Voluntary Corporate Disclosures And Investor Protection

With the speed development of our nation's socialism securities market, governmental supervision department and the investors are getting more and more concerned about the information disclosure and supervision, especially for recent years, as the rapid development of capital market, the information disclosure of the listed companies no longer limited within laws and regulations, they are willing to disclose non-obligatory information, this is the new era for information disclosure.This article sets annual reports in 2010 and 2011 of 93 companies in wine-making industry and business chain enterprises in Shanghai and Shenzhen as sample, posts some advises for voluntary information disclosure of listed companies by analyzing sample companies' status of voluntary information disclosure, relevance between voluntary information disclosure of listed companies and investors protection. Firstly, the article makes a detail discuss on the conception, content, characteristic and motivation of voluntary information disclosure, and analyses the behavior of voluntary information disclosure of listed companies; secondly, it verifies the relationship between level of voluntary information disclosure of listed companies and strength of rights and interests of investors by adopting empirical analysis method, it also conducts multivariate regression analysis for four control variables and dependent variable Tobin's Q by using mandatory enter regression in SPSS and gets the result of coefficient 0.266 for DIVI, and passes significance testing in the significance level of 0.01. The result proves the positive correlation between listed companies' cash dividends assignment and listed companies' value, while the cash dividends assignment is connected with the protective degree for investors, it also shows that the values of listed companies can be increased as long as investors' rights are protected which provides new thoughts for supervision organizations in securities market guiding listed companies disclosing their information voluntarily.