Research On The Influencing Factors Of Voluntary Information Disclosure Of State-owned Listed Companies

Along with economic reforming and modern enterprise system established, deepening simple mandatory information disclosure of listed companies can not meet the needs of investors. Additionally, an increasing number of financial fraud, voluntary disclosure of information emerged. Listed companies through voluntary disclosure of information to reduce financing costs, and reduce the information asymmetry between investors, establish a good corporate image will help mature and perfect the capital market. But China is not issued guidance on voluntary disclosure, the overall low level of voluntary disclosure of information disclosure for this research in the field is also still in the exploratory stage. China's economic system determines the information disclosure of listed companies is different from foreign companies, especially state-owned listed companies in such a special group. Of state-owned enterprises have been restructured, although for many years, but the information is still opaque to disclose its criticism. To understand the problems of state-owned listed companies to disclose the reasons for the formation of information, it is necessary to analyze its causes and influencing factors. Therefore, this article select 2014 208 state-owned listed companies as sample, using the method of theoretical analysis and empirical research, and elaborated on the status quo of voluntary disclosure of information disclosure, the problems disclosed motivation, influencing factors, and by way of empirical study focuses on nine factors affect voluntary information disclosure of listed companies level.Based on principal-agent theory, signaling theory and efficient capital markets hypothesis, with reference to research of foreign scholars, combined with China's information disclosure requirements related policies, the establishment of an evaluation of listed companies in line with China's actual situation of voluntary information disclosure level system. From Corporate Governance, external supervision, management features three main areas selected nine independent variables, using multiple linear regression model of the nine factors regression analysis. Finally, using the regression results to give the state-owned listed companies recommendations to improve the information disclosure level of...