The Impact Factors Of Voluntary Information Disclosure:an Empirical Study

Information disclosure can be divided into mandatory disclosure and voluntary disclosure. As a result of late start of China’s capital market, development is still not perfect, currently based mainly on mandatory information disclosure, the study of voluntary disclosure is not sufficient, relevant departments also lack guidance and supervision. With the constant improvement of China’s capital market, the company’s voluntary disclosure of information are more and more the concern of stakeholders. But the voluntary nature of China’s listed companies disclose the existence of low level information, the disclosure of information content is not perfect ect, the disclosure of information is difficult to meet stakeholder needs. Based on the above background, this paper studies the impact of China’s listed companies, the level of voluntary disclosure factors, mainly to improve China’s listed companies the level of voluntary disclosure.Theoretical part, the paper reviews the status of international research on voluntary information disclosure of listed companies the theoretical basis, status and motivation are discussed in detail. Empirical part of the Hong Kong-based voluntary information disclosure of listed companies to establish indices constructed for this level of voluntary disclosure index to assess China’s listed companies the level of voluntary disclosure. Then examined seven factors on the voluntary disclosure levels. The results show that China’s listed companies voluntary disclosure overall level is not high, in which the macro legal environment, company profitability, company size and the company have an audit committee of the voluntary disclosure levels have a significant impact, and the company’s liquidity, audit unit size and financial leverage on voluntary disclosure levels were not significantly affected. Finally, according to study results of the relevant policy.