The Research On The Impacts Of Corporation Characteristics To Voluntary Information Disclosure

Voluntary information disclosure can improve the quality of information disclosed and reduce the asymmetry of information.It can also improve the relationship between listed companies and stockholders,while showing the company's advantage.The study of voluntary information disclosure in china is still staying at the exploring stage.This paper is about to study the effect of the company characteristics on the voluntary information disclosure.In this paper,at first,We analysised the basic theory of voluntary disclosure,elaborated on kinds of research work done by scholars both domestic and abroad.After that we designed a set of index system to evaluate the voluntary disclosure of listed companies in China.We found that the level of China's listed companies isn't high by applying it to listed companies in Shanghai. After carrying out multiple regression analysis the of it's characteristics and the level of Voluntary Disclosure of information,Come to the conclusion that following factors have significant impact to voluntary information disclosure:company size,profitability,state-owned legal person shares,the size of the Board of Directors,External audit,location.For companies with bigger size or much powerful in getting profit the level of voluntary disclosure is much higher;If the proportion of state-owned legal person shares is higher,The size of the Board of Directors is more larger,the level of voluntary disclosure of information is much higher,Listed companies located in eastern region or/which is also audited by the four major accounting auditing of the world,the level of Voluntary Disclosure of information is more higher.Study also found that independent directors and external debt failed to play active role in corporate governance,they does not improve the promotion of voluntary disclosure levels,and the chairman of the board also work as the general manager will significantly reduce the level of voluntary information disclosure.At last,we analysis the Reasons for the low level of voluntary information disclosure and the results of the regression.We think the reasons of disclose more information lies in reducing costs of agency and the transmission of signals to the outside world..