Comparative Analysis And Benchmarking Study Of The Voluntary Disclosure Between Chinese And American Listed Companies

With the sustainable development of China’s economy and the perfection of capitalmarket, the voluntary disclosure of China’s listed companies has won recognition frommore and more people. While, with the fast development of Internet nowadays, new andpractical information disclosure on Internet has emerged. Most of the study oninformation disclosure is based on financial reporting especially on the annals; theresearches on present situation and the influencing factors of information disclosure arequite fruitful in the foreign counties, while the relevant researches at home are relativelimited.Therefore, the paper will look at the difference of the information disclosurebetween Chinese and American listed companies more closely from the perspective ofInternet-based Information Disclosure. According to the statistical results,According to the statistical results, we will find out the reasons and learn from itto promote the development of voluntary information disclosure, which is of greatsignificance.Apart from the companies publishing both stock A and stock B and the ST,*STcompanies in all A-share listed companies, this paper will choose104listed companies atrandom, at the same time, the top100companies of the United States selected byFortune in2011will be chosen as subjects. Based on the previous researches and thetheoretical analysis,33norms are received including the basic application, technicalsupport and information disclosure. In the process of analysis, the websites of thecompanies will be searched and the relevant network stations will be browsed, accordingto the established index system, the author will make a statistical analysis of the data.According to the statistics, the listed companies in China still keep some pace with thatin the United States in the three fields. For example, among the listed companies inChina, about14%of them have no network or the content cannot be obtained because ofvarious reasons. However, all the American samples have their own network which canbe browsed. In the field of information disclosure, compared with the American listedcompanies, the Chinese listed companies keep the largest gap in stock informationdisclosure. No Chinese listed companies network concerns about the stock analysis.While, about40%American listed companies will publish stock analysis. Gap also existsin the field of stock dividends, rights issue, rationed shares and so on. Therefore, theauthor concludes that the Chinese listed companies still keep huge pace with the American listed companies.Based on the statistics, this paper attempts to find out the reasons of the gap fromthe macro environment, message producers and message consumers of the informationdisclosure. Starting from the reasons, the author suggests that the listed companies shouldreinforce its legal construction, prefect the corporate governance, reinforce externalsupervision and breed information demanders to promote the development ofinformation disclosure in China.