Study On The Voluntary Information Evaluation Of Listed Companies In Mining Industry ——A Case Study Of Tong Petrotech Corp

In recent years,there have been incidents of false information disclosure in the capital market,such as the Fushun Special Steel,Kangmei Pharmaceutical,Zhongan eliminate backdoor fraud and other incidents.The frequent occurrence of these incidents seriously hurt the confidence of external investors,and also caused the existing corporate mandatory information disclosure system to encounter a crisis of trust.Therefore,it is very urgent to accelerate the construction of a voluntary information disclosure evaluation system for listed companies in China.This article first reviews existing research at home and abroad from four aspects: the voluntary information disclosure evaluation system,the motivations for voluntary information disclosure,the factors affecting disclosure,and the economic effects after disclosure.Then it uses principal-agent theory,signal transmission theory,efficient market theory,and The specific cost theory serves as the theoretical basis of this article.It explains the inherent motivation of information disclosure,analyzes the adverse selection problems of information disclosure,and points out the deficiencies of mandatory information disclosure.Based on the existing research and combining the characteristics of China's mining industry,a voluntary information disclosure evaluation system for listed companies in China's mining industry has been established,and based on this system,listed companies in China's mining industry from 2013 to 2018 are used as research objects in this article.Descriptive analysis,correlation analysis,and multiple linear regression analysis have empirically tested the impact of voluntary information disclosure levels on corporate performance and provided empirical data for voluntary information disclosure by listed companies in the mining industry in China.After that,this article takes Tong petrotech corp as a case company,analyzes the status of its voluntary information disclosure in detail,finds its problems after comparing with the industry,and proposes targeted countermeasures.Finally,based on the conclusions of empirical research and case analysis,this paper points out the shortcomings of this article and the prospect of future research.The main research conclusions of this article are:(1)On the whole,the level of voluntary information disclosure of listed companies in China's mining industry during2013-2018 is low,with an average score of only 40.9,but the overall trend is getting better.(2)Among all the sample companies,the best voluntary information disclosure is the mining companies listed on the Shenzhen Stock Exchange,and the worst is the GEM listed mining companies;In addition,listed companies in the mining industry in the western region have the best disclosure,and the worst are companies in the northeast.(3)The level of voluntary information disclosure by listed companies in China's mining industry has a significant positive impact on corporate performance.(4)The level of voluntary information disclosure of Tong petrotech corp has been continuously improved.The average annual disclosure score is only 38.01,which is lower than the industry average,and the quality of its various sub-index disclosures is uneven.