A Research On Voluntary Informationdisclosure Of China Listed Company

In recent years, China’s securities market formed a combination of voluntary and mandatory disclosure system gradually. The Shenzhen stock exchange information disclosure from the rating results of listing Corporation information disclosure in China has been greatly improved, but it is not difficult to find the listing Corporation voluntary information disclosure has a lot of problems. Along with the development of economy, the change of the information needs of investors, voluntary information disclosure as an important supplement of mandatory information disclosure is particularly important. So this article deeply analyze the present situation of voluntary information disclosure of listed companies in our country and the reasons. And it hope to put forward suggestions to improve the present situation of voluntary disclosure from the perspective of theory.Principal agent and signaling theory explain the essence of motivation of voluntary disclosure, proprietary cost theory explains the factors of voluntary disclosure. Voluntary disclosure of information in the three on the basis of the theory. The theoretical research in China has made certain achievements in the disclosure of the contents, economic consequences, motivation, influencing factors, measure index. This paper first analyzes the related theory of voluntary information disclosure in China, mainly including the definition of the concept of voluntary disclosure, disclosure motivation, influencing factors, China and USA voluntary information disclosure system and the content of the comparative analysis of four aspects. The analysis of the theory that investors and the public more in-depth understanding of voluntary disclosure behavior, but also for the status quo after analysis support. Then this paper comprehensive use of descriptive statistics, comparative analysis, content analysis, combination of qualitative and quantitative analysis of the current situation of voluntary disclosure. This paper selected from 2011 to 2014 issued interim announcement and in 2013 160 listing Corporation annual report as the research object. Analysis of the temporary announcement is issued interim announcement number, the number of companies, issued three aspects of industry distribution; annual report mainly through using the related research results and combined with the annual report disclosure format requirements 2012 amendments, the establishment of voluntary disclosure index, quantitative analysis, information disclosure degree of overall classification score rate different industries, on the content of disclosure, disclosure; disclosure form mainly adopts the method of qualitative analysis. The results show that the overall disclosure will increase, but there is still a low level of disclosure disclosure; selective preference; disclosure of poor quality problems. The combination of theory and practice analysis of the causes of these problems are the lack of voluntary information disclosure guidelines, lack of protection and supervision mechanism, the listing Corporation governance structure is not perfect and investors is not high on voluntary disclosure of information needs. Finally, in order to improve the status of voluntary disclosure, first proposed as soon as possible including voluntary information disclosure guidelines four aspects of aim, principle, content, disclosure of the platform and the way. Voluntary disclosure is to provide decision-making services; to need to follow the cost-benefit principle first, taking into account the authenticity, fairness, timeliness, relevance, integrity of the six basic principles; choice of information disclosure include financial analysis information, the core competitiveness of the information, forward-looking information, social responsibility information, strategic information, stock price change information; disclosure platform should be the traditional media and new media combination; disclosure by an independent analysis of report form, and suggested the comprehensive use of charts and other methods. Secondly, we should establish a mechanism for the protection and supervision of the voluntary disclosure, mainly through exemption protection and civil liability system, the establishment of voluntary information disclosure rating system and other means. Again by the board of directors to improve the system and optimize the ownership structure to improve corporate governance structure. Finally, to increase the training of education to individual investors and institutional investors.