Empirical Study on the Determinates of Voluntary Disclosure by Chinese Listed Companies with Stock Option Awards

摘要

This paper picks 90 companies which listed at Shanghai and Shenzhen after the stock option awards management approach of listed company since 31st Dec 2005 as research objects, use the Botosan voluntary disclosure measurement method, build the voluntary disclosure measurement system. Establish the multiple regressions model which use the voluntary disclosure index(VDI) as the dependent variable, and use stock option awards proportion, concentration of shares, double position condition and share proportion of management as the independent variables, then use profitability, company size, financial leverage as control variables. Then analysis the model with SPSS, we get the result of descriptive statistics about the voluntary disclosure index and the independent variables. At the same time, we find the affecting factors of voluntary disclosure index are profitability and company size. While the stock option awards proportion and the concentration of shares just has slight influence to the voluntary disclosure index.