An Study On The Effect Of The Listed Companies’ Voluntary Information Disclosure

With the increasing demand of investors, issues of listed companies’ voluntary disclosure become growing concerned. Especially the small board listed companies analysis arise voluntary disclosure issues more easier, due to the supervision of the Commission and other oversight bodies of them is weaker than that of the main board listed company. Listed companies’ voluntary disclosure can reduce financing costs, reduce information asymmetry with investors, establish a good corporate image, and is conducive to mature and improve the capital market. But China is not issued guidance on voluntary disclosure, the overall level of voluntary disclosure of information disclosed by the low level of supervision is also generally low, and the research in this area is also still in a exploratory stage. Therefore, this article selected 600 small board of listed companies as samples studied, and combined the ortical analysis and empirical study as the analytical methods and elaborated on the specific content of the voluntary disclosure of information, and also analysised the impact of the three listed companies to disclose the extent of voluntary information factors by way of empirical research emphatically.The article was in the foundation of the agency cost theory, signaling theory and the theory, and refer to the research results at home and abroad, and combined with the information disclosure requirements related policies of China, and established a system of the evaluation of the listed companies with China’s actual level of situation of voluntary information disclosure.The article closed five variables from three aspects,the ownership concentration, board characteristics and earnings management, and also closed company size and financial leverage as control variables.The artical did empirical research using the multiple linear regression model to find out the factors to influence the disclosure of voluntary information, and analysised the empirical results further.Firstly, the article gained the results obtained in the empirical part, and the ownership concentration and small plates of voluntary information disclosure of listed companies showed a negative correlation between the index.The results showed that the higher of the ownership concentration, the less conducive to the voluntary disclosure of corporate information.Secondly,the results obtained in the empirical part, the proportion of independent directors of listed companies with a small board of voluntary disclosure index is positively correlated, indicating the higher of the independent directors proportion, the higher disclosure of the corporate voluntary information; dual role of co-leadership structure of listed companies and voluntary disclosure is negatively correlated, indicating that the combination of the general manager and the CEO to only one person in a leadership structure is not conducive to the voluntary disclosure of corporate information; and setting audit committee is positively correlated with the voluntary information disclosure.Finally, the results obtained in the empirical part showed the earnings results of listed companies with the small board of voluntary disclosure index is positively correlated, indicating the better earnings performance were, the higher degree of voluntary information disclosed.In addition, results of this study found that,in the control variables, firm size and voluntary information of listed companies has not passed the significant validation, and the asset size had no linear correlation with the level of the company’s information disclosure,and the result indicated that the small board listed companies might discolse more information than large companies in certain circumstances. But there was another control variables that had a negative correlation with the voluntary disclosure of enterprises.The results showed that the protection awareness of our own interests creditors was not strong,.In the premise of the companies’creditors had no need of the relevant information about the information disclosure, the companies were bound to not disclose more information,and this leading to those companies who got a higher asset-liability ratio lacked the motivation of voluntary information disclosure, and thereby reduced the voluntary disclosure of information.Finally, using the results of multiple regression analysis, and combining with the specific situation of China’s securities market, respectively, I proposed some related recommendations of the disclosure of our China’s small board listed companies,such as providing policy support to the disclosure of our small board of listed companies; promoting investment diversification and optimizing the ownership structure to prevent excessive concentration of equity; perfecting internal governance structure of the small plates to ensure the quantity and quality of the voluntary information disclosure.