Regulatory Countermeasure Study Of Listed SMEs Voluntary Information Disclosure

Information disclosure of listed companies is a link between listed companies and investors, creditors and regulators. Quality and timeliness of information disclosure of listed companies has a direct impact on investors’judgment for the value of listed companies, thereby affecting their investment decisions.Information disclosure can be divided into mandatory disclosure and voluntary disclosure. As a result of late start of China’s capital market, development is still not perfect, currently based mainly on mandatory information disclosure, the study of voluntary disclosure is not sufficient, relevant departments also lack detail guidance and effective supervision.With the constant improvement of China’s capital market, the company’s voluntary disclosure of information is more and more the concern of stakeholders. But as for China’s listed companies, the voluntary disclosure is at a low level, and the content of information disclosureis not perfect. Therefore, the disclosure of information is difficult to meet stakeholder needs.Based on the above background, this paper studies the impact of China’s listed SMEs, the level of voluntary disclosure factors, mainly to improve the level of China’s listed companies’ voluntary disclosure.In this paper, theoretical research methods and statistical analysis are combined. The theoretical research mainly refers domestic and foreign literature and sets forth the relevant definitions and concepts; The statistical analysis based on statistical methods, selects the listed SMEs of IT industry, analyzes the size of the company, shareholders, profitability and other indicators, compares with the results of previous scholars on voluntary disclosure index, investigates the correlation between the relevant indicators of statistical analysis and the voluntary disclosure index of SME listed companies, in order to identify the factors that affect the voluntary disclosure of listed SMEs. Then the problems in current voluntary disclosure of Listed SMEs will be elaborated, the possible reasons will be analyzed and finally the proposal for improving the level of voluntary disclosure of listed SMEs will be made.