| In China, due to the prosperity and constant development of stock market, related parties start to pay more attention to the disclosure of information within the industry. Especially in recent years, with the rapid emergence of capital market, listed companies are not only supposed to disclose information according to related laws and regulations, they should also disclose information voluntarily which is not regulated by law. Therefore, it is reasonable to argue that a much wider range of information will be disclosed in the future.Drawing sample from 200 companies being listed in Shenzhen stock exchange market in 2014, this paper intends to analyze the actual situation of voluntary information disclosure and some restricting factors which prevent information from being disclosed in these companies. In addition, this paper will also propose pertinent measures accordingly. At the beginning, the paper will explain in details the definition and representation of voluntary information disclosure. Then, the paper will analyze the 2014 annual report of sample companies and establish an evaluation system. Furthermore, the paper will also delve into the level of voluntary information disclosure by these companies. The finding demonstrates that listed companies are not enthusiastic about information disclosure, with only an average of 18.19. However, the content of information disclosure is rather concentrated and does not subject to explicit volatility. Afterwards, the paper will explain in details the factors influencing voluntary information disclosure. Regression analysis will be made through SPSS software, and according to statistics, factors such as types of industry, loan level, equity concentration and scale of company are in explicit linear correlation with dependent variables, while shareholding ratio of the management level is in no correlation with dependent variables. |
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