Empirical Research On Voluntary Information Disclosure Market Response

The information disclosure of listed companies is a way for effective communication between enterprises and investors,which carries information such as the financial status,business performance and cash flow of the company.However,as China's capital market has become increasingly prosperous,the process of external development has gradually accelerated,and the existing mandatory information disclosure system has become increasingly unable to meet the information needs of stakeholders.More and more investors are turning their attention to listed companies' voluntary disclosure of information.The promotion of voluntary information disclosure by listed companies is conducive to explaining the development potential of the company to investors,improving the liquidity of the company's stocks,making it easier for enterprises to obtain financing and reducing the capital cost of enterprises.While improving the regulatory rules for information disclosure in China,enable listed companies to communicate more effectively with investors.It is in this context that this paper starts from the two perspectives of theoretical analysis and empirical analysis,and uses voluntary information disclosure as a research topic to study the short-term market response and long-term market response of voluntary information disclosure,and select 510 A-share listed companies traded on the Shenzhen Stock Exchange during 2013-2017 as the initial samples.After screening and random sampling,the five-year data of 114 companies were used as research samples.The research shows that:(1)Voluntary disclosure of listed companies can cause short-term fluctuations in stock prices.Voluntary information disclosure will affect investors' decision-making and demand,thus affecting stock prices;(2)Voluntary information disclosure level and its quantitative dimension and quality dimension are positively correlated with excess return rate,and enhance the voluntary information disclosure level can increase the company's stock price.(3)The level of voluntary information disclosure and the quantitative dimension of listed companies are positively correlated with the value of enterprises.Improving the level of voluntary information disclosure of listed companies is conducive to the improvement of corporate value.The relationship between the quality dimension of voluntary information disclosure level and company value is not obvious.The reason for this phenomenon and the internal relationship between the two are still to be further studied.Based on the research results of this paper,this paper proposes relevant policy recommendations.On the one hand,we must start with the voluntary information disclosure system and information quality evaluation system,establish a sound information disclosure system to protect the legitimate rights and interests of listed companies,and on the other hand,improve the efficiency of the capital market,improve the corporate governance structure and strengthen external supervision,to provide favorable external protection for the promotion of voluntary information disclosure level of listed companies in China.The above suggestions aim to promote the healthy and stable development of China's capital market and enhance the enthusiasm of listed companies to voluntarily disclose information.