1、 1 毕毕 业业 论论 文文 题目：上市公司自愿信息披露问题研究 I 摘 要 随着中国资本市场不断发展与日趋成熟， 投资者对上市公司信息披露所要求的水 平与质量越来越高，强制性信息披露并不能完全满足投资者多样化的信息需求，需更 多的自愿性信息披露。 自愿性信息披露是在原有强制性信息披露的基础上为了增加市 场有效性而进行补充披露。西方的研究表明，自愿性信息披露既可完善资本市场的发 展，又可增强信息的透明度，从而揭示上市公司的核心能力和竞争优势，提升社会形 象和声誉。而目前中国的相关研究却较少涉及此类问题，2003 年 10 月 21 日深圳证 券交易所颁布的上司公司投资者关系管理指引中首次提出了
2、上市公司“自愿性信 息披露”的概念。因此，研究中国上市公司自愿性信息披露对整个资本市场的发展与 完善， 有着极其重要的理论和现实意义。 本文论述了上市公司自愿性信息披露的定义、 内容、影响因素和披露的途径，对上市公司自愿性信息披露的价值进行了分析，研究 了我国上市公司自愿性信息披露的现状及所存在的问题， 并对未来完善我国上市公司 自愿性信息披露提出了构想。 关键词：上市公司，自愿性信息披露，价值分析，资本市场，投资者 II Abstract With the continuous development and maturing of Chinas capital market, invest
3、ors increasingly require the listed companies of higher quality and standard of information disclosure. Compared with mandatory information disclosure, which can not fully meet the investors needs of diverse information, more voluntary information disclosurethe supplement disclosure based on the for
4、meris needed so as to improve market efficiency. According to western studies, the latter can enhance the transparency of information as well as the perfection of capital market, then reveal the listed companies core competences and competitive advantages and enhance their social status and reputati
5、on. However, current domestic researches are seldom associated with this issue. On 21st, Oct, 2003, the concept of voluntary information disclosure was first mentioned in Investor Relations Management Guidelines for Listed Companies, promulgated by Shenzhen Securities Exchange. Thus it is theoretica
6、lly and practically significant to study the domestic listed companies voluntary information disclosure for the growth of entire capital market. This paper discusses voluntary information disclosure from the aspects of its definition, contents, influence factors and ways of disclosure and analyses its value. It investigates the status quo and open questions of voluntary disclosure of information of domestic listed companies and has a conception of future development in this area. Ke
