The Interests Weighting Of Voluntary Information Disclosures Of Listed Company

The information disclosure contributes to alleviating information asymmetry between theparticipants in the capital market and promotes effective disposition of the capital. Watchingfrom angle of accountant control, the information disclosure of listed company can be dividedinto compelled disclosure and voluntary disclosure. As a kind of information disclosurecorresponding to compelled disclosure, the main characteristic of the voluntary informationdisclosure lies in voluntarily offering by the listed company but not needing the control ofgovernment. Today, with the security market growing, more and more countries try adoptingvoluntarily disclose to strengthen the validity of capital market.Based on the methods of optimization of economic agent behaviors and the methods ofinformation economics, this thesis analyzes the voluntary disclosure behavior of our listedcompany and discusses how the information -dominant executives select voluntary disclosure.Then, the voluntary disclosure accords with interests of the listed company. While pursuinginterest, there may be some disclosure problems about voluntary information disclosures,suchas alternative disclosure, fuzzy disclosure , delaying disclosure and tactic disclosure ,etc.Therefore, it is necessary to carry on effective control to the voluntary information disclosureof the listed company. But this kind of control is different from government's regulationsabout compelled information disclosure. For this objective, credit appraisal system, manager-market and ex-post punish mechanism should be established which contribute to ensuring thequality of voluntary information disclosure, improve the transparency of information of thelisted company and promote the effective disposition of the capital.