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Procedia Computer Science 112 (2017) 1692–1700

International Conference on Knowledge Based and Intelligent Information and Engineering

International Conference on Knowledge
Systems, KES2017, Based and 2017,
6-8 September Intelligent Information
Marseille, France and Engineering
Systems, KES2017, 6-8 September 2017, Marseille, France
The Correlation Research between Voluntary Information Disclosure and Corporate
The Correlation Research
Value ofbetween Voluntaryof
Listed companies Information
Internet of Disclosure
Things and Corporate
Value of Listed
Su companies of Internet
weiling*, Fang xin of Things
Su weiling*, Fang xin
College of Economics and Management, Dalian University
No. College
10, Xuefu
of St., Jinzhou and
Economics NewManagement,
District, Dalian116622, P.R.China
Dalian University
No. 10, Xuefu St., Jinzhou New District, Dalian116622, P.R.China

Abstract
Abstract
The paper chooses the voluntary information on the annual reports and social responsibility report from 2011 to
Theofpaper
2015 chooses
the listed the voluntary
companies information
of Internet on the
of things annual
(IOT) reports
in China and social
Shenzhen as responsibility report Based
the research object. from 2011 to
on the
2015 of the listed companies of Internet of things (IOT) in China Shenzhen as the research object. Based
enterprise life cycle theory, this paper uses empirical analysis method to study the correlation between the level of on the
enterprise life
voluntary cycle theory,
information this paper
disclosure and uses empirical
corporate valueanalysis
of IOTmethod
listedtocompanies,
study the correlation between
and establishes thethevoluntary
level of
voluntary information
information disclosure
disclosure level and index
evaluation corporate value
system. of IOT listed
In conclusion, companies,
the corporate andis establishes
value the voluntary
positively correlated with
information
the voluntarydisclosure level
information evaluation
disclosure index
levels of system. In conclusion,
IOT listed companies in thestart-up,
corporate valueand
growth is positively correlated
maturity period, with
while it
the voluntarycorrelated
is negatively informationin disclosure levels of IOT listed companies in start-up, growth and maturity period, while it
recession period.
is negatively correlated in recession period.
© 2017 The Authors. Published by Elsevier B.V.
© 2017 The Authors. Published by Elsevier B.V.
© 2017 The Authors.
Peer-review Published by
under responsibility
responsibility of Elsevier B.V.
KES International
International.
Peer-review under of KES
Peer-review under responsibility of KES International.
Keywords: IOT listed companies; voluntary information disclosure; corporate value
Keywords: IOT listed companies; voluntary information disclosure; corporate value

1. Introduction
1. Introduction
In recent years, with the rapid development of science and technology, IOT has appeared the strong vitality with
In recent
setting years,
off the thirdwith the rapid technology
information developmentrevolution.
of scienceIOT
and is
technology,
based on itsIOTextensive
has appeared the strong
coverage of thevitality with
networking
setting off
industry andthe
thethird information
intelligent technology
core concept. It is revolution.
regarded as IOT is based
a driving forceonto its
getextensive
rid of the coverage of theand
financial crisis networking
promote
industry and
economic the intelligent
recovery, corewhen
especially concept.
it is Itafter
is regarded as a driving
the outbreak force tofinancial
of the global get rid of the financial
crisis crisis and
in 2008. Around thepromote
world,
economic
the recovery,
researches of IOT especially
are rarelywhen it is on
focused afterthethe outbreak of
networking the global
industry financialdisclosure
information crisis in 2008. Around
research, but the world,
mainly on
the researches
networking of IOTbusiness
industry are rarely focused
model on the networking
development, enterpriseindustry information
value evaluation, thedisclosure
growth of research,
the companybut mainly
as well on
as
networking
the industry
networking business
application modeland
features development,
other aspects enterprise value evaluation, the growth of the company as well as
of the content.
the networking application features and other aspects of the content.
* Corresponding author. E-mail address: 350284944@qq.com
* Corresponding author. E-mail address: 350284944@qq.com

1877-0509 © 2017 The Authors. Published by Elsevier B.V.

1877-0509
Peer-review©under
2017responsibility
The Authors. of
Published by Elsevier B.V.
KES International.
Peer-review under responsibility of KES International.

1877-0509 © 2017 The Authors. Published by Elsevier B.V.

