part is a summary of the paper, and the brief conclusion, limitation and future outlook of the research are listed.The main contribution of this paper is systematic and detailed comparative analysis of system and content of voluntary information disclosure of developed countries and areas. And comoining with the actual situations of our country, the paper analyze the reasons for China’s listed companies voluntary disclosure level is not high, propose appropriate measures for their improvement. The capital markets become more and more sophisticated, and the importance and role of the voluntary disclosure are increasing. Companies could use voluntary disclosure of information to reduce asymmetry, thereby reducing the cost of financing; Investors precise investment decisions through richer enterprise information; Regulatory authorities may promote the healthy and steady development of capital markets through institution building and information disclosure authenticity supervision. Therefore, the study of Chinese listed companies’ voluntary disclosure has important practical and theoretical significance.