Research On Equity Concentration, Voluntary Information Disclosure And Corporate Value

In corporate governance,corporate ownership and management rights are gradually separated,then how many shares do shareholders want to control and how much residual earnings can they enjoy? The degree of control of shareholders to the enterprise is directly reflected in the degree of ownership concentration.By changing the market behavior of the enterprise,it finally has an impact on the enterprise value.Listed companies and investors are the main participants in the capital market,the listed companies want to get the attention and trust of investors,passing the good news of enterprises to the capital market smoothly and benefiting the development of enterprises to raise capital.Investors in the capital market want to seek reliable investment and value-added opportunities for their idle funds.The promulgation of compulsory information disclosure system has created a good market environment for listed companies and investors in the absence of an effective way to understand.Complying with mandatory information disclosure required by laws and regulations provides information on the basic business operations and financial conditions of enterprises.However,compared to the voluntary disclosure,the content of mandatory information disclosure and the function of it is limited.Voluntary disclosure of information that enterprise disclose voluntarily,based on the market analysis?understanding of investors,full-assessment of firm advantages?development prospects and future economic benefits.Companies want to enable market investors to better understand the operation of the enterprise,obtain the trust of investors,conduct corporate financing and further enhance the corporate value by voluntary disclosure.If the corporate value is affected by voluntary information disclosure and ownership structure,will it be affected by both?In this paper,through normative and empirical research methods,first use standardized research methods to describe the theory of ownership concentration,voluntary information-disclosure and firm-value,which has summarized in the research.And then introducing the theoretical basis among the three factors,and give a correlation analysis.Finally we find out the significant influence between the equity concentration,the voluntary disclosure of information and enterprise value.Secondly,in the part of empirical research,this paper chooses exchange main-board listed companies as the research objects.According to direct and indirect effects between the variables,reasonable assumptions are put forward on the basis of normative research,and then constructs models.Use Excel software and Stata software to process data based on the collected data,and test the assumptions.Finally we have the conclusions that the relationship between the concentration of stock ownership and the value of the enterprise in the A shares of the Shanghai Stock Exchange is positive U,and the voluntary disclosure of information by listed companies also has a positive effect on the promotion of corporate value.The relative concentration of equity also has obvious influence on the relationship between voluntary information disclosure and corporate value.In view of the above research results,in order to improve the effectiveness of China's capital market,,this paper proposes several policy suggestions from the ownership concentration and the voluntary disclosure of information for different subject angles:(1)improve the authenticity of information disclosure,targeted and comprehensible;(2)strengthen the construction of laws and regulations,improve the information disclosure system;(3)promote the diversification of equity,equity balance play a role;(4)improve the internal governance structure,and strive to make rational decision.