Chinese State Owned Listed Enterprises Voluntary Information Disclosure And Corporate Value Relations Empirical Study

The voluntary disclosure of information is one of important ways for thecommunication between managers and outside investors, which is also one of effectivemeasures to improve the relations between them. In recent years, there are more and morestudies and practices concerning this area, which will play a theoretical and practical role inthe entire listed companies,and even entire capital market. In recent years，state ownedenterprises reform to speed up the advance，the development of state-owned enterpriseswill be an indicator of overall capital market in China, it has demonstration effect andfar-reaching significance. Because of the complexity of the voluntary disclosure ofinformation research data acquisition, so the selected representative and the researchsignificance of sample-listed state owned enterprises as the research object. The operatingperformance and current situation of this kind of enterprises are in good conditions, theystand a strong market share in the national economy, the study can be a wide range ofreference value to other listed companies.This paper takes2011listed state owned enterprises annals and voluntaryinformation disclosure of social responsibility report as the research object, combined withthe present situation and background of state in China, refer to the existing research resultsat home and abroad. The paper designs a set of measure of the evaluation system of listedstate owned enterprises voluntary information disclosure level, according to the disclosureof information in the annual report for each sample specific to rate the project；then buildthe voluntary information disclosure level and enterprise value related research model, atthe same time to join other enterprise financial data in the model as control variables, theresearch of the enterprise value of each variable combination economic effect. Creativelyselects the important index of EVA by the state-owned assets supervision andadministration to evaluate the performance of state-owned enterprises to measure theenterprise value. Accounting the EVA of the sample, specific projects for the voluntaryinformation classification and descriptive statistical analyses, followed by the overall levelof voluntary information disclosure. Then analysis the relation and regression between the overall level of the voluntary disclosure of information, voluntary information classificationand enterprise value, the effects of different types of voluntary information on theenterprise value effect, ultimately use tobin Q which can react the enterprise market valueindex to do robustness test.Finally through empirical results it is concluded that the overall state of voluntaryinformation disclosure level and economic value added or Tobin Q are positive correlation,which present a positive correlation with enterprise value, improve the level of voluntaryinformation, first from the specific items to improve the management levels of disclosure,so as to gradually improve the overall level of information disclosure, to promoting effecton the value of the enterprise. Analysis the influence factors of state owned listedcompanies disclosure status quo, from the perspective of the various proposedcountermeasures, in order to promote our country state owned listed companies voluntaryinformation disclosure level, promoting the healthy sustainable development state and eventhe entire capital market theory foreshadowing.