Research On Voluntary Disclosure Motivation And Consequences Of Listed Companies On Gem

Information disclosure is the bridge and link between listed companies and investors and is an important basis for investors to make investment decisions.At present,listed companies mainly disclose information through mandatory disclosure and voluntary disclosure,which are combined with each other.Voluntary disclosure,as a supplement to mandatory information disclosure,on the one hand deepens the content of mandatory information disclosure,and on the other hand increases the risk of information disclosure.Most of China's gem listed companies are new and high technology enterprises,and they tend to be more cautious about voluntary information disclosure due to the principle of cost-benefit.However,with the rapid development of the gem market,more and more gem listed companies tend to disclose voluntary information,and some companies are punished for voluntary disclosure.As a result,the causes and consequences of voluntary disclosure of gem listed companies have gradually attracted wide attention from the society.On the basis of introducing the research status of voluntary information disclosure at home and abroad,this paper refers to the theory of voluntary information disclosure and then proposes the research framework of this paper.In this paper,the companies listed on the gem before 2015 were selected as the sample population,and 243 listed companies that have continuously disclosed the annual reports of 2015,2016 and 2017 were selected as the research object according to 60%proportion.The current status of voluntary information disclosure in the gem market was analyzed by descriptive statistics.Then,take the case of baoli international government.Based on the results of current situation analysis and combining with factors such as operation status,social environment and policy background,the motivation for voluntary information disclosure of gem listed companies is analyzed.Finally,for the consequences of voluntary disclosure,this paper adopts the case study method to analyze the market reaction of voluntary disclosure to the case company.The research results show that the motivation of voluntary information disclosure of China's gem listed companies is:competition for scarce capital to meet capital needs;Show the competitiveness of the company and improve the company image;To maintain the principle of prudence and avoid litigation risks;Alleviate information asymmetry,reduce capital cost.In addition,voluntary information disclosure can generate excess earnings for listed companies on the gem,which has a positive effect on improving the stock price of the company.From the perspective of gem market,this paper analyzes the causes and consequences of voluntary information disclosure of gem listed companies through case study.In this paper,voluntary information disclosure evaluation indexes that conform to the characteristics of the gem market are preliminarily constructed,and improvement Suggestions on how to regulate voluntary information disclosure of listed companies in the gem market are proposed,which enriches relevant researches on voluntary information disclosure of listed companies to a certain extent.