Empirical Study On The Determinates Of Voluntary Disclosure By Chinese Listed Companies

Voluntary disclosure is the information about corporate value and future development of listed companies that companies take initial to provide to achieve effective communication with investors and other stakeholders in addition to mandatory disclosure. Information guides the decision of investors and it plays a leading role in capital flows of the capital market and thus to optimize the allocation of resources. Therefore,It is very meaningful to study the factors of voluntary disclosure and on the basis of this we can take measures to regulate and promote voluntary level of information disclosure.Voluntary disclosure is a qualitative concept, this paper uses the level of voluntary information disclosure of listed companies to quantify the quality of voluntary disclosure.This paper is based on the related documents to measure the level of voluntary disclosure by construction of voluntary disclosure.Firstly the content of voluntary disclosure is divided into background information, the future development of information and company information according to the actual situation of China’s securities market and according to the latest amendments to the "public offering of securities to disclose corporate information content and format of Standard2",and then I remove the mandatory disclosure of the contents to establish voluntary disclosure index,and control each sample companies disclosed the contents of the report form by scoring to measure the sample’s level of voluntary disclosure. Since most of the existing empirical studies are from a single perspective,this article is from a relatively more comprehensive perspective which includes internal governance, corporate identity and operating conditions to study.And then I will give some advice on the basis of the conclusions to improve the level of voluntary disclosure of listed companies.