The Research On The Relationship Between Listed Companies’ Voluntary Information Disclosure And The Enterprise Value

The inherent limitations of mandatory information disclosure systemmake the lack of effective supply to investors’ demand for information.Listed companies should carry out voluntary information disclosure to meetinvestors’ demand more fully, which is an effective way. The paper studiedthe relationship between listed companies’ voluntary information disclosureand its enterprise value, which has important theoretical and practicalsignificance for improving listed companies’ activity in the voluntaryinformation disclosure and promoting the healthy development of capitalmarket.The paper first designed a set of system to evaluate the level of listedcompanies’voluntary information disclosure on the base of actual conditionsin China combined with comprehensive analysis on mature researchachievements. The evaluation index system was used to score the100samples’ voluntary information disclosure in2009and2010which wereselected for the empirical research through the method of content analysis,and then the index (VDI) was calculated to reflect the level. For a more comprehensive understanding of listed companies’voluntary information disclosure, the multiple regression model wasdesigned for the empirical research to test factors affecting VDI in China.The results showed that a significant positive correlation existed betweenVDI and the state ownership, the return on net assets, the company size, thatis, these three were the most important factors to impact the level of listedcompanies’ voluntary information disclosure in China from the paper’sconclusion.The ultimate goal of the paper is the empirical research of therelationship between voluntary information disclosure level and enterprisevalue. In this study, Tobin Q was selected as the index to indicate corporatevalue, and asset-liability ratio, company size and cash dividends per shareare selected as control variable. The empirical results showed a significantpositive correlation existed between them, and this had an instructivemeaning for encouraging listed companies to disclose voluntary informationactively.