Research On Voluntary Disclosure Of China Listed Companies

With China capital market continuous development and maturing, Investors are getting higher and higher quality requirements of information disclosure of listed companies , Mandatory information disclosure can not fully meet the diverse information needs of investors, what they indeed need is voluntary information disclosure. In order to enhance market efficiency, Voluntary information disclosure is the supplement disclosure based on Mandatory information disclosure, Western research shows that voluntary information disclosure can improve the development of capital markets, and enhance the transparency of information, and then it can show the core competencies and competitive advantages of listed companies, enhance the company's social image and reputation.At present, domestic research is rarely associated with this issue, October 21, 2003, "listed companies' investor relations management guidelines", promulgated by the Shenzhen Securities Exchange, proposed "voluntary disclosure of information" concept the first time . Thus study the domestic listed companies' voluntary information disclosure means important theoretical and practical significance for the entire capital market development and improvement.This article is divided into the following seven parts:The article first analyzed the background of paper topics, research significance, and made a summary of the voluntary information disclosure at home and abroad research; this paper put forward the ideas and methods of this research.ChapterⅡ, From the micro-perspective, use Information Economics, game theory and other related theories, we make theoretical analysis and verification for voluntary information disclosure driver of listed companies, analyze the relationship between Mandatory disclosure and voluntary disclosure, the costs and benefits of voluntary disclosure.ChapterⅢ, we make an full illustration for voluntary disclosure, from its meanings, channels, influencing factors, Measurement and main drivers.ChapterⅣpresents and makes an analysis for the voluntary disclosure status.ChapterⅤgives an analysis for the international differences of voluntary disclosure, comes to a classification and evaluation methods for voluntary disclosure. In this chapter, we analyze the Influencing factors of voluntary disclosure.ChapterⅥare ideas about how to implement voluntary disclosure in the future, this chapter conceived specific methods for voluntary disclosure from listed companies operation and related sector-led, when voluntary disclosure is underway, related departments should draw lessons from the practice of developed capital markets and guide in system, application of information technology, reference in content, support in environment, regulation in implementation, at the same time, they should ensure voluntary disclosure and its information quality.ChapterⅦis the conclusion and new ideas of this research.