The Study On The Effects Of Voluntary Information Disclosure On Enterprise Value

With the continuous development of China’s capital market, Investors’demand for information is getting higher and higher. As the supplement of the mandatory accounting information disclosure, Voluntary information disclosure of listed companies has already been used by more and more listed companies. Voluntary information disclosure has played a positive role in these aspects, such as reducing investors’degree of information asymmetry, improving the relationship between the management authorities and stakeholders, promoting the efficient allocation of resources in the securities market.Throughout the domestic and foreign studies of voluntary information disclosure, the early studies mostly focused on the disclosure of content, motivation and influencing factors, and they also has gained abundant research results. But with the further development of research, many scholars began to explore the economic consequences of the voluntary information disclosure. To explore whether the voluntary disclosure of information will affect the value of the company, the influence degree of enterprise value has very important theoretical and practical significance in promoting the sustained and healthy development of capital market.In studying the effects of voluntary information disclosure on enterprise value, the paper adopted the normative research method and the empirical research method. The paper firstly introduced the research background of this article, put forward the research purpose and the significance and research method and content, summarized the domestic and foreign literature to the research status about the content and economic consequences of voluntary disclosure of information. Then we use the principal-agent theory, signaling theory and excess returns theory to analysis the behavior of voluntary information disclosure. In the third part, we adopted content analysis method, built the evaluation index system of voluntary information disclosure. Then we described the status of voluntary information disclosure’s level, analyzed of the current problems and expounded the mechanism of action to the effects of voluntary information disclosure on enterprise value. In the aspect of empirical research, we used the 345 Shenzhen listed companies as research samples, enterprise value as the dependent variable, the listed company’s strategic, financial and non-financial voluntary information disclosure level as the independent variable and considered independent variable lag effect of the enterprise value. At the same time we also introduce the company size, asset-liability ratio and corporate growth as control variables of the mode. Through multiple linear regression analysis, we concluded that the listed company strategy voluntary information disclosure level is positively related to the enterprise value, but the relationship was not significant. Financial and non-financial voluntary information disclosure level and the company scale value was significantly positive correlation with the enterprise value, asset-liability ratio value is significantly negative correlation with the company and company growth is positive correlation with the enterprise value. At the end of the paper, we put forward some suggestions.