Research On Voluntary Information Disclosure And Influencing Factors Of China 's Listed Companies

Since the famous judge Louis put forward the "sunshine is the best preservative", the quote has been praised, it shows that in the capital market of listed companies, "information disclosure" topic discussion has never stopped. Disclosure of information like sunshine is aspersed to the earth, let all his behavior of listed companies exposed in front of investors, which can reduce the degree of information asymmetry between listed companies and investors. Compared with the main board market, the establishment of the growth enterprise market is in order to adapt to the current situation of China’s rapid development, but since the set up time is short and investment risk is higher, national regulators also give more attention. In encouraging the gem of rapid development at the same time, also have issued and revised policies and regulations standardize this emerging market, in order to get the gem healthy and benign development. Among them, the standard disclosure of related documents more strict than the main board market and revision time period is shorter. Which forced the gem listed companies to disclose information range is wider, but the quality and quantity of these measures on information disclosure no significant improvement. This kind of situation caused the author think of gem listed company information disclosure.In addition to regulatory provisions must disclose information, active disclosure of information of listed companies is more and more get the market and investors’ attention and recognition. Voluntary information disclosure is listed companies in order to improve the image of the company itself, to avoid litigation risk, improve the relationship between investors and motivation on the basis of the compulsory disclosure of information, such as active disclosure of information to investors.business owners trend market outside the scope of disclosure of regulatory information, complement the company’s overall market information, expand the content and quality of information disclosure, reduce the capital market has been the degree of information asymmetry between companies and investors, the voluntary disclosure of information will be beneficial to the realization of capital market efficiency and fairness.Perfect internal governance structure can promote the level and quality of voluntary information disclosure, including theoretical basis mainly agency theory. To this, the domestic and foreign scholars also have in-depth empirical research, but for not very sound corporate governance system of the growth enterprise market attention is not enough. But the gem in set up five years has developed rapidly, the rapid development at the same time also will encounter more problems. Therefore, this article mainly discusses the gem listed company internal governance structure on the influence of voluntary information disclosure level. Although at present our country the gem listed companies voluntary information disclosure and disclosure level is not high, but the establishment of effective corporate governance mechanism on the improvement of voluntary information disclosure level has a significant impact.In this paper is based on 352 in Shenzhen stock exchange before December 31st, 2013 listed companies annual reports, voluntary information disclosure level on descriptive analysis and empirical analysis, found that the overall 352 sample companies voluntary information disclosure will and level are low, and the differences between the various industries, disclosure index is the more focus on the company’s background information disclosure, the non-financial information disclosure is not enough, has disclosed information is basically belongs to the qualitative description of characters, little value for investors. An empirical analysis on the internal governance structure of eight independent variables impact on voluntary disclosure of information, found that corporate governance structure of six explanatory variables and two control variables, including legal person share proportion, the proportion of independent directors, supervisory board size didn’t pass the test of significance of regression analysis, and the number of shareholders’ general meeting, board of supervisors, and four special committee set up a number, and the company size and the positive correlation between voluntary disclosure and company’s overall profitability. Finally, from perfecting corporate governance and improve the gem listed company information disclosure system’s point of view, in order to further improve the quality and quantity of the gem companies voluntary information disclosure and regulatory system puts forward some Suggestions.