A Study On The Influencing Factors Of Voluntary Information Disclosure Of Listed Companies In China

With the development of market economy and capital market in China, the social from all walks of life to the information disclosure of listed companies put forward higher request, only for mandatory disclosure of information of listed companies has can’t meet the demand of investors a variety of information, constantly have new requirements to prompt more disclosure of voluntary information of listed companies. Through the voluntary information disclosure, not only can improve the quality of enterprise information disclosure of listed companies, reducing information asymmetry; But also can improve the relationship between investors and improve the company’s reputation and image, increase the value of the company, reduce the costs of the company, as well as improve the company’s core competitiveness. At present, the research on the quality of voluntary information disclosure of listed companies is not enough, based on this, this article from two aspects of theory and practice of voluntary information disclosure quality of listed companies in our country, as well as the factors affecting the quality of voluntary information disclosure system is analyzed, and to consummates our country for reference listed companies voluntary information disclosure mechanism.This paper reference the Meek (1995) put forward the framework of voluntary information disclosure index, combined with the basic condition of the annual reports of listed companies in China and studies of scholars to construct the index of voluntary information disclosure of listed companies in our country and to our country the status quo of voluntary information disclosure quality has carried on the descriptive statistical analysis, and then to build on its own voluntary information disclosure quality index is as explained variable, respectively from the company’s characteristics, corporate governance, external supervision and management characteristics of four aspects:the selection of10explanatory variables, and by company size, financial leverage and enterprise is state-owned enterprises as control variables, multiple linear regression model is established for the factors affecting the quality of voluntary information disclosure of listed companies in our country has carried on the empirical research.In this paper, through selecting the2012,208in shenzhen stock exchange main board a-share manufacturing listed companies as research samples, based on their own to build the voluntary information disclosure index on the quality of voluntary information disclosure in our country present situation has carried on the descriptive statistical analysis found that our listed enterprises of voluntary information disclosure quality and show that the poor quality, the characteristics of the disclosure will is not strong. On the specific disclosure content, management has obvious selective preference, focuses on the strategic information and reflect the history information of financial analysis, and for the predictive information related to decision-making more investors and the securities and futures commission more encourage disclosure of social responsibility information disclosure more conservative. Based on the signal transmission theory, agency cost theory and upper echelon theory to study the factors influencing the quality of voluntary information disclosure of listed companies in our country, based on the above study, the study found that companies voluntary information disclosure quality and the agency cost between managers and owners, ownership concentration significantly negative correlation, significant positive correlation with the age; Companies voluntary information disclosure quality and profitability, whether the proportion of independent directors, there are four big international certified public accountants audit are related, but not very significant; Voluntary information disclosure quality and the company’s industry competition degree, whether the company’s chairman and general manager by the same person as a publicly listed company, the company is at the same time in the significant negative correlation; Chairman of the board of directors relative to men, women, chairman of voluntary information disclosure quality is higher. This study enriched the relevant literature, especially from the aspects of management characteristic and the agency costs to explain the quality of voluntary information disclosure behavior of listed companies in China provides the empirical evidence.