Firm Characteristics、Corporate Governance And Voluntary Disclosure Of Predictive Growth Information

In order to reduce the information asymmetry and in the capital market.More and more enterprises began to study the voluntary information disclosure.But at present our country’s research mainly focus on voluntary information disclosure and profit forecast of voluntary disclosure in IPO. Predictive growth information voluntary disclosure research is few.The growth of enterprises is very important for the outside investors.If the growth of the enterprises is very good,there will be more outside investors. The good history growth of enterprise does not represent the future growth will be good.So the Predictive growth information will paly a very important role for the investors’ investment decision.In this paper we will study the Predictive growth information voluntary disclosure.Chinese scholars mostly focus on the main board of the market of voluntary disclosure of information research.The study of GEM is very few. This paper is conducted on a sample of the GEM in SZSE over2009-2011periods and empirical whether and how the firm characteristics and corporate governance affect the Predictive growth information.I use descriptive statistics,single variable analysis and multivariable regression analysis.I found that the predictive growth information disclosed the proportion is not high. Intangible assets reduces the predictive growth information voluntary disclosure.Different industry impact predictive growth information voluntary disclosure significant.In the corporate governance,the results show that:the first majority shareholder’s proportion of shareholding, TOP10and Board Size affect the predictive growth information voluntary disclosure. INDDIR and CEO Duality do not affect the dependent variable. Based on the empirical study,we summarize that we should improve the governance structure of GEM and improve the predictive growth information voluntary disclosure.