【正文】 ve information, also includes the negative information。but the bad news or involved matters with a certain risk, or other seriously matters, the panies are kept silent. Moreover, many listed panies do not disclose fully credibility, hoping the investors rely on the “popular”, then to help them succeed .Chinese investors are not maturity, particularly in the processing, handling and analyzing information. Therefore, it is very difficult to judge the value of the pany through the signal transferred by the pany. The voluntary disclosure of false information Generally speaking, the voluntary information disclosure has high credibility. To the nonmandatory requirements information, managers often disclose the less likely to lead to the disclosure of risk information for reducing the risk of litigation and avoiding legal sanctions. In addition, the main motive of highquality enterprises disclosing the information to the investors is to convey the signal quality of enterprises, so as to reduce monitoring costs. Voluntary information disclosure generally has higher quality. However, the absence of ma ndatory disclosure is as strict guidelines as regulate, and authorities have the tendency of opportunism, prone to the problem of moral hazard. What’s more, the poor quality of the enterprises are based on the theory of signal transduction, transmission of false information, the voluntary disclosure of information is not the same to the mandatory information , as to undergo a rigorous audit. And voluntary disclosure of information is difficult to guarantee the quality. Content of voluntary information disclosure is not standard At present, mainly Chinese listed panies are the pulsory disclosure of information, and voluntary disclosure of information in some documents are scattered, in reality, Chinese listed panies ,disclosing voluntarily information, can not meet regulators, securities analysts and investors demand regardless of content or quality. Chinese listed panies in the voluntary disclosure of information content norms. The China Securities Regulatory Commission issued the public offerings stock, the disclosure of corporate information content and format standards of the relevant provisions of 16 in the annotated Openhere, although voluntary disclosure of information to the left of the room, but the lack of specific guidelines and the corresponding policy support, the overall level of the listed panies to disclose information voluntarily is low. Therefore, Chinese voluntary disclosure of information is worthy of paying attention and needs to be solved. 4. Improve Supervision System of Voluntary information Disclosure in listed panies As growing petition of capital in the market and the gradually standardization of legal system, there will be a growing trend of voluntary information disclosure for adapt with the plex and everchanging and highly uncertain economic environment. For the problems existing in Chinese listed panies voluntary information disclosure, and learning from the practical experience on foreign listed panies, the author makes the following remendations: Actively encourage and protect listed panies voluntarily disclose information With the gradually maturation of Chinese capital market, on the basis of the management pany pleting the mandatory disclosure of information provided voluntary disclosure of information. Therefore, the regulatorydepartments should encourage listed panies to voluntary disclosure of information, add clauses in the policies and regulations, encourage listed panies to disclose the voluntary information besides existing laws, regulations and rules, meet the investors’ growing demands. At the same time, in order to avoid some of the pany39。 Corporate governance, environmental protection and social responsibility do not have mandatory disclosure information, because of plexity from the measurement and disclosure (Derong Zhang, 2020). 3. Main problems exist in Compulsory information disclosure Low Voluntary Disclosure Rate and low initiative A number of listed panies regard voluntary disclosure of information as an additional bu