A Study On The Improvement Of Voluntary Information Disclosure Of H Medicine Corporation In Shanghai-hong Kong Stock Connect Program

Since the beginning of the Shanghai-Hong Kong Stock Connect Program,China's stock market has restarted a new round of high-level opening up.Numbers of Hongkong investors,mainly as institutional investors,swarm into Shanghai Stock Exchange,offering a change of the information disclosure environment of A shares.Therefore,companies must not only obey mandatory information disclosure,but also adjust voluntary information disclosure to the new environment accordingly.In this study,taking H Medicine Corporation as an example,we make a research about the impact of Shanghai-Hong Kong Stock Connect Program.Through the channel,Hongkong investors has held 11.10% stake of H Medicine Corporation as the third largest shareholder,by the end of June 30 th,2017.Obviously,H Medicine Corporation need the improvement of voluntary disclosure behavior to deal with the new situation.Based on the there theories of signal asymmetry theory,signal theory,legality,by using the methods of documentary research,case study,comparative analysis,analytic hierarchy process and content analysis,on the base of Boston's voluntary disclosure index weighting by the analytic hierarchy process,the study evaluates the voluntary information disclosure level and gives a comparative analysis of the basic situation and related level of H Medicine Coportation,which chooses and scores the 9 companies to pick up the industy benchmark to compare with.The paper finds that there are several problems about the voluntary information of H Medicine,including making no adjustment to the new situation,delay of reporting voluntary information,lack of the quality of disclosure content below the average level of the industry,and lack of use of voluntary reporting channels.Then,the paper finds that H Medicine has weaker awareness of long-term influence and disclosing voluntary information,and blind risk avoidance attitude toward the risk of full disclosure.Finally,the paper gives some advice that H Medicine should offer Hong Kong inestors voluntary information in the same level,construct the scientific decision support system of intellectual capital information disclosure,use proactive impression management to strengthen the quality control of voluntary information disclosure,and establish the tracking and feedback mechanism of intellectual capital information disclosure.