The Research About The Influence Of Voluntary Information Disclosure On The Enterprise Value In Free Competitive Industry

In the capital market of our country, there has been the existence of information asymmetery phenomenon between managers and outside investors. For example, companies only disclose useful information for company development, and unfavorable information for company development is less choice disclosure or not disclosure, and even disclose some false information. The reason is the lack of will and motivation of information disclosure by listed companies. Many listed companies disclose information only as a legal regulations mandated tasks, and not aware of the information disclosure will help enterprises to establish a good image, win the trust of investors, attract more capital, and then promote the enterprise value. With the accelerated process of economic globalization, many listed companies are struggling to occupy an advantage position and attract more investors in a highly competition. Listed companies only rely on mandatory disclosure of information is not enough, and mandatory disclosure system also has many defects. It doesn’t meet the needs of investors. So the listed companies should adopt the voluntary information disclosure to supplement mandatory information disclosure. The company can show a potential and competitive advantage in the future development to investors with the voluntary information disclosure, and raise more business development funds from the capital market, so as to improve the enterprise value.China’s monopoly industry affected by the national protection and supervision, the voluntary information disclosure has little effect on the enterprise value. The level of voluntary information disclosure of listed companies in free competitive industry is the research object of the paper. And the research of the paper is about the influence of voluntary information disclosure on the enterprise value. First of all, this paper combined with micro economics gives a brief introduction to free competitive industry, and discusses the meaning, causes, basic theory of voluntary information disclosure, and the meaning, evaluation method of enterprise value. Secondly, with the principal-agent theory, asymmetric information theory and signal transmission theory, the paper analyses the influence content and path of voluntary information disclosure on the enterprise value. Then the paper analyses the problem of voluntary information disclosure in China, as well as the cause of the problem. For the part of empirical research, the paper using the competition intensity indexes divides on free competitive industry, and select A shares of listed companies as a research sample on the Shanghai Stock Exchange in2012. Based on the characteristics of China’s capital market, the paper design a set of voluntary information disclosure level index system, and score to the information disclosure level of sample firms. Through descriptive analysis, correlation analysis and multiple regression analysis method, the paper judge the influence degree of voluntary information disclosure on the enterprise value, and what kind of voluntary information disclosure will have a significant impact on the enterprise value. Finally, on the basis of the theoretical analysis and empirical analysis, the paper give some advice to improvement of voluntary information disclosure from the views of the market regulators, listed companies and investors. The purpose is to improve the enterprise value, and hope to encourage listed companies in free competitive industry and even the entire capital market development toward the healthy fast sustainable direction.