Research On Voluntary Disclosure Of Strategic Informations Of Listed Companies

With the development of China’s securities market,the quality of information disclosure to all investors is more demanding than ever before. Our country‘s current disclosure regime is composed of mandatory information disclosure and voluntary information disclosure, and the voluntary information disclosure is a supplement of the former, for more comprehensive and detailed information. Due to the flexibility of voluntary disclosure,it has become an important method for investors to evaluate the company’s operation and development. The strategic Information,as a blanket concept covers the company’s development direction, the core competitiveness,the overall strategy and company’s advantages or disadvantages,is also composed of the voluntary strategic information disclosure and mandatory strategic information disclosure in our country’s listed companies. The quality of voluntary strategic information disclosure plays an important role in assessing the company accurately.This paper holds the view that the strategic information disclosure system in our country should be combination of mandatory disclosure and voluntary disclosure. In the meanwhile,the mandatory disclosure of strategic information should develop into normative,specific indexes,set up discharge system and follow the example of “safeharbor” institution in USA. Afterwards,this paper takes the 2014 annual reports of listed companies in our country as the research object,and uses the research results at home and abroad for reference,then establishes the strategic information voluntary disclosure level evaluation system and analyzes the current status of strategic information disclosure in our country’s listed companies. It finds that our country’s strategic information voluntary disclosure system exists many problems such as insufficient information, single disclosure ways and forms,lower quality of information disclosure,less voluntariness and lacking accuracy,etc. Then,through deeply researching on the current voluntary disclosure status of Hengli Industry Company Limited,the paper finds out the reasons of false announcement as follows: equity concentration,adding fuel to the fire in this incident from top ten shareholders,none holding shares in the members of the board of directors and limited interests between directors and company. At last,this paper proposed solutions to refine voluntary strategic information disclosure regime in our listed companies encouraging listed companies to disclose strategic information voluntarily as well as specifying and improving the disclosure rules of it.The innovation of this article lies in below. Firstly,the study of foreign strategic information disclosure system is rare,this paper tries to analyze the foreign strategic information disclosure system and summarizes its experience,which has certain innovative. Secondly,there are very few case studies for strategic information in the existing literatures. Thus this paper makes more targeted research topics by using cases for analysis,with in-depth research on voluntary information disclosure in the case of Hengli Industry Company Limited.