Research On The Relationship Between Voluntary Information Disclosure And Corporate Value Of Listed Companies In Gem Market

Voluntary information disclosure plays an important role in the capital market nowadays.As a supplement of mandatory information disclosure,Its level can reduce information asymmetries between companies and external stakeholders,increase investor confidence and make them willing to purchase corporate securities at higher prices,thereby reducing the cost of capital and enhance the value of the company.This thesis explores and studies the influence of voluntary information disclosure on the value of companies in order to promote the good development of voluntary information disclosure of listed companies on the gem.This thesis takes the gem listed companies from 2013 to 2016 as the research object,constructs the voluntary information disclosure level from the two dimensions of quantity and quality.Furthermore,the thesis empirically analyzes the relationship between the general level of voluntary disclosure and the three categories of information disclosure(voluntary strategy,voluntary financial and voluntary non-financial)and corporate value.The empirical results show that:first,The general level of voluntary information disclosure of gem listed companies is positively related to the company value.lt shows that the higher the level of voluntary information disclosure of listed companies,the more conducive to reducing information asymmetry,and the risk compensation required by investors will naturally be reduced.which will affect the value of the company and enhance it.Secondly,from the three categories of voluntary information disclosure,the level of voluntary financial and non-financial information disclosure is positively related to the value of the company,while the level of voluntary strategic information disclosure is negatively related to the value of the company.It shows that adequate and appropriate financial information disclosure can help investors to make the right investment decisions,so that the company can attract more capital investment,and the value of the company will increase;Improving the level of non-financial information disclosure will help to improve the corporate governance structure,demonstrate a high degree of social responsibility of the company,enhance the confidence of investors,and the value of the company will also be raised.The strategic information relates to the company's business secrets and future development direction,a large number of this aspect of information disclosure will have two opposing value effects:on the one hand,in favour of investors,on the other hand,in favor of competitors,When the value effect is biased to the competitors,the voluntary strategic information disclosure level and the value of the company will change in reverse.Finally,the article separately from the information disclosure regulators(mainly including the securities regulatory authorities and intermediary organizations,gem listed companies and information demand-side(investor)puts forward some suggestions to improve the level of voluntary information disclosure of gem listed companies in order to give full play to its value effect.