Study On Voluntary Information Disclosure Of Listed Companies In China

With the development of China's capital market,it is becoming more and more important that the information disclosure system is an important foundation for the smooth operation of the securities market.At present,the compulsory disclosure of capital market in China has been on the right track,but the supervision and guidance of voluntary disclosure still needs to be strengthened.The research on voluntary information disclosure in foreign academic circles has already begun,and the research results are profound and significant,which is worthy of our reference in many aspects.In this paper,on the basis of the achievements of other countries for reference,combining the concrete situation of our capital market,vanke,for example to research and analysised the voluntary information disclosure of listed companies,and hope to be helpful to the improvement of the system of voluntary information disclosure in China.The research structure of this paper is as follows: the first chapter is the introduction,which introduces the research background and significance,and the literature review at home and abroad;The second chapter is the theoretical research of voluntary information disclosure,and introduces the theoretical basis,content,economic consequences and cost of voluntary disclosure.The third chapter introduces the system background of voluntary information disclosure of listed companies in China and the general characteristics,compare our country with the international academic achievements made,on the basis of the evaluation of listed companies voluntary information disclosure level is obtained the standard system;The fourth chapter is the case analysis of vanke,which comprehensively and deeply analyzes the voluntary information disclosure of vanke,and explores the relationship between it and enterprise value.The fifth chapter is the countermeasure and the suggestion,through the case analysis combining with the listed company as a whole,aiming at the problems now listed companies is generally put forward their own solutions and ideas.The sixth chapter is the conclusion and prospect,summarizes the main points of the thesis,points out the future needs improvement.This research mainly analyses the voluntary disclosure of information to the enterprise value and the influence of the investors,and from the two sides discussed the enterprise strengthen the necessity and importance of voluntary information disclosure,the main conclusions are as follows:On one hand,voluntary disclosure can bring social benefits to enterprises.Initiative and legal compliance of voluntary information disclosure can strengthen enterprise to communicate with investors and other stakeholders,to improve enterprise information transparency,enhance the trust of the enterprise by the government and the society.At the same time,the disclosure of relevant social responsibility information can make it establish a responsible corporate image among the people,which is in line with the government policy.Therefore,it is self-evident that enterprises improve the level of voluntary information disclosure.On the other hand,voluntary disclosure can bring economic benefits to enterprises.Formation of investment decision,investors need to have reliable and sufficient information to support,if only mandatory disclosure of information is hard to let them to enterprise's development potential,operating conditions and make an accurate assessment of risk level.While the enterprises for investors concerned about initiative fully voluntary information disclosure,so will no doubt win the favor of the investors,enterprise also can therefore have continued in the capital market capital injection.In addition,active voluntary information disclosure can also let the creditors in a timely manner to the enterprise to make more accurate risk forecast,is helpful to build a good relationship of creditor's rights debt,improve the enterprise credit in the capital market,so the high quality of voluntary information disclosure will reduce the enterprise's financing costs.