The Impact Of Ownership Structure On Voluntary Information Disclosure Of Family Listed Corporate In China

With the development of social economy and the improvement of the market economy,mandatory disclosure can not meet the needs of the demanders for the impact of limitation,voluntary disclosure as a farther information can provide more value for the informationusers. Voluntary disclosure of listed companies is related closely to corporate governance,and the ownership structure should have a profound impact on the voluntary disclosure. Inour country, family listing corporation as an important part of the national economy,affected our national economic system, the ownership structure has its certain particularity,comparing with non family listing corporation. The purpose of this paper is to study theimpact of ownership structure in family listed company on voluntary informationdisclosure from the perspective of ownership concentration degree, the balance ofownership and the degree of separation of ownership and control. The research methods ofthis paper mainly adopts the literature research method, comparative analysis method andregression analysis method.Firstly, this paper defines the concept of the family listing corporation,ownershipstructure,and introduces the basic theory of voluntary information disclosure.Secondly,combined with the characteristics of family listing corporation, this paper makes astatistical description for the status of the family listing corporation ownership structureand information disclosure.Third, this paper selects297family-companies from Hu andShen stock markets, and selects this companies’ four years of annual report and interimannouncement as research sample. This paper uses the information disclosure guidelinesissued by the Commission in2012as the standard. After build up an index system toestimate the voluntary information disclosure, this paper study on the influence ofownership structure of family listing corporation on the level of voluntary informationdisclosure by building multiple linear regression model, uses the company size, companyperformance, listing locations and financial leverage as control variable, selects fourvariables to reflect the characteristics of family listing corporation ownership asindependent variable. Research shows that ownership concentration, balance degree of ownership and the proportion of controlling right have a significant influence on voluntaryinformation disclosure, but the effects of separation of two rights are relatively complex.Finally, according to the results of empirical research, this paper put forward thecorresponding improvement measures and suggestions.