| In recent years,China's capital market has developed rapidly,and voluntary disclosure of information has attracted more investors' attention.Voluntary disclosure of information can reflect the company's "characteristic" information more comprehensively and truly,and more objectively reflect the company's operating performance,thereby eliminating information asymmetry and improving the level of investors' decision-making.The disclosure channels of voluntary information are diverse,including annual reports,quarterly reports and their notes,social responsibility reports,internal control reports,news media,company's website,Weibo,and WeChat public accounts.At present,most of the researches on voluntary disclosure of listed companies are based on annual reports and their notes,social responsibility reports,internal control reports,and news media,and there is relatively little researches on the specific channels of company's website.The way of voluntary disclosure of information on the company's website provides investors with a more convenient platform.Investors can access corporate information anytime and anywhere,irrespective of time and place.However,the situation of the company's website construction is uneven,the situation of information disclosure is not the same,whether the website's voluntary information is true and reliable,and whether it is useful for investors' decision-making becomes a real problem.Therefore,this article uses it as a starting point to study the usefulness of voluntary disclosure of listed companies' websites on investor decision-making.This article takes the voluntary information disclosure of listed companies' websites as the research object,and includes a total of seven parts.The first part is the introduction,which mainly includes the research background,the research status at domestic and foreign,and the research contents and methods.The second part is the theoretical basis.It mainly defines the meaning of voluntary information disclosure and mandatory information disclosure,analyzes the status and characteristics of vol-untary disclosure of listed companies' websites,and elaborates its theoretical basis.The third part is the construction of voluntary information disclosure evaluation form for listed companies.The evaluation form includes two dimensions: quantity and quality.Among them,the quantitative dimension includes a total of 40 indicators in nine areas.The credibility of the index is used to evaluate the reliability of the index,and the weights of various indicators are determined by the entropy method.The quality dimension utilizes the "Information Disclosure Assessment" rating of the Shenzhen Stock Exchange.The fourth part is the empirical research design of the usefulness of voluntary disclosure on listed companies' websites.Empirical research models are eatablished from three aspects: financial performance,stock price synchronization,and company value.The fifth part is an empirical research test.By collecting data and conducting empirical tests to verify its usefulness for investors.The sixth part is conclusions and recommendations.Through the empirical results,the conclusions of this study are drawn and countermeasures and suggestions are proposed.The seventh part is the summary and outlook. |
