An Empirical Study On Factors Of Family Listed Companies’ Voluntary Information Disclosure

In early twenty-first Century, The information became more and more important. At the same time, a series of huge accounting fraud scandals, such as "Enron event" and "Worldcom event",that shows the market for enterprise internal information disclosure system of controls is relatively weak. In relation to the compulsory disclosure, voluntary disclosure as a more active external disclosure reflects a business in a responsible manner. Since the reform and open-up, family firms have been developing fast under the support of the government. Some of them choose to finance by issuing stock. What is the difference between family and non-family enterprises on the voluntary information disclosure? For this reason, this article uses family listed companies in our country as a study sample, selects voluntary disclosure as a research topic, to study the influence factors of information disclosure of listing Corporation.The paper has five main chapters. In the first chapters, we discuss the background and significance, content and the innovation of research methods and thesis, and this chapter has conducted this study’s necessity and feasibility. In the second chapter we reviewed and analyzed the existing research literature carefully to clear the problems aforementioned and provided the basis and foundation for following research. In the third chapter, firstly we describe voluntary information disclosure of development course. Secondly, we describe voluntary information disclosure system of established. Lastly, we describe concept explanation basis. In the fourth chapter, the empirical study on factors influencing the voluntary disclosure of family listed companies. This part is the important part of this article. And this article established three model to study the topic. The article’s main conclusions of the study:(1) the family managers who involved in the management will influence the family listed companies’s voluntary information disclosure.(2)Controlling family control over the proportion of listed companies is positively correlated with the degree of voluntary disclosure, that the controlling family control over the proportion of listed companies is one of the factors of the information disclosure of listed companies.(3)Relative to the non-entrepreneurial family business, entrepreneurial family business, the degree of voluntary disclosure, whether in terms of quantity and quality are higher, that the family of listed companies is the entrepreneurial family also affect the degree of voluntary disclosure.(4)The overall level of voluntary disclosure of the family of listed companies in China is not high, In the last chapter, through the horizontal and vertical comparative analysis on family firms, I get the conclusion on the character of the performance in the family firms’ information disclosure, and proposed advice on the supervision of the information disclosure behavior in family firms.The main contribution of this paper:First, this paper choose the measure of voluntary information disclosure level variables including quality index, quantitative index and the cross of the two indicators, which can more detailed statement of the voluntary information disclosure level, and increase the comprehensiveness and accuracy of research results;Second, in order to study the problems of the voluntary disclosure of information, in this paper family of listed companies are divided into Innovative family business and non-innovative family business.the paper is trying to test both the extent of voluntary disclosure; This paper defined entrepreneurial family businesses that it must to meet the following two conditions:(1) the way of privatization is direct listing, which is controlled by a natural person at the beginning;(2) the actual controller of listed companies act as the chairman or general manager.