| Information disclosure is a bridge and link connecting the internal management of an enterprise and external investors.On the one hand,voluntary information disclosure deepens the mandatory disclosure of information,on the other hand,voluntary information disclosure increases the risk of information leakage.As my country’s strategic emerging industries,listed companies in software and information technology service industries are often cautious in choosing voluntary information disclosure due to technology spillover effects and intellectual property protectionism.With the increasingly fierce competition in the industry,some companies have been punished for illegal disclosure,which has gradually attracted widespread attention to the level of voluntary information disclosure in the industry.This article first reviews existing domestic and foreign research from three aspects:voluntary information disclosure motivation,evaluation system,and influence effect,then uses efficient market theory,signaling theory,and specific cost theory as the main part of this article.Based on the theoretical basis,analyze the possible selective disclosure behavior of enterprises.Because competitors may use the information to bring costs to the company that discloses the information,companies have selective disclosure of information that is not related to core business secrets.On the basis of existing research,combined with the characteristics of fierce competition environment,rapid technology update and high R&D risk in software and information technology service industry,Constructing a Voluntary Information Disclosure Evaluation System for Listed Companies in my country’s Software and Information Technology Service Industry.According to this system,taking the listed companies in the software and information technology service industry from 2015 to 2019 as the research object of this article,we analyze the overall voluntary information disclosure level of the industry and the disclosure level of various dimensions,and use regression method to empirically test the impact of voluntary information disclosure level on financial performance,it provides empirical data for the voluntary information disclosure of listed companies in the software and information technology service industry.Relying on the industry,select Tianli Technology as a case company to test the correlation between its voluntary information disclosure,mandatory information disclosure,and financial performance,so as to deepen the reliability of the data and the persuasiveness of the industry empirical results.Then Analyze its voluntary information disclosure in detail and compares it with the industry to find its existing problems and propose targeted countermeasures.Finally,points out the conclusions and shortcomings of this paper.The main conclusions of this paper are as follows:(1)The level of voluntary information disclosure of listed companies in the software and information technology service industry in our country during 2015-2019 was not high,with an average score of only 51.62,but showing a trend of continuous improvement.(2)In terms of various dimensions,the level of voluntary information disclosure in the industry is good in terms of governance structure and governance efficiency,but poor in terms of innovation information,stakeholders,and risk information.(3)The level of voluntary information disclosure of listed companies in the software and information technology service industry has a significant negative correlation with financial performance.(4)Tianli Technology’s voluntary information disclosure shows a clear growth trend,but the overall situation is not good,with an average annual disclosure score of only38.85. |