Peer-review under responsibility of KES International
10.1016/j.procs.2017.08.192
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Su Weiling, Fang Xin/ Procedia Computer Science 00 (2017) 000–000

Voluntary information disclosure can transfer the information of the company's core competition and social
responsibility to investors in the capital market, especially for the high-tech industry of listed companies like IOT,
which is to show their strength, attract investors, an important means to further enhance the corporate value. At
present, the market is becoming increasingly competitive. Thus, investors are increasingly concerned about the
voluntary information disclosure of listed companies, which makes the research of IOT listed companies’ corporate
value enhancement through voluntary information disclosure much more significant. From the perspective of
enterprise life cycle, this paper will study the relationship between voluntary information disclosure and corporate
value of listed companies in order to enrich the relevant theoretical research and promote practical guidance to
enterprises.
Voluntary information disclosure refers to the listed companies based on the motivations as revealing company
value, reducing financing costs, and avoiding litigation risks. It discloses the information initiatively, timely, and
accurately, instead of the mandatory information disclosure, which has a strong autonomy. Thus, most scholars tend
to study the motivations, content and influencing factors of voluntary disclosure.
In the study of the relationship between voluntary information disclosure and corporate value, Diamond and
VerreccWa(1999) and Ronnie Sadka(2011) based on the basis of theoretical analysis and research, to verify the high
quality information disclosure level can effectively reduce the degree of information asymmetry, and prompting the
company's stock trading volume increased, and then enhance the corporate value1,2. Rahman(2002) from the
perspective of corporate governance, results show that the increase of voluntary disclosure level can contribute to the
formation of reputation incentive, which can not only realize the indirect external corporate governance, but also can
enhance the value of the company3. Wesley(2004) and Han Haiwen and Cui Gang(2009) all studied the quality of
voluntary information disclosure and the market value of the company, and reached a similar conclusion that the
quality of voluntary information disclosure was positively correlated with the value of the company, and strong
profitability of the company is more willing to disclosure voluntary information4.Chen Guohui and Han
Haiwen(2010) use the event research method to test the long term and short term value effect of voluntary
information disclosure by the multiple regression model constructed by the 173 listed companies of A shares in
Shenzhen stock exchange. The results show that the level of voluntary disclosure of information in the short term
can deliver more effective information to investors, and affecting investor decision-making. In the long term, it can
not only help to reduce the capital of information disclosure, but also can improve corporate governance efficiency
and corporate value5. Li Jiaojiao(2011) found that the grey correlation degree between the corporate voluntary
disclosure index and Tobin’s Q which is used to measure the value of the enterprise is 2.24 by using grey correlation
analysis method in the grey system theory, indicating that the enterprise voluntary information disclosure and
corporate value has a certain degree of correlation6. Han Peng and YueYuanyuan(2016) selected the GEM listed
companies in China from 2012 to 2014 as the research object, for the first time to verify the economic consequences
of disclosure of innovative behavior information. The results show that the contribution of voluntary disclosure of
innovation behavior in the promotion of corporate value is significantly greater than the contribution of mandatory
disclosure of information to enhance the value of the enterprise7.
However, there are conflicting findings, such as McNally(1982) found that influence the extent of voluntary
disclosure is not affected by the earnings performance in the empirical research of listed companies in New
Zealand8. Cowen(1987) found that the high profit rate company did not disclose more social responsibility than the
low profit rate one9.Wu Shengzhu(2007) study the listed companies in China and Hossain(2009) study the listed
companies in Qatar get a similar conclusion that the profitability is not significantly affected the level of voluntary
information disclosure10,11. Liu Yu(2014) used multivariate linear regression analysis to find that the level of
voluntary information about strategy is positively correlated with corporate value, but not significantly. The level of
disclosure of financial and non-financial voluntary information is significantly positively correlated with corporate
value12.
After combing the literature at home and abroad, we found that there is not an agreement in the researches of the
relationship between voluntary information disclosure and corporate value. This paper deems that the human,
material and financial resources of the companies vary at different stages as well as the degree of voluntary
disclosure. The existing literature lacks of the research on the correlation between voluntary disclosure and corporate
value in different life cycle. From the perspective of the enterprise life cycle, this paper analyzes the relationship
1694 Su weiling et al. / Procedia Computer Science 112 (2017) 1692–1700
Su Weiling, Fang Xin/ Procedia Computer Science 00 (2017) 000–000

between the voluntary disclosure and the corporate value under different life cycle stages, and does the empirical
research on the listed companies in China's IOT industry.

