A Research On The Influence Of Ownership Structure On The Voluntary Disclosure Of Information

With the development and increasingly mature of China's capital market,the demand of investors for the level and quality of information disclosure of listed companies higher,mandatory disclosure does not fully meet the diverse information needs of investors,needs more voluntary information disclosure,Voluntary disclosure of information is supplementary disclosure based on the existing mandatory disclosures in order to increase market efficiency,to enable investors to understand the company's business performance and financial conditions,reduce information asymmetry,decrease the possibility of adverse selection and moral hazard and improve operational efficiency.Voluntary information disclosures is refinement and deepening if mandatory disclosure,but also supplement and extension of the mandatory disclosure,the value on perfect the corporate governance structure,safeguard the interests of investors,improve business operation is important.However the condition of China capital markets not perfect,the level of enterprise voluntary disclosure of information is general low.To guarantee financing advantage,and expanded scale,avoid picked brand and gets control self-interest right,someone is operation information disclosure.Although China SFC released some file regulations to specification enterprise information disclosure content,enterprise information disclosure level constantly upgrade,but has a big gap compare with developed country,can not meet the requirements of the regulatory sector on company information disclosure behavior,as well the growing demand of the stock investors.Through the research on the voluntary disclosure of information of enterprises,focuses on the incentives,economic consequences and impact factors,the research is accomplishment.However current research almost from the corporate level and corporate governance to study its influence factors,but as the foundation of corporate governance,the studies of the relationship between ownership structure and voluntary information disclosure are extremely rare,ownership structure related to the company's ownership and control,as well as the distribution of benefits,will have important implications for voluntary disclosure of information level of enterprises.Therefore,this paper from the controlling shareholder's shareholding,ownership and the institutional investor's stake to measure the relationship between the ownership structure and voluntary disclosure of information.As shareholders most concerned about profitability and growth of enterprises will also affect shareholders' cognition of voluntary disclosures of information,studying how to improve the ownership structure to enhance the level of voluntary disclosures of information.This paper build the evaluation system of voluntary disclosure of information,design variable and propose theory model,use Shenzhen Securities Exchange Board listed company of issued A shares for research object,through the empirical analysis of the date,showing that the level of voluntary disclosure of information is low,and between enterprises exists larger gap.while research found,holding shareholders holding proportion more high,enterprise more impossible for voluntary information disclosure,in profit capacity strong enterprise,the effect of holding shareholders holding proportion on voluntary information disclosure enhanced;In growth high enterprise,the effect of holding shareholders holding proportion on voluntary information disclosure weakened;equity checks and balances degrees more high,enterprise more may for voluntary information disclosure,in growth high enterprise,the effect of equity checks and balances degrees on voluntary information disclosure enhanced;institutions investors holding proportion more high,enterprise more may for voluntary information disclosure,in profit capacity strong enterprise,the effect of institutions investors on voluntary information disclosure weakened.General,this paper for research the relationship between ownership structure and voluntary information disclosure level has important theory meaning and significance,while based the research conclusion,in building enterprise voluntary information disclosure evaluation system,improve supervision efforts,and from ownership structure perspective to upgrade Enterprise voluntary information disclosure level proposed related recommends,then pointed out the prospect of follow-up research.