Research On The Influence Of Internal Corporate Governance Of Listed Companies In China To Voluntary Disclosure

In recent years, scholars have been concerned about the voluntary disclosure ofinformation. With the gradual improvement of the environment of the domesticinformation disclosure, the role of voluntary information disclosure on the capital marketis emerging, such as improving relationships with investors, raising funds, protectinginvestors’ interests and enhancing their visibility. China’s voluntary disclosure ofinformation started late and the level was low. But it shows an increasing trend, and thereis still much room for growth. Therefore, how to improve the level of the voluntarydisclosure of information becomes a problem of practical significance. Using the methodof combining theoretical and empirical research, this paper selects internal corporategovernance in the voluntary disclosure affecting factors, and selects the data of the realestate industry to analysis the extent of internal corporate governance structure tovoluntary information disclosure as well as specific factors.The paper is divided into six parts. The first part proposes the background andsignificance of the research, summarizes and comments on domestic and internationalliterature review, combing research ideas and methods, summarizes the content andframework, explain the innovation may exist. The second part defines the related conceptof voluntary information disclosure and internal governance structure, analysis themotives and significance of voluntary information disclosure, and explains the effect ofinternal corporate governance on voluntary information disclosure. The third sectiondescribes the status of voluntary information disclosure and internal corporategovernance characteristics. The fourth part builds index system of voluntary disclosureand selects a number of variables from the ownership structure and board characteristicsas explanatory variables, and set up a multiple linear regression model. The fifth partconsists of descriptive statistics, correlation analysis of the selected sample data and usesmultiple linear regression models to verify the research hypothesis of the fourth part andconducts empirical analysis. The last part draws conclusions, proposes recommendationand puts forward the limitations of the study. The study found that the proportion ofstate-owned shares, the board size, and the level of participation of independent directorsare significantly correlated with voluntary disclosure level. But the proportion of legal person shares, the stake of institutional investors, the proportion of top ten shareholdersand the number of meetings of the Board, the proportion of independent directors are notsignificantly related with the level of voluntary disclosure.