Research On Voluntary Information Disclosure Of Chinese GEM Listed Corporations

Compared with main board market,growth enterprise market(GEM)listed companies generally boast features of high risk and high growth,which makes the full disclosure of accounting information more crucial for investors The overall current situation of mandatory information disclosure has favourable prospects with constant exploration conducted by the academia and practical circle,but that the information quality of GEM listed companies is by no means remarkably improved triggers scholars to reflect.The information users raise higher requirements for GEM listed companies voluntary information with the rapid development of capital market.Voluntary information disclosure already has become the efficient approach for many major companies to develop potential,to communicate stakeholders and to map the future of company.However,GEM listed companies voluntary disclosure at the present stage in China is not well developed,which not only brings disturbance to the judgement of investorin decision,but has greater impact on the enterprise development.The thesis proceeds with listed companies voluntary information disclosure,explores necessity and feasibility of GEM listed companies voluntary information disclosure and comes up with recommendations for improvement to standardize GEM listed companies voluntary information disclosure in China.The exploration of China' GEM listed companies voluntary information disclosure has the basis of principal-agent theory,information asymmetry theory,stakeholder theory and excess disclosure earnings theory,etc.GEM listed companies voluntary information disclosure is based on the characteristics of GEM and its target is timely disclose real and comprehensive information to stakeholders in order that the information users can make decisions to reduce investment risks.The motive forces of discloser are to enhance core competitiveness,to cut down financing cost and building favourable corporate image.Secondly,the author has performed descriptive statistical analysis of the voluntary information in China 2014 and 2015 GEM listed companies annual reports by means of applying content analysis,qualitative and quantitative method and method of comparative analysis.The author finds out GEM listed companies voluntary information disclosure has existing problems,which include lacking substantiality,unsatisfactory non-financial information disclosure,weak timeliness and selective disclosure existed in the process.After completing data statistics,there are three major steps to explore theGEM listed companies voluntary information disclosure.First,overall analysis in GEM listed companies voluntary information disclosure.Secondly,the evaluation system of five types of level 1 project were analyzed,and the qualitative quantitative analysis of secondary project.Thirdly,from the industry attribute to analysis indicators disclosure and score.Statistical analysis of the results of the analysis shows two years of sample company overall accord with normal distribution;the level of disclosure in 2015 is higher than 2014;2015 sample companies disclosure differences between more than2014.Five primary index analysis shows Non-financial information and predictive information disclosure is not ideal,listed companies are more likely to disclose information related to the historical cost.Disclosure from the perspective of industry analysis,according to the situation in 2014 and 2015,the industry as a whole disclosure level is not high;For all kinds of information disclosure preferences of different industries,emerging industries pay more attention to disclose information can reflect the potential of business,the company's future.Thirdly,NASDAQ Stock Market voluntary information disclosure requirement in America is relatively perfect and has a standard format in voluntary information disclosure and annual report regulation,which plays an enlightening role in GEM listed companies voluntary information disclosure in China.The thesis uses mature experience of NASDAQ Stock Market voluntary information disclosure in America and draws the following inspirations from the basis,including formulating legal system concentrated on corporate core competence,building simultaneously EDGAR system of stronger timeliness,setting up individuation.Finally,in line with the issues and experience reference of NASDAQ mentioned above,the author plans to put forward countermeasures to encourage China GEM listed companies to conduct voluntarily disclosure of high quality from the three levels,which includes legal guidelines,corporate internal government and regulating function.At the same time in this paper,the voluntary information disclosure of listed companies in China exist some forecasts: From the economic view research after the gem of voluntary accounting information disclosure of listed companies is a hot field;In view of the gem the disclosure of the different industry design guidelines;Voluntary accounting information disclosure of listed companies in our country's diversification.