The Empirical Study On The Influential Factors Of Listed Companies’ Nonfinancial Information Disclosure

With the growth of the investors and their stakeholders, nonfinancial information disclosure of listed companies has attracted people’s more and more concerns. Companies disclosure nonfinancial information can make investors know the companies’ current operating status more accurately, predict the future performance of companies, focus more on the companies’ long-term development, and promote the entire capital market mature and perfect. But there are many disappointments in nonfinancial information disclosures of listed companies in China at present. Few scholars constructed the nonfinancial information disclosure system which is suitable for the listed companies in our country, and combined the nonfinancial information disclosure with the investor relationship, the research in this area is still in the primary exploring stage. Therefore, based on the perspective of investor relationship management, this paper chooses the listed companies in Henan province from2009to2012as the research object, employing a theoretical analysis and empirical research methods, articulates the motivation, index, content and influential factors of nonfinancial information disclosure, and by way of empirical research focuses on analyzing the present situation and tendency of nonfinancial information disclosure in the listed companies of Henan province and which factors affecting the degree of nonfinancial information disclosure to know the status of the nonfinancial information disclosure in our country, and puts forward some suggestions to relevant departments.Based on agency theory, asymmetric information theory, stakeholder theory and investor relationship management theory, with reference to the research results of scholars both at home and abroad, combined with the relevant policy of information disclosure of listed companies in our country, this paper establishes a set of nonfinancial disclosure index system. Through the statistical research on the nonfinancial information disclosure of listed companies in Henan province, the paper analyzes the current situation and tendency of the nonfinancial information disclosure, and we find that the overall condition of nonfinancial information disclosure of listed companies in Henan province is bad, but they show a rising trend by and large, all kinds of nonfinancial information disclosures are different. Combining with the previous research results and the specific situation of the listed companies in Henan province, this paper selects six explanatory variables from the aspects of firm characteristics and corporate governance, and uses multiple linear regression model to study the influential factors that affect the extent of nonfinancial disclosure. We can find that the company size, profitability, the level of managerial share ownership are the important factors that affect the level of nonfinancial information disclosure, but the company’s liabilities level, the proportion of the independent directors and unity show no significant effects, and analyze the reasons of the differences.Based on the results of the empirical analysis, the thesis suggests that listed companies should pay more attention to investor relationship management, perfect the governance mechanism of listed companies, strengthen the construction of information disclosure system; puts forward that the regulators strengthen the market supervision, prevent disclosuring information at random, set up authoritative intermediary institutions that evaluate the company’s nonfinancial information disclosure quality; and advises investors to improve their own qualities continuously.