2. Research design

2.1. Sample selection and data sources

Internet of things (IOT) listed companies is related to the core technology of independent research and development
capabilities and technology to rely on the formation of the main business of listed companies13.This paper obtained
180 valid samples from the companies in the Shenzhen stock market from 2011 to 2015 as the research object,
which eliminates the lack of data and poor performance of the ST company. The data about the voluntary
information disclosure of listed companies in this paper is collected by hand-collected from each company's 2011-
2015 annual report, internal control report and social responsibility report (if disclosed separately), from the huge
influx of information network (http://www.cninfo.com.cn) and the Shenzhen Stock Exchange (http://www.szse.cn)
official website download and cheek. The other financial data collected from the CSMAR Guotaian study database,
and the collected data were pretreated by Excel and then analysed by SPSS17.0 software for correlation and
multiple regression analysis.

Table 1. The Sample List: Internet of things (IOT) Listed Companies

Code Stock name Code Stock name Code Stock name Code Stock name
002465 Haig Communications 002231 Ovid Communications 300259 Xintian Technology 000034 Digital China

002402 And the Thai 300098 High-tech 300349 Gold card intelligence 300465 GaoWeida
002781 Odd letter shares 002767 Pioneer Electronics 300310 Should pass the century 000948 Nantian information
002214 Dali Technology 000988 Chinese laborers Technology 300077 National Technology 002474 Ficus software

002241 Song shares
300279 Crystal technology
002376 New Northern
002185 Huatian Technology
000997 New continent
300213 Good news fly 000851 Gao Hong shares 002156 Tong fu micro electric
002093 Guomai Technologies 300493 Fortune Technology 300007 Hanwei Electronics
002073 Mesnac 300184 Source information 002161 invengo
002017 Eastcompeace 300360 Torch technology 000701 Xiamen XinDa
000333 Midea Group 002191 Jinjia shares 300131 Yitoa

002303 Mei Ying Sen 300458 All Technology 000682 Oriental Electronics 000063 ZTE
300476 Shenghong Technology 300066 Sanchuan wisdom 300209 Tianze information

2.2. Variables Design—Dependent variable (corporate value)

The characteristics of IOT listed companies, such as IOT technology research and development require a large
and stable amount of capital investment. Long investment cycle makes the corporate value easy to be affected by the
currency time value. Research and development investment may not be able to get the corresponding scientific and
technological achievements, so the corporate value will be influenced by sunk costs. Tobin Q value is the ratio of
the market value of the assets to the replacement cost, by measuring the market value of the company, which has
considered the effect of the currency time value as well as the sunk cost effect. Tobin Q value not only reflects the
relative value of the company, but also makes the corporate value of different companies comparable. Therefore, the
paper uses the Tobin Q value to measure the corporate value of the IOT listed companies, the formula is:

+,-./0 1,23/ 45 640,2 7,890,2 +,-./0 1,23/ 45 ?@390AB+,-./0 1,23/ 45 C9,D92909/>

Tobin& s Q = = (1)
640,2 7,890,2 :/8,2;/</=0 74>0 E44. 1,23/ 45 640,2 F>>/0>

Among them,
 Su weiling et al. / Procedia Computer Science 112 (2017) 1692–1700 1695
Su Weiling, Fang Xin/ Procedia Computer Science 00 (2017) 000–000

Market Value of Equity = Closing Price×Circulation Stock + Uncirculation Stock×Net Assets Per Share (2)
Market Value of Liabilities = Book Value of Liabilities (3)

2.3. Variables Design—Independent variable (voluntary information disclosure index)

This paper divides the Voluntary Information Disclosure Quantity Index(VDIS) into three categories: strategic
information, financial information and non-financial information, using Meek(1995) and Chau&Gray(2002)
classification standards, which are currently widely accepted by most domestic and foreign scholars14,15.With the
rapid development of our country's economy, the social from all walks of life gradually begin to pay close attention
to the enterprise to undertake and fulfill social responsibility. Therefore, the author uses the social responsibility
information as a measure of voluntary information disclosure index of fourth, and referred to the standard “the No.2
Standard of the Content and Format of the Information Disclosure for Public Company—the content and format of
the annual report” issued by the China Securities Regulatory Commission, and the final design of the four level
indicators, 25 secondary indicators of voluntary information disclosure index system, see table 2.

