Research On Voluntary Information Disclosure Of XT Company

With the development of the capital market,listed companies gradually diversify their financing channels.Listed companies have a broader capital market,and more intense market competition ensues in the same time.Such a situation obliges listed companies to adopt a series of measures to attract investors’ attention.The disclosure of information plays an important role in links between the interests of listed companies and external stakeholders.Management of listed companies has become clearly understanding that only by disclosing more real and reliable information can they attract more investors and get more money in capital market.At the same time,as the number of investors increasing rapidly,professional investors have gradually improved,adequate and reliable information become more and more important.Therefore,except for the mandatory disclosure outside,listed companies will consider voluntary disclosure of relevant information.Therefore,the main research of this thesis is voluntary disclosure problem of listed companies.Researches on voluntary disclosure are mostly theoretical researches,and they usually use the method of the model analysis,while case study about voluntary disclosure is less.We intend to proceed from the specific case of XT Company’s voluntary disclosure,and then analyze the situation of XT Company’s voluntary disclosure,to raise measures for developing the voluntary disclosure of XT Company by comparison with the enterprise SY Company in same industry.In this paper,the standard research methods,such as the study of induction,deduction,comparison and chart method are used.During the study,we will conduct in-depth analysis and investigation.This paper is based on extensive research data,seeking to improve voluntary information disclosure of the XT Company.This paper starts from the concept and theoretical basis of voluntary disclosure,and analyze the defects of voluntary disclosure in XT Company.Through analysis and comparison with SY Company,we draw some practice guidance to improve voluntary information disclosure of XT Company.Signaling theory,agency theory,the efficient market hypothesis,and excess earnings disclosure theory are the theoretical supporting of this paper.Through drawing conclusions from many scholars at home and abroad,combined with the basic characteristics of Chinese capital market,this paper looks for an effective way to improve the XT Company’s voluntary information disclosure.This paper is divided into six parts:In the first part,the paper describes the research background,significance,literature reviews,writing ideas and frameworks.The second part is the theory summary,explaining the meaning,contents and theoretical basis of voluntary disclosure.The third part is an example,which explains the situation of voluntary disclosure of XT Company.Currently,the main problems of voluntary information disclosure of XT Company are: consciousness of voluntary disclosure,time lag of voluntary disclosure,strong randomness of voluntary disclosure,less reliable of voluntary disclosure.Main causes of these problems are: lack of specialized guide for the system of voluntary information disclosure,lack of time awareness of voluntary disclosure,lack of voluntary disclosure specification of form and content,lack of effective quality control of voluntary information disclosure.The fourth part is about implications of the company in the same industry for XT Company.Proceed from its disclosure and revelation,then compared the company with XT Company and provide a reference for the XT Company.The fifth part is about improving policies of voluntary disclosure of XT Company.With the foregoing results,the paper draws some practical measures which are applicable to the XT Company.For example,the introduction of "voluntary disclosure of listed companies guidance",suitable voluntary disclosure framework,regular and irregular usage of disclosure combination,emphasis on stakeholders’ needs of information voluntary,establishing voluntary disclosure mechanism of lags condemnation,clearing the contents of voluntary information disclosure,establishment of the canonical form of the voluntary disclosure on internal oversight bodies,strengthening multi-level information disclosure regulation,improving the quality of voluntary disclosure rating system.The sixth part is Conclusion.