Study On The Influence Of Voluntary Information Disclosure On The Dynamic Adjustment Of Capital Structure

With the deepening of research,corporate voluntary disclosure has increasingly become a key topic in recent research.Voluntary information disclosure is the disclosure which in addition to mandatory disclosure of information in listing corporation, and based on the element of company’s social image,corporate social responsibility,internal control self assessment,forward looking information and the effect of corporate governance.in order to reduce the information asymmetry of information disclosure.this paper refer to Meek and Botosan’s method for the construction of voluntary information disclosure index,combined with the relevant provisions of the voluntary disclosure of information by FASB and Wang Xiaoling’s index of voluntary information disclosure construction, divided the voluntary information disclosure into strategic information,financial information, non financial information and management information.Research on the dynamic adjustment of capital structure has been the frontier of the research of capital structure theory,is being favored by more and more scholars at home and abroad.In relatively stable operating environment,under the premise that the target capital structure of the enterprise is deviated from its actual capital structure,dynamic adjustment of capital structure is the adjustment of its actual capital structure,to approach the target capital structure to achieve the optimal capital structure and to adjust the cost of the adjustment and the value of the loss of balance at different time points.Voluntary disclosure can effectively affect the dynamic adjustment of capital structure.This paper constructed the theoretical basis of the effect of voluntary information disclosure on the dynamic adjustment of capital structure based on the theory of decision usefulness, agency theory, signal theory and competitive capital market theory,Put forward the research hypothesis base on the effect of voluntary information disclosure on the dynamic adjustment of capital structure.Take the samples of In Shenzhen Stock Exchange’s main board and medium and small plates’ s A shares of listing Corporation from 2012 to 2014,with strategic information, financial information,non-financial information and management attention as an explanatory variable,with the dynamic adjustment of capital structure as the explanatory variable,estimating with the velocity model of dynamic adjustment of capital structure, divide voluntary information disclosure index to observe the influence of the dynamic adjustment of capital structure.Empirical results show that strategic information, non financial information and management information are positively correlated with the speed of capital structure adjustment,While financial information is negatively related to thespeed of capital structure adjustment,and the effect is different in different level of information disclosure.Based on the research results, the following suggestions are put forward in this paper:firstly, managers should be reasonable and improve the quality of voluntary information disclosure of listed companies; secondly, the shareholders shall correct evaluation of listed companies’ voluntary information disclosure level; thirdly,the management should be effective control of capital structure dynamic adjustment speed. Finally, external regulatory agencies should strengthen the listed companies’ Voluntary Information Disclosure Supervision.