The Research On Voluntary Information Disclosure Regulation Of Listed Companies In China

Coincident with the development of China’s market economy,the information disclosure system has witnessed growing development.Investors and information users require stricter requirements for the contents and formats of listed companies.Therefore,compulsory information disclosure cannot meet the demands of investors and information users,for which voluntary information disclosure system formed.Through reasonable voluntary information disclosure,the problem of information asymmetry happening between listed companies and investors can effectively be solved.For listed companies,voluntary information disclosure can not only help companies to unveil bull news but also beautify corporate image and improve the relationship with investors.For investors and information users,through the voluntary information disclosure,we can further understand the actual operation situation of the company and then make the right investment choice.Baoli International Disclosure of Violation is the first time that the CSRC has made a punishment for the illegal acts in the process of voluntary information disclosure by listed companies.Before that,the research on voluntary information disclosure regulation in China mainly adopted empirical research.The main objects of the research include the purpose,influencing factors and economic consequences of voluntary information disclosure.Data analysis can draw the relationship between the various elements,but there was no in-depth analysis of the problems in the actual supervision of voluntary information disclosure.Therefore,this paper breaks through previous research forms.The author uses case analysis to study the problems existing in the supervision of voluntary information disclosure in China with an aim to find out the problems of supervision and possible measures from this case.Meanwhile,the author hopes to provide some reference for the research of voluntary information disclosure regulation in China.In this paper,theoretical analysis and case analysis are used as the main research methods.The author takes Baoli International as an example with the aim to study and analyze the supervision of voluntary information disclosure in China.In the part of theoretical analysis,firstly,the author reviews and analyses kinds of domestic and foreign literature.Then,the author makes a concept definition and analyses thetheoretical basis.Finally,the author gives an analysis and summary of the background,the current situation of voluntary information disclosure in China and the comparison between China and the United States.In the part of the case analysis,the author introduces and analyses the whole process of Baoli’s Voluntary Information Disclosure Violation being punished by the CSRS.Through the analysis of the supervision effect and the existing problems,the author draws the following conclusions.(1)The imperfection of laws and regulations are the main problems facing China voluntary information disclosure supervision,which manifests in the unclear and significant distinction between mandatory and voluntary information.The definition of significance matter is not clear,the renewal obligation and the penalty clause are not clearly pointed out,and the pertinence is insufficient.(2)The punishment and supervision of voluntary information by the CSRS will cause negative abnormal returns immediately and large-scale and long-term withdrawal of institutional investors.The company’s business situation will be improved to a certain extent in a return.(3)Because investors’ incapable of identifying the information disclosed by enterprises,regulatory authorities’ poor supervision,as well as a serious failure of corporate governance mechanism,the corporate violates voluntary information disclosure.