The Research On The Inhibition Action Of Voluntary Disclosure To Earnings Management Of State-owned Listed Company

With the continuous improvement of the capital market and changing environment ofthe company, investors and stakeholders pay more and more attention to the quality offinancial reports and disclosed information through other sources, especially the voluntaryinformation. Therefore, scholars at home and abroad take up research on the financialreport and information disclosure and the related content.April2001, America’s financial accounting standards board (FASB) defined thevoluntary disclosure information as " the information proactive disclosed by listedcompanies, rather than generally accepted accounting principles and the securitiesregulatory departments clear requirements outside the basic financial information" on thereports of financial improvement to increase voluntary disc losure. Refer to October2003,the shenzhen stock exchange in the first time introduced the concept of voluntaryinformation disclosure in the shenzhen stock exchange listed companies investorrelations management guidance. In December2011, the securities and futurescommission released to the public offering of securities firms information disclosurecontent and format guidelines no.2-the annual report of the content and format (revisedin2011) draft, expanded the content of voluntary information disclosure. Voluntaryinformation disclosure has increasingly become the focus of academic research in China.Integrated the theory study of voluntary disclosure of information both at home andabroad, there’re many research on the motivation and influence factors, about the build ofvoluntary information disclosure evaluation system research as regulators attentiongradually become a research hotspot, however, the analysis articles of economic effect ofthe voluntary disclosure are relatively rare, this paper adopt the way of combiningnormative research and empirical research to explore the inhibition voluntary disclosure toearnings management degree. At the same time, the state-owned enterprise reform and development in our country, we will first analysis voluntary information disclosure statusquo; Secondly, on the basis of the theory of capital market transactions, theory ofcorporate control, theory of stock compensation and the litigation cost theory onvoluntary information disclosure and the relationship between earnings management andthe theoretical analysis; Finally, selecting Shanghai and shenzhen2011listed state-ownedenterprises as samples, to "pay the other related to business activities of cash" noteinformation as the measure of voluntary disclosure, select basic JONES model to measurethe degree of earnings management, through descriptive statistical analysis and regressionanalysis to the voluntary disclosure of earnings management the inhibitory effect of theinspection. The results confirmed that the voluntary disclosure of earnings managementdegree is indeed significantly inhibitory effect.