| Information is of increasingly significance to corporation performance in every single aspect, with the advent of the era of big data. Then, the voluntary information disclosure attracted the attention of researchers, but the existing literature on study of the relationship between operating performance and the level of voluntary disclosure is a dispute, and study on the private listed corporations in this area is scarce. The private listed companies are more flexible, more restrictive in the corporate governance and management, and the ones have more motivation in manipulation of disclosure, when compared to the state-owned enterprises. Since the listed companies’operating performance and voluntary information disclosure will become decision-making tools in the management of listed companies, whether there are relationships between them? And if there is an interactional relationship in these two entities, whether the influencing mechanism of private corporations is much more obvious?All the enterprises listed in domestic A-share market are the sample of the empirical study, and then considered the influence of the ownership factor in group division and equation regression. First of all, this paper researches how these enterprises’performance makes an impact on their voluntary disclosure level in year 2013. Secondly, this paper studies the impact of the 2013 information disclosure level on the performance of the company in 2014. Empirical study indicates that the listed companies operating performance will affect the voluntary information disclosure. ROA, V, GRO, LEV and other indicators are the influencing factors of voluntary information disclosure, ROA, GRO and LEV have a positive effect on the VDI, but the relationship between V and VDI are opposite. In addition, these companies’voluntary information has a cross impact on their performance. The influence mechanism of private listed corporations is more significant. |
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