The Empirical Research On Inlfuencing Factors Of Voluntary Information Disclosure

With the deepening of economic globalization, capital market expand on a globalscale, the scope of financing of listed companies has also been extended to theinternational market. Although this way of listed companies in the capital markets to raisemore money, but this change also bring more intense competition for listed companies,management of listed companies in order to raise the survival and development variouscapital, only to do everything we can to attract the attention of investors, through a varietyof channels and ways that the investors can know much more information of the company,increase trust and favor of the investors of the enterprise, that is management of motivationand willingness to voluntary disclosure of information, which is standing on the point ofview of the company’s managers; investors need through various channels to understandthe investee’s operating and financial information, on the other hand and more importantlyinvestors to be able to identify and judge the invested enterprises disclosed the authenticityand reliability of information of all kinds, so, as investors, they also want to be able todisclose more and more real and more valuable information, because the informationinvestors can do the premise of scientific investment decisions. Although at this stage, thecommission continue to make adjustments, and gradually increase the mandatorydisclosure of the project, but this is only a drop in the bucket, mandatory informationdisclosure project is still difficult to meet the information needs of investors, Moreover, inthese mandatory information disclosure project, there are many companies just double face,make a simple qualitative description of the project only requires the disclosure of the realkey information on which is a sum with the disclosure of such information for investors isno sense. Therefore, in the context of this reality, whether it is as a listed companymanagers or as an investor need in addition to the mandatory disclosure of information,increased more voluntary disclosure, this is not just asking to increase voluntary number ofinformation disclosure, and more importantly, is a listed company to be able to ensure theauthenticity and reliability of the information disclosed. This article is in this context, toexplore the listing of the company’s voluntary disclosure this issue, specifically, includingwhat is voluntary information disclosure, it contains what, how to measure the level ofvoluntary information disclosure of listed companies, It also subject to what factors to howwe can improve the status of voluntary information disclosure.The framework of this study has been largely developed in accordance with theseproblems. First of all, the first chapter is the introduction part, this chapter mainly on the voluntary disclosure research background and theoretical and practical significance of thisproblem, as well as the main method used by the Institute and research purposes; Chaptertwo is the literature review section This chapter first two ranges from domestic and abroadto make the concept of voluntary disclosure combing, and gives a voluntary disclosure ofinformation contained in; Then this article this problem is based on the theoretical basis,including the efficient market theory, asymmetric information theory, signal transductiontheory and contract theory; once again they were from two perspectives of the macro-theindustry level and micro-level of voluntary information disclosure a measure and factorsinfluencing the review, despite many previous research literature on this issue, and made ameaningful contribution to this problem, but there is also a certain degree of defects anddeficiencies in this chapter The last part of the previous literature review, to find out thedirection for further research; Chapter III of this study design. A measure of the level ofvoluntary disclosure, this article is from the quantity and quality of these two angles,respectively, its measure. First terms of the number of voluntary disclosure, on the basis ofthe evaluation index predecessors built, combined with China’s actual situation, and gives ameasure of the evaluation of the status of voluntary information disclosure of listedcompanies in China, and this index value to carried score aggregated level of voluntaryinformation disclosure of listed companies in China, which is a measure of its quantitylevel; measure the quality of voluntary disclosure, information disclosure evaluation resultsin this paper is based on the Shenzhen Stock Exchange to measure voluntary informationthe quality of disclosure, but here must be described, the use of this indicator as themeasure of the quality of voluntary disclosure has some defects, because the evaluation ofthe results disclosed by the Shenzhen Stock Exchange mandatory information disclosure,In other words, it reflects not only the quality of voluntary disclosure, also reflects thequality of the mandatory information disclosure, therefore, this indicator value as areference only; number of voluntary disclosure by these two types of indicators and thequality of the study, and given a comprehensive evaluation; Chapter IV is the empiricalresearch, comprehensive use of various analytical methods to inspect the voluntaryinformation disclosure by an analysis of the empirical results; Chapter is the full text thelast chapter in this chapter, mainly before Empirical Analysis of results targeted solutionsand recommendations, and pointed out the shortcomings in the course of the study andfuture research direction, hope that through this study, improve the level of voluntaryinformation disclosure of listed companies in China some benefits, so that the company’s managers can raise the funds needed for long-term development of the company, andinvestors can make scientifically correct investment decisions based on corporatedisclosure information.