【正文】 or not, it can be the standards of judgment for the quality of reference standards. Giving full attention to the role of market intermediaries to establish the authority of the disclosure of pany information quality evaluation system Listed panies should strengthen munication with institutional investors, brokers, securities analysts and other market intermediaries. Understanding the pany39。 Third, dynamic, longterm voluntary listed panies to disclose certain information, and constantly adjusted to improve the reliability of information。s most valuable asset. Research shows that these panies were significantly better than other panies,in the abovementioned aspects of the voluntary disclosure of information。 the information disclosed voluntarily is hard to be proof the truth. Therefore, it bees more and more important to build the supervision system with voluntary information disclosure for listed panies. 1. Motivation of Compulsory information disclosure Information, the Voluntary disclosure, is the executives in listed panies on personnel benefit to disclose on own initiative. According to the economic theory of the economic man rationality, the superintendents balance the behavior and do not take, pletely based on the benefit and this behavior which is the costing. The superintendent’s decisionmaking is also based on the cost benefit analysis, if the voluntary information disclosure brings the benefit is larger than the cost, then the superintendent can carry on voluntarily disclosed, otherwise, the superintendent rather does not carry on the voluntary information to disclose, their manners will change with the cost ine relations changing. (Kai Xiang, 2021) With the China capital market gradually development, the business management authority can reduce the average capital cost, enhance the financial analyst and investor39。s financial information。s external information needs to reduce the pany39。 Second, systemic, whether listed panies from different angles, through various information disclosure to reveal the same, whether formed a distinctive pattern of voluntary disclosure of information。 Information of human resources. Under the conditions of the knowledge economy society, human capitalbees more and more important. Particularly in the high tech, highgrowth panies, employees are the pany39。s interest, enhance pany confidence level, improve investment relations, stand out pany petitive advantages, enhance pany stocks market fluidity, but also may reduce the pany’s lawsuit risk ,because the disclosure is not enough and so on, by disclosing voluntary information besides the pulsory information disclosure. The China capital market information disclosure also can gradually move to the stage of paying equal attention to voluntary and pulsory disclosure, not the simply regarding of the pulsory disclosure, the voluntary information disclosure will certainly to be the effective way,by which listed panies can demonstrate the core petitive ability, mun