An Empirical Study On Corporate Governance Of Listed Companies, Information Asymmetry Andvoluntary Informationdisclosure

In the field of accounting research, the relationship between corporate governance, information asymmetry and voluntary information disclosure has been a research field which is worthy of attention in the field of accounting. The improvement of corporate governance structure is related to the internal control of the company, also can reduce the information asymmetry and reduce the opportunism behavior, but also can improve the status of voluntary information disclosure. Voluntary information disclosure helps to improve the quality of information disclosure, and helps to reduce the asymmetry of information, so as to promote the improvement of corporate governance structure. But at this stage, foreign scholars have more studies, and domestic scholars on the relationship between the three are relatively few. Therefore, it is very important to study the system of corporate governance, information asymmetry and voluntary information disclosure at the present stage.At first, the paper reviews the related theories and literature at home and abroad, and the corporate governance, information asymmetry and voluntary information disclosure internal relations are described and the theoretical analysis, board will ownership structure and concentration of two index as a measure of corporate governance variables, using turnover and bid ask spreads two indicators to measure the degree of information asymmetry in the market, and the establishment of the voluntary disclosure index system. This paper on the relationship among corporate governance, information asymmetry, information disclosure and made the assumption and constructs the conceptual model, selecting the 140 listed company 2012-2014 data mean as samples, using SPSS 17.0 software on data obtained from the descriptive statistical analysis of, and constructs the structural equation model was tested with AMOS7.0 software, and draw the final conclusion.The results of the study show that:(1) to improve the board structure will promote the enterprises to improve the level of voluntary information disclosure; (2) corporate equity concentration degree is high, stock trading, the market less and less; (3) if the company has higher ownership concentration, market circulation of stock price lattice will be lower; (4) of voluntary information disclosure level increase will reduce the degree of information asymmetry informed investors and do not know the feeling among investors. The study also found that the board structure and the spread of the indirect relationship between the voluntary disclosure of information, the impact of the path:the structure of the board of directors-voluntary information disclosure-bid ask spread. The results of this paper have a guiding significance for improving the structure of the board of directors, optimizing the ownership structure, improving the level of voluntary information disclosure and so on.