Research On Disclosure Of Chinese Listed Corporate Governance Information

As Chinese capital market matures, companies' corporation governance disclosures are being taken more seriously. Foreign scholars have done lots of studies on corporation governance disclosures, but internal scholars have done a little on those, especially on empirical research. Because of the affection of unique economy environment,economy development and traditional culture, listed Chinese companies' corporation governance has some unique feature, so many foreign research results on voluntary disclosures are not fit for listed Chinese companies efectively. Then, this paper empirically examines the linkages between corporation governance and the characteristic of companies and the extent of disclosures in annual reporting provided by listed Chinese companies.This study is based on a sample of 110 listed Chinese companies from 2003 to 2005 on either Shanghai or Shenzhen Stock Exchang. We choose corporation governance and the characteristic of companies as arguments,and the extent of the listed companies' corporation governance disclosure is measured in corporation governance disclosure index,and the corporation governance disclosure index is scored by 46 information items including mandatory disclosure items and voluntary disclosure items. Through the linear multiple regression equation,we find that firm size, firm profitability, ownership concentration, CEO duality and the proportion of independent directors to total number of directors on the board are the factors that affect the listed Chinese companies' extent of total corporation governance disclosure,meanwhile, firm size, firm profitability, CEO duality and the proportion of GA (government agencies) ownership are the factors that affect the listed Chinese companies' extent of voluntary corporation governance disclosure. We also find that the extent of total corporation governance disclosure grows steadily,it indicates that the information transparency of listed Chinese companies is improved. The listed Chinese companies' extent of mandatory disclosure and voluntary disclosure grows steadily,however, the listed Chinese companies' information disclosure is based mainly on mandatory disclosures, there is not enough driving force to disclose voluntary information for companies, so the mandatory disclosures and the voluntary disclosures are not harmonious. After research,we put forward the relative policy advice.