The Effect Of Insider Motivation On Voluntary Disclosure

With the constant improvement of the capital market, the information users want to get larger and more comprehensive information of listed companies. As the traditional mandatory disclosure of information already can’t meet the requirements of information users, the voluntary information disclosure, as an effective way deepening and complementing the mandatory disclosure, not only satisfied the demands of information users and also improved the overall level of information disclosure of listed companies, enhancing the corporate information transparency. Because of the voluntary information disclosure’s benefits to reduce the capital market information asymmetry, it has expanded the communication channels between investors and listed companies and got the attentions of the domestic and international capital markets. Unlike the mandatory information the voluntary disclosure comes from disclosure entity’s wills, the insider of listed companies. Because of the ownership concentration in our country decision-making rights have been ultimately placed in the hands of the company insider. So insider motivations of listed companies can have certain effect on the information disclosure decisions, which affect the level of voluntary information disclosure of listed companies.In addition, the corporate governance is a kind of effective mechanism to alleviate agency conflicts. Therefore good corporate governance can produce a certain restriction and constraints to company insiders including the motivations and behaviors. But this has not got enough attentions at home and abroad comes, especially lacking the empirical research, so this text adopts the method of empirical analysis to investigate the listed company insider motivation influences on the voluntary information disclosure level, including the company governance’s restriction function on insider motivation.Because the most companies of the GEM listed companies are high and new technology enterprises, so the market investors need more information to understand the products, the competitive environment of enterprises and enterprise strategy and other voluntary information. Due to the short time of GEM and the difficulty of getting the Explained variable, this paper choose the first153GEM listed companies’2012annual report data as research samples and analyze the insider motivation’s influence on the voluntary information disclosure level, at the same time, inspect the company governance’s restriction function on insider motivation. On the basis of predecessors’ research and also draw lessons from domestic and foreign scholars about the index system of voluntary information disclosure of listed companies, this article also have the voluntary information disclosure divided into strategic information, financial information and non-financial information three categories, and then subdivided14small project, eventually build voluntary information disclosure scoring system in this paper.After carding the insider motivation which may have impacts on information disclosure of listed company, combined with the growth GEM, this article selects the refinancing, optimization of stock compensation and tunneling from major insiders the three motives to analyze its influence on the GEM listed companies voluntary information disclosure; as for corporate governance variables, this article choose equity restriction ratio, the independent directors proportion and chairman and general manager whether separation to examine its effect on the restriction of insider motivation. Research shows that our country the GEM listed companies equity concentration phenomenon is serious, the level of voluntary information disclosure is generally low, the score of strategic information of the three kinds of voluntary information disclosure level is much higher than that of financial information and non-financial information, and the financial information disclosure level is the worst. Insider motivations have a larger impact on voluntary information disclosure of listed companies, embodied in the results:the refinancing motivation and optimization of stock compensation are positively correlated with the level of voluntary information disclosure of listed companies; the tunneling from major insiders is negatively correlated with the level voluntary information disclosure level. Beside the present corporate governance of GEM listed companies lack the constraint for the insiders, embodied in the results that the introduction of corporate governance variables did not change on the impact of insider motivation on voluntary information disclosure level of significance, whether the chairman and general manager in three indicators has no significant impact on the voluntary information disclosure level, the independent directors proportion, while significant effects, has the opposite impact with what is expected in the article, but equity restriction ratio helps to raise the level of voluntary disclosure of information because the equity restriction ratio and voluntary information disclosure level is significantly positive correlated. At the end the paper depending on the research conclusion gives some suggestions to promote and improve the development of voluntary information disclosure of listed companies in our country from two aspects of perfecting the voluntary disclosure of information related to system and strengthening the governance structure of listed companies.