Research On Voluntary Information Disclosure Of Listed Corporatiolls In China’s Growth Enterprise Market

After about10years’preparation, China’s Growth Enterprise Market was established in the Shenzhen Stock Exchange on October23rd,2009. Because of the higher risk, the full disclosure of information has become much more important to protect investors’benefits. Our government has paid much attention to the regulation and supervision of GEM’s information disclosure system, which has much higher demands towards the mandatory disclosure. In spite of this, the quality of the information disclosed by the GEM listed companies still can’t live up with the expectations.Under this situation, the propriety of the present information disclosure system is confronted with doubt that whether only relying on mandatory disclosure can improve the quality of the information. Overview the development history of many mature capital markets around the world, all of them have experienced the laissez-faire stage, mandatory disclosure stage, combining the mandatory and voluntary disclosure stage. As an important part in the information disclosure system, voluntary disclosure plays a vital role in supplementing the mandatory disclosure. What’s more, the information causing high risk is mainly that predicts the future and contains much uncertainty. Demanding to disclose this kind of information compulsorily can hardly guarantee the quality. So our research should not only concentrate the mandatory disclosure, we should also research how to encourage and regulate the voluntary disclosure from long-term development perspective.When scanning the DEM enterprises’prospectus, regularly report and interim reports, many voluntary disclosures can be found, which indicates that the incentives for voluntary disclosures are still exist. Besides CSRC released the latest revision of the content and format standards no.30on Jan.5,2012, in which many information is encouraged to disclose rather than demand, which indicates that our government is also aware of the importance of the voluntary disclosure. So researching about it is of great significance.The article includes five parts.The first part is introduction. First, introduce the background and the significance of this study. Then summarize and commend on the current literature in China and abroad, find out the inadequacies of the existing research, which indicates the future development in this field. Last, introduce academic methodology the paper has used and the innovation.The second part is the GEM Voluntary Disclosure overview. First, in order to make the research suitable for the GEM, redefine the voluntary disclosure. Then, describe the theoretical base of voluntary disclosure of listed companies. Last, illustrate the reasons for voluntary disclosure of the companies listed on GEM.The third part describes the current situation of voluntary disclosure of listed company in China’s GEM and analyzes the causes. In order to evaluate the level of the voluntary disclosure, the paper designs a specialized system for the GEM. Then, use the system to evaluate the level of the voluntary disclosure of119listed companies and discover the problems. Last, make deep analysis about the possible reason for the problems and point out that the fundamental reason lies in that the current institutional system is flawed and the disclosure status of lots of information is not clear.The fourth part is about the suggestions to strengthen the voluntary disclosure of GEM. According to the former part, the suggestions should be classified as two levels. In the first level, for the problem of the institutional system, I proposed that an information disclosure system with moderate control should be established, which leaves space for companies’voluntary disclosure. Then establish suitable voluntary disclosure framework for listed companies in GEM. Finally, point out that enterprises should focus on the indicators which can illustrate the industry characteristics. In the second level, put forward other suggestions to promote the voluntary disclosure on the basis that the flaw in the current institutional system has been reasonably solved.The fifth part is the conclusion. Summarize the main result of the research. Point out the limitations and inadequate of this study as a reference for the future study in this field.This article mainly used the normalized research methods. In detail, documentary research, statistical analysis method, quantitative and qualitative combination of research method and comparison analysis method are all used to enhance the persuasiveness of the article. Through this effort, I hope to get a comprehensive, accurate reflection of China’s GEM listed company’s voluntary disclosure.The innovation of this paper is mainly concentrated in two, three, four parts. I conducted the research of voluntary information disclosure specifically for the GEM, which not only fill the vacant left by other scholars who only concentrate on the voluntary disclosure of the motherboard market, but also create a new perspective for the former research on the information disclosure of the GEM which only asks for more mandatory disclosure. In order to make the research conducted smoothly, I redefined the GEM Voluntary Disclosure and improved the evaluation methods, which provided a way out for the current difficulties our research about Voluntary Disclosure had encountered. I questioned the rationality of the current institutional system and put forward three levels of recommendations, while other scholars seldom consider about the problems existing in the system.