Corporate Value,Voluntary Disclosure and the Process of Marketization:Based on the Disclosure of the Qualitative Information
研究中国关系型经济背景下企业价值对自愿性信息披露的影响，发现高价值企业因专有成本高而披露动机弱，但在市场化程度高的地区则相反。
This paper studies the effect of corporate value on the 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 high-value corporate's 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.