Voluntary Disclosure Influencing Factors: Evidence From the "Hudongyi" Social Platform

Scholars always study the influencing factors of voluntary disclosure through periodic reports. This article selects "Hudongyi" social platform represent the firm's willingness of disclosure. Through the observation of hundreds of thousands of information, this paper finds that "Hudongyi" answers are positively affected by the performance and size of firms and negatively affected by financial leverage, proportion of independent directors, ownership concentration and state-owned property of firm. This research has reference to formulate the standards of information communication and disclosure based on new media and to promote healthy development of the capital market.