Corporate Value, Voluntary Disclosure and the Process of Marketization

摘要

This paper studies the effect of corporate value on voluntary disclosure under the specific institution background in China which is characterized by the Guanxi-based economic and uneven market. It is found that Guanxi is the main source of resource and competitive advantage in the Guanxi-based economic society. Therefore, it's not significant of highvalue corporate disclosure motivation in the capital market transaction because of high proprietary costs. Moreover, there is negatively significant relationship between corporate value and voluntary disclosure. However, this is just the opposite in the higher-marketization regions. This study is helpful for us to understand the particularity of voluntary disclosure, and establish the proper standards of information disclosure in China.