Table 2. Voluntary information disclosure index system

strategic information
① The development trend of
the industry *
financial information non-financial information social responsibility
① Separate disclosure of
① Analysis of changes in
①Equipment utilization ** social responsibility
operating income **
information

② The company's future ② Analysis of changes in

②product development ** ②Charitable donation **
development strategy * operating costs **

③ Cash flow dynamic ③ Customer and supplier ③ Employee benefits

③R & D investment **
analysis ** relationships ** information *

④ Investment and financing ④ Cost change description ④ Labor insurance policy

④Staff training *
plan ** ** (safety)*

⑤ Product and service

⑤ Change and description of ⑤Human resource
⑤Risk warning * security (quality
assets ** management plan *
management)*

⑥ Enterprise core competence ⑥ Earnings forecast analysis ⑥ Internal control self- ⑥ Social insurance
* ** assessment * coverage **

⑦ Environmental protection
*
Note: The secondary indicators of * with detailed disclosed is assigned 2 points, with brief disclosed is assigned 1 points, with not disclosed is
assigned 0.The secondary indicators of ** with qualitative and quantitative disclosed is assigned 2 points, with qualitative or quantitative
disclosed is assigned 1 points, with not disclosed is assigned 0. If the company has separate disclosure of social responsibility report is assigned 1
point, not separately disclosed is assigned 0.

Table 2 establish a voluntary information disclosure indicator system, focusing on the number of information
disclosure. In fact, the level of disclosure of information not only to consider the number of information disclosure,
but also should consider the quality of information disclosure. The domestic scholars use the Shenzhen Stock
Exchange issued in 2001 "the evaluation method" of information disclosure of listed companies, in order to quantify
the quality of information disclosure of listed companies rating as a measure of the voluntary disclosure index
(VDIZ).The specific method is the grade A assigned 1 points, the grade B assigned 0.8 points, the grade C assigned
0.6 points and the grade D assigned 0.4 points.
In order to obtain a more objective and comprehensive voluntary disclosure level index (VDI), this paper
comprehensively considers the two aspects of the quantity and quality of voluntary disclosure of information, the
formula is：VDI = VDIS×VDIZ. Among them,
1696 Su weiling et al. / Procedia Computer Science 112 (2017) 1692–1700
Su Weiling, Fang Xin/ Procedia Computer Science 00 (2017) 000–000

1423=0,-A d=54-<,094= e9>;24>3-/ >;4-/>

VDIS = (4)
1423=0,-A d=54-<,094= e9>;24>3-/ >0,=e,-e >;4-/>

At the same time, in order to better verify the correlation between voluntary information disclosure and corporate
value, added company size (SIZE), return on net assets (ROE), financial leverage (LEV) and the degree of
concentration (OC) of the 4 control variables in the process of multivariate linear regression equation analysis to
control the impact on the corporate value.

Table 3.The name and meaning of the variable

Category Variable name Variable code Variable description

Dependent variable Company value Tobin's Q The ratio of asset market value to replacement cost
Evaluate the level of voluntary information disclosure of
Independent variable Voluntary disclosure index VDI listed companies
VDI = VDIS×VDIZ
Company size SIZE SIZE=ln(Total Assets)

Return on net assets ROE ROE=(Net profit/Average net assets)×100%

Control variable Financial leverage LEV LEV=(Total liabilities/Total Assets)×100%
The top ten shareholders of the proportion of the sum of the
Ownership concentration OC
square

2.4. Research hypothesis

In this paper, Dickson's cash flow method is used to divide the company's life cycle into start-up, growth,
maturity and recession period. The company will show different characteristics at different stages of life cycle, and
there will be a sign difference between the net cash flows from operating activities, investment activities and
financing activities. See table 4.

