摘要
Abstract
Based on investor protection,this paper establishes the voluntary disclosure index system of China's listed companies which contains four aspects,namely governance structure,governance efficiency,stakeholders and risk control.The evaluation system includes four first-level indicators and 31 second-level indicators.Based on the evaluation system,it calculates and ranks the voluntary disclosure index (CCVDIBNU) of listed companies from Shanghai and Shenzhen Stock Exchange Markets using data of 2013 and 2015,and then it evaluates CCVDIBNUfrom multi-aspects including the region,the industry,ownership and the public sector. Finally,it verifies the market effectiveness of CCVDIBNUfrom the perspective of information usefulness.Findings are as follows.Firstly,the overall voluntary disclosure level of China's listed companies is very low.Secondly,characters like the region,the industry, the ownership and the public sector have a certain influence on CCVDIBNU.Thirdly,CCVDIBNUis informative,which can significantly reduce stock price synchronicity,and this effect is more significant in non-SOEs which may face more financial constraints.关键词
自愿性信息披露/自愿性信息披露评价/自愿性信息披露指数/市场有效性Key words
voluntary disclosure/voluntary disclosure evaluation/CCVDIBNU/market effectiveness分类
管理科学
