The Empirical Study About Influence Of Voluntary Information Disclosure Of Listed Companies On Enterprise Value

In the securities market, the information disclosure of listed companies is the important factors to reduce investment uncertainty for investors. Information disclosure not only can maintain the interests of investors, but also can improve the efficiency of securities market, it plays a very important role in promoting the healthy development of the securities market. From the perspective of market regulation, information disclosure mode is divided into mandatory disclosure and voluntary information disclosure. Listed companies according to the provisions of the regulatory authorities and relevant legal principles to publish information is called Mandatory information, voluntary information is active disclosure of listed companies, and the mandatory information is to enrich and expand the mandatory information. The most of the content contained in Voluntary disclosure is that enterprise according to the information disclosure decisions and voluntarily public information to the capital market.The motivation of voluntary disclosure of this information in the listed company is to show the company’s core competence and competitive advantage, which can distinguish it from other companies in the capital market and raise more money for the larger, and achieve the purpose of improve enterprise value.Based on this as a research starting point, this paper analyses the influence of voluntary information disclosure on the enterprise value, it can provide reference of experience data to establish perfect information disclosure system.The content of this article is divided into six parts: the first part is the introduction, this part introduces the research background and research significance, the domestic and foreign present research situation described in detail, at the same time also introduced the theoretical basis of study in this paper, research content and research methods.The second part of this paper introduces the concept,motivation, content, means of voluntary information disclosure, at the same time, this paper introduces the definition of enterprise value and enterprise value evaluation methods.The third part is the theory analysis of voluntary disclosure of information’s impact on enterprise value.Respectively analyze the voluntary disclosure of company background information, voluntary disclosure of financial information, voluntary disclosure of non-financial information, voluntary disclosure of market focus information, voluntary disclosure of management discussion and analysis information on the impact of enterprise value.The fourth part is that build the voluntary information disclosure index.Mainly from voluntary disclosure of information classification and entry, assignment of voluntary information disclosure, voluntary information disclosure index calculation method to introduce the method of establishing voluntary information disclosure index.The fifth part is the empirical analyze the influence of voluntary information disclosure on enterprise value.Select 2011-2012 annual report data of 1016 a-share listed companies of Shanghai stock exchange as samples, enterprise value as explained variable, five categories of listed companies voluntary information disclosure index as explained variable, financial leverage, ownership concentration, the company size as control variables, establish multiple regression model to study influence of listed companies’ voluntary information disclosure on corporate value, use SPSS17.0 and Excel to do descriptive statistics for each variable, established regression model on the basis of correlation analysis of each variable research and results show that the five types of voluntary disclosure index was significantly positive correlation with enterprise value.The sixth part summarizes the research conclusion of this article, and puts forward some Suggestions and prospects.