Research On The Correlation Between Voluntary Disclosure And Enterprise Value Of Listed Companies

In the capital market, the separation of ownership and business of the modern enterprise system caused the asymmetry of information between the investor and the listed companies, the information asymmetry phenomenon may lead to the "adverse selection" of investors before signing and the "moral hazard" of the management authorities after signed, and "insider control" behavior. Those affect the operation of capital market fairness, which leads to the low efficiency of capital market allocation of resources. While the quality of information disclosure can reduce information asymmetry phenomenon, reduce the generation of "adverse selection" and "moral risk" possibility, fair market decision-making behavior, improve investment efficiency, promote the company’s sustainable growth, and enhance the market value of the company. According to whether the subject to be controlled, Information disclosure can be divided into mandatory disclosure and voluntary disclosure of information, but with the improvement of the capital market, competition intensifies day by day, the single traditional mandatory disclosure of information has been unable to meet the growing investor diversification decision requirement, and voluntary disclosure of information, as a deepening and complement of mandatory disclosure, through to the capital market transfer of the company’s future development prospects, strategic planning and the core competitive advantage of information, more and more become the important means of the managers of listed companies to show their own strength, to attract investors, improve the efficiency of investment and corporate value. Therefore, in today, the capital market competition intensifies day by day, investors decision information needs of an increasingly diverse, strengthen the voluntary disclosure of information of in-depth study, it may be said is "forced", to perfect the system of listed companies’information disclosure in capital market, to promote the sustained and healthy development is of great theoretical and practical significance.This paper is divided into five parts:the first part is the introduction. Elaborating the research background, research significance, detailed the domestic and foreign existing research. Domestic and foreign scholars’research results on the voluntary disclosure of information mainly concentrated on two aspects, the influence factors and economic consequence. This article research belongs to one of the economic consequence caused by voluntary information disclosure, namely the correlation of the enterprise value and research. At the same time, this part introduce the research methods and the ideas. The second part firstly introduces the voluntary information disclosure and corporate value of related concepts, and analysis voluntary information disclosure from the principal-agent theory, information asymmetry theory and signaling theory, finally on voluntary information disclosure influence enterprise value function and mechanism are described. In the third part, China’s voluntary information disclosure index system and overall characteristics were described, drawing lessons from abroad compare mature index system and combining with China’s securities market characteristics design their own voluntary disclosure of information quantity evaluation index, and the introduction of Shenzhen information quality ratings as the voluntary information disclosure quality evaluation index, the two multiplying the voluntary information disclosure level indicators, and then on the voluntary information disclosure of listed company’s overall characteristic analysis. The fourth part for the voluntary information disclosure and corporate value an empirical study on the relationship in2010, SZSE selected data from145listed companies as samples, establish voluntary information disclosure and corporate value relevance study model, using SPSS software to model the regression testing, the results show that the level of voluntary information disclosure and corporate value significantly correlated. In the fifth part, the conclusion of this paper are summarized, and the research conclusions of the relevant policy suggestions are also put forward in this paper, the insufficiency of research and prospect.This paper studies innovation and characteristics lies in:first, this article does some research on the correlation between voluntary information disclosure and enterprise value based on information disclosure’s impact on enterprise value, different from the previous takes enterprise value as the influencing factors of voluntary information disclosure research angle. It enriches our country’s existing voluntary information disclosure theory and has important theoretical and practical significance on the development and perfect of China’s capital market. Secondly, in addition to the existing number of evaluation index, on the voluntary disclosure level of listed company to measure, also introduces the SZSE listed on the company’s information disclosure assessment results as the voluntary disclosure of information of the quality evaluation index, more fully reflected the level of voluntary information disclosure of listed companies.