Study On Motivation And Effect Of Borunte's Voluntary Disclosure Of Operation Information

The conditions for enterprises to list on the New Third Board are relatively loose,requiring only stable and sustainable operation capabilities,and no specific requirements for the size and profitability of the company.This promotes the quality of information disclosure of the stakeholders in the NEEQ market.In this context,investors and other stakeholders have not only satisfied the disclosure of mandatory information,but also focused on voluntary disclosure.On December 1,2017,Guangdong Bo Lang Te intelligent equipment co.,LTD.took the initiative to disclose the main products of the production and shipments in November,the national small and medium-sized enterprises listed company information disclosure rules for stock transfer system regulation innovation layer listed company shall disclose the periodical reports including annual reports,semi-annual report,quarterly reports,no monthly report,in fact,active disclosure monthly report in the a-share market is very rare,so the company Bo Lang Te so efficient motivation of voluntary disclosure of information and the market reaction is worth our study.This paper combines the theoretical part with the case study to explore the motivations and effects of Bronte's voluntary disclosure of business information.On the basis of consulting a large amount of documents,based on the effective market hypothesis,asymmetric information theory and Signaling Effect theory,and theoretically analyzing the motivation of the company to voluntarily disclose operation information,combined with the case study the economic consequences of voluntary disclosure of operation information,The event research method,the market performance change represented by the short-term cumulative abnormal return rate and stock trading volume after voluntary disclosure of business information,the change in sales volume and shipments in the product market,and the overall analysis of the post-financial situation of the enterprise,the economic consequences of voluntary disclosure of business information,through these economic consequences,verification whether it has reached the expectations of our theoretical analysis of the motivations.The theoretical part believes that the motivation for the voluntary disclosure of information by the New Third Board Company is mainly to reduce the company's capital cost,improve the company's stock liquidity,increase the company's value,improve the company's information integrity,and improve the corporate governance structure.In the case study,through the analysis of the short-term reaction of the company's capital market,the changes in the sales volume of the product market,and the financing situation of the company in the future,it is concluded that Bronte's voluntary disclosure of operation information has enabled investors to obtain positive cumulative anomalies.The rate of return increases the wealth of shareholders;in the short term,it increases the sales volume of the company's main products,manipulators and robots;the company's financing situation also has a positive effect,the amount of stock financing increases,supplementing the company's future production,research and development,etc.With sufficient liquidity,All in all,Bronte's voluntary disclosure of operation information has a positive effect on the company's future development.