Empirical Analysis About Factors Of China Listed Companies’ Voluntary Information Disclosure

With further globalization of the economy, listed companies are no longer confined to financing from domestic market, but are gradually turning to the international market. As the capital market getting broaden competition also becomes more intense. In order to raise enough capital to achieve high-speed and stable development strategy, the listed company has enough motivation and willingness to take the initiative to disclose their relevant information to investors. At the same time, the expanding range and the increasing quantity of investors also requires listed companies improving their disclosure of information not only in terms of quantity but also the quality. In other words, simply complying with the existing laws of the mandatory disclosure requirements has no longer been unable to meet the investors’demand for information. The best way to solve this problem would be the listed companies taking the initiative to disclose more voluntary information.In this paper, methods of literature research, investigation and empirical studies are applied. On the basis of reviewing existing literature from home and abroad, relevant theory of voluntary disclosure are systematically combined and analyzed, so as to obtain theoretical supporting for voluntary disclosure; based on that, with the Shenzhen main board listed companies being as research objectives, by voluntary information disclosure data from the annual reports and interim reports of 346 listed companies in A-shares on the Main Board of Shenzhen Stock Exchange, communication with brokers, institutional investors and professional analysts, and other information about the listed company information released by news media, listed companies’ voluntary disclosure are summarized from strategic information, the key non-financial information, predictive information and expanded financial information, so as to building voluntary information disclosure system, conducting descriptive analysis on voluntary information disclosure of listed companies by index method, and then evaluating its disclosure status; Secondly, this paper introduces plenty of factors including debt, size, profitability, listed type and the type of accounting firm, conducing empirical research through modeling, and then explores the factors impacting the voluntary disclosure of accounting information and to which extent; Finally, based on these studies, the regulation reality of all sectors are analyzed, and suggestions are made from the system level.