【正文】 rden, rather than a kind of obligation or the right, which should be given to the shareholders. Thus they will be passive to disclose the information, that’s to say, they will take less disclosure as less as possible. With time going by, the concept of this understanding is accepted by people, so that the deviation in the information disclosure makes listed panies in a passive response. The main reason is that the listed pany is too worry to tell the public the secret in its management, and thus the disclosure of information creates a psychological fear and evasive to them. Lack of integrity of Voluntary information disclosure Today, Chinese listed panies’ practice of disclosing information voluntarily is not satisfactory. Many listed panies are reluctant to disclose, and some listed panies only disclose the pany39。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。 Information municated with the market intermediaries and investors or the evaluation information from them。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, municate with the stakeholders, and describe the pany future. (Xianzhong Song, 2020) 2. Content of Compulsory information disclosure Listed panies, with voluntary to disclose the information is refers to corporate image, the investor relates, avoid lawsuit risk except for the pulsory information disclosure. Learning from foreign listed panies’ experience of disclosing information voluntarily , and according to the situation in China, the listed panies voluntary disclosure of information include: The forwardlooking information, based on the pany39。A Study on the Supervision System with Voluntary Information Disclosure in Chinese Listed Companies Abstract The voluntary information of listed panies is based on corporate image, the investor relates, which is to avoid lawsuit risk besides the pulsory information disclosure. The information, which the panies disclosed on their own initiative, is the important part of disclosure information. It is an effective way that demonstrates their core petitive ability. The author analyzed the problems on voluntary information disclosed, which existed in Chinese mainland listed pany, proposed the suggestion of constructing supervision system which listed panies voluntary information to disclose. *Keywords: Listed panies, Compulsory information disclosure, Voluntary information disclosure, Supervision System As the expansion of the increase of the number of listed panies and the increasingly drastic market petition,the petition has bee more difficult in more and more listed panies. In order to catch the scarce resourcethe capital, panies tend to choose the way of Voluntary information Disclosure. Listed panies,with voluntary to disclose the information refers to corporate image, the investor relation, avoid lawsuit risk besides the pulsory information disclosure. However, the supervision system is not good enough。 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 an