Study On The Determinates Of Voluntary Information Disclosure Quantity Of Chinese Listed Companies

The information disclosure system of listed companies includes compulsory and voluntary information disclosure. The country research is relatively late; on the voluntary disclosure of the empirical literature is not so much as foreign research. In recent years, with the capital market reform there are more issues related to information disclosure which involve tunneling under the control of major shareholders, earnings management, equity incentives of managers to bring short-term behavior. So how to increase the quality of information disclosure is important subjects who need to be improve. What’s more, stakeholder governance model of voluntary disclosure of information on the factors of this issue will provide a better analytical framework.1.Theory(1) Agency Costs Theory.If both parties to the relationship are utility maximizes, there is good reason to believe that the agent will not always act in the best interests of the principal. The supervision to managers consumes costs, which may reduce the manager’s dividend income and other compensation. That’s why the company managers will disclose "information of high quality" in order to show their good job performance.(2) Stakeholder Theory. The Agency Cost theory has difficulties in multiple clients-multi-agent balance analysis. The stakeholder should still participate in the distribution of surplus value as long as they take business risks. Therefore, it is necessary to bear residual risk disclosure of relevant information Stakeholders.(3) Signaling Theory. Capital market investors do not have complete information; they can only determine the company’s operating condition according to the disclosed information. With higher profitability and performance of listed companies in order to distinguish normal or less listed companies, and access to venture capital scarce, often the company will be the core competitiveness of performance or for more information disclosed to investors.(4) Core Competence Theory. Core competence is an organization of collective learning, because it is difficult for other companies to copy, disclose to the hard core competitive advantage by other competitors. Clear disclosure of core competencies are often very attractive to investors, such enterprises in the capital markets will be sought after by investors.2. Research method(1) Research ideas. This paper analyzes the theory of voluntary disclosure of the contents, characteristics, causes, and had revenue-cost analysis. On this basis, the proposed Voluntary series of stringent assumptions influencing factors, and attempts to establish a voluntary disclosure index and impact factors of the multiple regression model approach, the empirical analysis to verify the possibility of setting up these assumptions. The core of this point is to find out whether these factors affecting the voluntary disclosure index significantly affected the quality and how they affected the mode of action.(2) Variable design. Construction of this index refer to Botswana index (Botswana,1997) and Chau-Gray Index (Chau and Gray,2002) on the voluntary disclosure item, be classified as a strategic index, business index, index of intangible assets, social Responsibility Index, the financial index of five regression models,which were established to conduct empirical research; the main choice of the explanatory variable categories of indicators of corporate governance, corporate identity categories of indicators and monitoring and market indicators.(3)Research tools. This paper adopts descriptive statistics and empirical regression method, the main application of the SPSS13.0as the main statistical analysis tools, and EXCEL2003as data collection, collation and analysis tools.3. Data selection In this paper, the Shenzhen Stock Exchange main board listed companies in the study, the selection of the sample companies as followed:According to China Securities Regulatory Commission (CSRC) on April4,2001"published classification guidelines for listed companies in the industry" in the classification criteria, the data comes from annual report2009of selected for the sample space for763Shenzhen listed companies. To ensure the validity of the analysis, A-B issued shares of listed companies, industry specific disclosure requirements and the current financial and insurance enterprises by special treatment (ST, SST, and PT) are removed. As the proportion of30%f the sample, I obtained board in Shenzhen131market research companies. All the data is from the annual report in www.cninfo.com.cn, CSMAR database and HEXIN Real-time stock analysis software.4. Result analysisIn this paper, voluntary disclosure of listed companies the status of the analysis, I found some of the motherboard market, the general characteristics of information disclosure, and its different sectors and regions in the difference. The empirical results confirmed the paper presents some of the assumptions, voluntary disclosure and proportion of independent directors, corporate ownership concentration, government legal supervision and other factors were significantly related to this article. Meanwhile, some of the assumptions have not been verified, such as voluntary quality of information disclosure and company size, profitability and other factors had no significant correlation. The results are explained and some valuable advice to the regulators is making.5. the advantage and disadvantage of the thesisCompared to previous studies this paper has the following features:(1) in this paper, the mandatory disclosure and voluntary disclosure of information to do a more complete comparative analysis which the previous literature does not make up for the integrity of place.(2)Few previous papers from the investor protection point of view of stakeholders about the quality of information disclosure, which can be seen in this paper.(3) In this paper, the quality of voluntary disclosure factors include the company’s characteristics, corporate governance and legal and regulatory aspects, selected institutional shareholding, the market index of the literature and other variables not studied before hypotheses, sought from the multi-dimensional and accuracy beyond the current gaps in the documentary.This article has its disadvantage on data connection and ananysis for empirical study,and will be rectified in future study.