Empirical Study On The Impact Of Internal Governance On Voluntary Information Disclosure In GEM Listed Companies

The types of information disclosure can be divided into mandatory information disclosure and voluntary information disclosure.Voluntary disclosure means that in addition to mandatory disclosure,listed companies actively disclose corporate information to the outside world in order to better establish corporate image,establish good investor relations,avoid litigation risks and other motivations.There is a close relationship between internal corporate governance and voluntary information disclosure.There are few studies on the impact of internal governance on voluntary information disclosure in GEM listed companies in China.Therefore,the purpose of this paper is to study the impact of corporate governance on voluntary information disclosure by taking the listed companies on the GEM as the research sample.Firstly,this paper introduces the background,significance and research status of voluntary information disclosure at home and abroad.Secondly,it elaborates the theoretical basis of corporate governance and information disclosure.Then it theoretically analyses the influence of ownership structure,board of directors and board of supervisors on voluntary information disclosure,and makes relevant research hypothesis.Through previous work,353 GEM listed companies were selected as research samples.Descriptive statistical analysis,correlation analysis,multiple regression analysis and robustness test were carried out on 7 independent variables and 3 control variables using SPSS23.0 software,and the results were analyzed.The results show that ownership concentration,managerial shareholding ratio,board size,number of board meetings,average age of senior executives,company size,debt level and profitability have significant effects on voluntary information disclosure;the relationship between the number of independent directors and board size and voluntary information disclosure is not significant.Finally,on the basis of the empirical research conclusions and the actual situation of the GEM market in China,the paper puts forward suggestions to improve the voluntary disclosure level of listed companies from four aspects: optimizing the ownership structure,enhancing the efficiency of board governance,improving the supervisory board system and encouraging and standardizing voluntary information disclosure.