A Study Of Usefulness On Voluntary Information Disclosure Of Military Listed Companies

With the rapid development of the securities market, voluntary information disclosure is getting more recognition and receiving more attention. As a special and important force of China’s securities market, military listed companies’ special operations background and sensitivity of the information disclosure are different from the Ordinary listed companies. How is the quality of voluntary information disclosure of military listed companies nowadays? Do they help investors to predict the future financial performance of listed companies? Do they explain the changes of CAR? Do they improve corporate value and raise the company’s profile? Do they provide investors and military listed companies with useful information at last? To solve these problems is the aim of the paper choosing military listed companies to study the usefulness of voluntary information disclosure, it is not only directly related to the necessity and justification of the existence of voluntary information disclosure of military listed companies, but also the basis for further research.First of all, the article introduced the theory and relative documents of the usefulness of voluntary information disclosure; Second, we took 2012 and 2013 military listed companies’ data as sample, on the basis of self-built voluntary information disclosure evaluation system, analyzed the domestic current situation of military listed companies, study the predicted role of voluntary information disclosure on the financial performance, as well as the market reaction. The findings of this paper as follows:(1)There is a positive correlation between voluntary information disclosure of military listed companies and company’s financial performance.(2)Voluntary information disclosure of military listed companies has short-term market reaction.(3)There is a positive correlation between voluntary information disclosure of military listed companies and corporate value; Finally, combined with the actual development situation of military listed companies, we make several policy recommendations on how to improve the level of voluntary information disclosure.