The Research On Internal Corporate Governance Mechanism, Market Competition And Voluntary Information Disclosure

After the outbreak a series of cases of financial fraud, for example, the Lam Shares,Ying guangxia, people pay special attention to the transparency of information disclosureof listed companies. As investors continue to improve public information requirements,the level of disclosure of information is not only the core content of the informationdisclosure system of capital markets, but also the core content of modern corporatefinance theory explored. Mandatory disclosure and voluntary disclosure of informationconstitute information disclosure system, and voluntary information disclosure is furtherexpand and complement the mandatory disclosure, and with the occurrence of a varietyof financial fraud cases, the voluntary disclosure gradually replace the mandatoryinformation disclosure become one of the important ways for investors to understand thecompany situation.This article will mainly study two aspects of corporate governance mechanism oncompany voluntary disclosure, on the one hand is the internal corporate governancemechanism, on the other hand is an external corporate governance mechanism, marketcompetition, and market competition will replace internal corporate governancemechanism or be the alternative of internal corporate governance mechanism. Literaturetoday more emphasis on the study of internal corporate governance mechanism andmarket competition, respectively, of the voluntary disclosure. And there is little literaturestudy the interaction of both to improve the corporate governance mechanism. If supposea company improve the internal corporate governance structure, strong marketcompetitiveness, then believe that good corporate governance mechanism, wishes alsohigher to disclosure voluntary of information. However, this assumption does not takeinto account the interaction between the internal corporate governance mechanism andmarket competition, if this factor is taken into account, the conclusion may not be thecase, which is this paper is to examine in depth.This paper focuses on the influence of internal corporate governance mechanismand market competition for the company voluntary disclosure, and research on whenimprove the corporate governance mechanism, the existence of complementary or in place of the interaction between the internal corporate governance mechanism andmarket competition. The results show complete internal and external corporategovernance mechanism to help improve the company voluntary information disclosurelevel, market competition on internal corporate governance mechanism play acomplementary or substitute role. According to this conclusion, we can conclude that inour country to improve the corporate governance mechanism, and the level of voluntarydisclosure, the need to further improve the internal corporate governance structure. At thesame time, it is also considering the competition in product markets, to choose the mostreasonable governance mechanism for corporate.