Empirical Analysis On The Fluence Of Characteristics Of The Board Of Directors To The Voluntary Information Disclosure

With the continuous development of market economy, securities market plays a more and more important role in economic development, and it has promoted the national economic development. As the main body of the capital market, the quality of information disclosure of the listed companies is directly related to the healthy development of the listed company itself, the protection of the legal interests of investors and the securities market efficiency. At present, due to the disadvantages of the mandatory information disclosure,it needs voluntary information disclosure.The improvement of voluntary information disclosure quality is closely related to the design and effectiveness of the corporate governance mechanism, and the board of directors is located in the heart of corporate governance structure, so it is necessary for us to study the fluency of characteristics of the board of directors to the voluntary information disclosure, and hoping to have certain practical significance.Based on the literature review and the theoretical interpretation, we put forward the research hypothesis, and select five characteristic variables of the board of directors as the explanatory variable. As to the explained variable, we use the voluntary information disclosure index developed by Meek (1995) for example, including three categories. Then we select 2010-2014 China's Shanghai and Shenzhen A-shares 1862 listed companies, a total of 9310 samples. The paper empirically test the impact of the board characteristics on voluntary information disclosure, and according to the empirical results, we put forward two aspects of a total of six policy suggestions.The empirical results show that:The board size has a positive effect on voluntary information disclosure; the independent directors proportion has no significant impact on voluntary information disclosure; the more frequent the number of board meetings, the more information the listed companies will disclose; the proportion of the director shareholding undergoes the test and is negatively related with the voluntary information disclosure level; the two duty syncretic significantly reduces the voluntary disclosure of information. Therefore, This paper puts forward suggestions to improve the voluntary information disclosure level from six aspects below:rational determination of the size of the board, improving the efficiency and effectiveness of meetings, perfecting the system of independent directors, rational determination of shareholding proportion of the director, the establishment of two post separation board structure and encourage, specify, regulate the voluntary information disclosure of listed companies in our country.This paper comprehensively uses the literature research method, normative analysis, empirical analysis to analyze the influence of board characteristics on the voluntary disclosure of information in the listed company in our country. It shows that a sound and effective board will help to improve the aspiration of the listed companies to disclose more information, so as to improve the transparency of the capital market. This study provides the reference for improve the structure of the board of directors and the degree of voluntary disclosure of information.Meantime, it also provides policy guidance for Chinese regulators.