Board Independence,Voluntary Disclosure And Information Asymmetry

If a company is seen as a complicated system,then board of directors will be a important subsystem in corporate governance and corporate governance structure will be the main connection mode in the system.Once corporate governance isn't reasonable,information transfer would be in trouble then leaded to decrease of information disclosure quality.On one hand,In corporate governance,proportion of state-owned shares holds the biggest ratio in ownership structure of Chinese listed companies.On the other hand,because distribution of information is not symmetrical held by investors and operators or different investors,in modern companies based on “the two powers separate",information asymmetry may leads to morals risk and reverse choice of operators.However,Chinese capital market is not complicated at present,laws and statutes pertaining to information revelation system started too late and whole voluntary disclosure with the low standard of listed companies leads to severe information asymmetry.In the surroundings,speculation insider trading happens a lot indicating a lot of speculation and it brings some hidden troubles to the healthy development of Chinese capital market.Nowadays,with the policy about army and state-owned enterprise reform,the attention over military industry in capital market.The military listed companies become a special and important force in capital market by special technical advantages.For them,unique business context and sensitivity to information disclosure are different from normal listed companies.The paper bases on previous research results and combines our actual condition of military listed companies,studies the relation between corporate governance and information asymmetry through voluntary disclosure by combining normative research and empirical study.The aim is that instructs the path to complicate corporate governance and enhance level of voluntary disclosure for military listed companies,in order to low information asymmetry,advantage them to raise money,improve operating efficiency and perfect the capital market.For regulator,the paper aims to put forward pertinent policy advice to improve the system of corporate governance and information disclosure and protect profits of investors.