The Study On The Relationship Between Voluntary Disclosure Of Information And The Enterprise Value

With the rapid development of capital market, the content and mode of mandatory information-disclosure have been unable to effectively meet the demand of information demanders. As an integral part of the information disclosure, voluntary information-disclosure system has the effect of refining the mandatory-disclosure information. Through the active voluntary disclosure, the listed companies allow investors understand the companies more objectively and comprehensively and meet the information needs of investors. Most listed companies in GEM (The Growth Enterprise Market) take high-new technology as its main business, thus they are strongly potential companies. But most of these companies are in high-risk industry and financial situation is still unstable, so they have a great deal of uncertainty about the future. Relying on mandatory information-disclosure alone is difficult to provide more comprehensive information. In order to satisfy the investors’demands and differ from other competitors, it is an effective way for listed companies to supply more voluntary information in order to satisfy the investors’demand. The purpose of the voluntary disclosure of listed companies is to show the company’s core-ability and competitive advantages, which are different from other competitors. Therefore, listed companies can raise more capital from the capital market, which does good to promoting enterprise value at the same time. Referring to the information disclosure in GEM, we should not only focus on the study of the mandatory disclosure, but also on how to encourage and standard voluntary information-disclosure from the perspective of long-term development.In the beginning part of the research, normative research is combined to study the relationship between voluntary disclosure of information and the enterprise value of listed companies in GEM. Then, on the basis of theoretical analysis, we explain the relationship between voluntary disclosure of listed companies and the enterprise value.In the part of empirical research, this paper selects listed companies in GEM as research samples. Through the empirical study, we find that firstly, listed companies with higher enterprise value in GEM tend to disclose more voluntary information; secondly, the positive correlation is presented between the voluntary disclosure of strategic information and the enterprise value; thirdly, the positive correlation is also presented between the voluntary disclosure of financial information and the enterprise value; finally, there is negative correlation between the voluntary disclosure of non-financial information with the enterprise value.In the last part of this paper, on the basis of normative and empirical analysis, some policies and suggestions are put forward in order to solve the existing problems and then improve voluntary disclosure of listed companies in GEM.