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The Research on the Influencing Factors of Voluntary Information Disclosure of Listed Companies

Author: HouLiXin
Tutor: LiQing
School: Jilin University
Course: Accounting
Keywords: Listed companies Voluntary information disclosure Legal environment Corporate governance Financial characteristics
CLC: F233
Type: Master's thesis
Year: 2010
Downloads: 311
Quote: 0
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Abstract


In recent years, voluntary information disclosure of listed companies has been much concerned. China’s securities regulatory authorities and relevant departments continue to encourage listed companies to promptly take the initiative to conduct a voluntary disclosure. Listed companies disclosure voluntary information can optimize the corporate governance structure, improve corporate image and protect the interests of investors, improve relations with investors. In word it does well for the effective development of the capital market. But the level of voluntary information disclosure is still very low. There are some problems such as a lot of the content of the disclosure is only a mere formality, there is no substantive content; disclosure form is very single; disclosure of content is not sufficient and so on. The study of Chinese scholars for the voluntary information is still in the exploratory stage. They select different factors and get different conclusions and with development of Capital Market information disclosure change constantly. Therefore, this article selected the listed company of petroleum, chemical, plastics, the plastics industry (c4) of 2008 as the research object, which belong to manufacturing industries to analysis and test which factors affecting the degree of voluntary information disclosure.The paper base on agency theory, information asymmetries and signal theory, using content analysis to establish a set of voluntary disclosure level index system .Then I use multiple linear regression model and logistic regression model to test voluntary disclosure affecting factors. The paper has 5 chapters: Chapter I is introduction, presented this research background, purpose and significance, the methods applied, as well as the overall framework of the article. Chapter II is Theoretical. In this, Analyze the theoretical foundation, from the disclosure of motivation, index design, influencing factors summarized in three areas to compare Chinese and foreign scholars studying. Chapter III is the study design, it using content analysis, build a index system including 30 indicators; Then, from the legal environment, corporate governance, corporate financial characteristics select 13 variables to put forward hypothesis and establish of regression model. Chapter IV is Empirical results and analysis including descriptive statistics、correlation analysis and regression model result. The study found: Voluntary information disclosure of listed companies scoring an average of 23.09, the total is divided into 60 points; the overall level of information disclosure is not high, strategic information and the disclosure of financial information are better than non-financial information disclosure. Listed Companies making a voluntary disclosure of information has a strong tendency to choose historical information but little about the predictability information and lack of visual and image characteristics. Factors likes legal environment, the proportion of independent directors, the chairman of board also work as the manager, board stakes, size of company and earning per share have a significant influence on the degree of voluntary information disclosure. Legal environment can make the governance of listed companies more standardized and improve the level of information disclosure. Independent directors in corporate has played a supervisory role. The chairman and general manager of two grade-one is not benefit for a higher level of information disclosure, size and eps positively related to voluntary information disclosure. Numbers of the Committee only significantly correlate with the degree of non-financial information disclosure. The proportion of tradable shares and the nature of the controlling shareholder do not have significant impact on voluntary disclosure. The diligence of directors, financial leverage level and firm of accountants is not significant corrected with voluntary information disclosure. Chapter V summarizes the main conclusions and inadequate.This paper’s mainly contribution is reflected as follows: Firstly, using content analysis establish a set of voluntary disclosure level index system ;Secondly, from the legal environment, corporate governance, corporate financial characteristics three areas select 13 variables to study the voluntary information disclosure. In particular, very few scholars studied the legal environment impacting on voluntary information disclosure.

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