Signaling Theory And Information Disclosure

Along with the development of security market, voluntary disclosure is receiving more attention from the investor, supervising department and listed company . Voluntary disclosure information refers to the information which the listed company publishes on the basis of certain motive except mandate disclosure . With the rapid development of the signaling theory in the past 30 years, it has shown the inherent mechanism of voluntary disclosure for us. Signaling theory thinks that there exist obvious information asymmetry between the investor and listed company, when the investor can't get complete information of the company, and they can't distinguish the quality of the company ,they will only pay stocks of the company with the average price. Therefore, under the situation market effective and that the manager keep the same interests with shareholder's , the manager of the company with fine quality has encourager to voluntary disclosure, Because disclosure can improve market value of the company , thus corresponding improve their own returning . Besides, this kind voluntary disclosure can be a piece of benign cycle courses, enterprises have encourage to voluntary disclosure , in order to distinguish itself from " more poor" enterprise left.Through the statistical analysis to the data, we can find , the overall level that the listed company of our country voluntary disclosure is still on the low side at present. Behave in two aspects: The first, the project of voluntary disclosure is few . According to the statistics, the average disclosure value index of the listed company's is only 0. 40, the distance form the best disclosure is far. Second, It is on the low side for voluntary disclosure on the content of information of project. To the project of voluntary disclosure , most ones that choose the peripheral, superficial information to disclosure , and avoid those central, key, quantitative information , thus weakenned the dependence of the information greatly.The empirical examining has found, the first, the degree of company 'svoluntary disclosure relates to the industry that the company belong to . There is remarkable difference of company 's voluntary disclosure in different industry. This kind of difference of voluntary disclosure among industries is systematic, but not the peculiar behavior of a certain company. For example, the company of IT trade volunteers to publish more information in report. Second, the degree of voluntary disclosure relates to the kind of the company issues stocks. Comparing to the company only issues domestic , the listed company issueing domestic and external listed stock at the same time inclines to voluntary disclosure even more.