Table 4.The combination of cash flow characteristics at different stages of the enterprise
start-up growth maturity recession

Operating net cash flow － ＋ ＋ ＋ － ＋ － －

Investment net cash flow － － － ＋ － ＋ ＋ ＋

Financing net cash flow ＋ ＋ － ＋ － － ＋ －

H1: The level of voluntary disclosure of IOT listed companies in the start-up period is positively correlated
with the corporate value
Companies in the start-up period, in order to survive and develop, expand market share, access to investor
investment, and thereby enhance the value of the company, will actively disclose voluntary information.
H2: The level of voluntary disclosure of IOT listed companies in the growth period is positively correlated
with the corporate value
During the growth period, due to the expansion of the company's operating scale, the company has a more stable
cash flow and profits, so that it has a certain material basis to fulfil its social responsibility. And the company at this
stage will be more active disclosure of voluntary information to improve the company's reputation, access to more
resources to enhance the company's competitiveness, thereby enhancing the value of the company.
H3: The level of voluntary disclosure of IOT listed companies in the maturity period is positively correlated
with the corporate value
In the mature period, the company has a certain market share and stable and continuous cash flow, with a more
strong disclosure of voluntary information and the subjective consciousness and material conditions of fulfilling
social responsibility. Through the disclosure of more voluntary information, listed companies tend to enhance the
 Su weiling et al. / Procedia Computer Science 112 (2017) 1692–1700 1697
Su Weiling, Fang Xin/ Procedia Computer Science 00 (2017) 000–000

image of the company, likewise, to form their own unique competitive advantage in the fierce market competition to
get more development resources, thereby enhancing the value of the company.
H4: The level of voluntary disclosure of IOT listed companies in the recession period is negatively correlated
with the corporate value
In the recession period, the company's operating conditions are not good, and the subjective consciousness of
voluntary disclosure of information is weakened. The company is reluctant to use the limited resources of the
company to fulfil the social responsibility, in order to prevent the increase of the burden of the company, leading to
the decline in corporate value.

2.5. Model building

For hypothesis H1, H2, H3, H4, construct the following multiple regression equation:
Tobin& s Q = α + βh 𝑉𝑉𝑉𝑉𝑉𝑉 + βl 𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆 + βp 𝐿𝐿𝐿𝐿𝐿𝐿 + βr 𝑅𝑅𝑅𝑅𝑅𝑅 + βu 𝑂𝑂𝑂𝑂 + 𝜀𝜀 (5)
In the equation, α is a constant, β9 is the coefficient of the independent variable (i = 1,..., 5),ε is a random error.

3. Empirical study

3.1. Correlation analysis

According to the information disclosure of IOT listed company in 2011-2015, the level of voluntary information
disclosure of IOT listed companies at the start-up and maturity levels is significantly positively correlated with the
corporate value at 1% significant level. Hypothesis 1 and 3 was established. Significant negative correlation in the
recession period, hypothesis 4 was established. At the significant level of 5%, the level of voluntary information
disclosure of IOT listed companies in the growth period is significantly positively correlated with the corporate
value, hypothesis 2 was established. Table 5 is compiled by the SPSS17.0 software results.

Table 5.Correlation coefficient and significant level table

VDI
Pearson Correlation .448**
Start-up period Tobin's Q
Sig.(2-tailed) .007
N 35
VDI
Pearson Correlation .285*
Growth period Tobin's Q
Sig.(2-tailed) .029
N 59
VDI
Pearson Correlation .553**
Maturity period Tobin's Q
Sig.(2-tailed) .000
N 64
VDI
Pearson Correlation -.847**
Recession period Tobin's Q
Sig.(2-tailed) .000
N 22
Note: * indicates significant at 5% level, ** indicates significant at 1% level.
1698 Su weiling et al. / Procedia Computer Science 112 (2017) 1692–1700
Su Weiling, Fang Xin/ Procedia Computer Science 00 (2017) 000–000

3.2. Multiple regression analysis

According to the results of SPSS17.0 software, the following table of variance analysis (table Anova). It can be
seen from the Anova table that the regression values of the regression equation at start-up, growth, maturity and
recession period were 0.017, 0.30, 0.000 and 0.000 respectively less than 0.05, indicating that the regression models
of the four stages were significant test, are statistically significant.

Table 6.Analysis of variance (table ANOVA)

Life cycle period model Sum of Squares df Mean Square F Sig.
start-up Regression 22.931 5 4.586 3.309 .017
growth Regression 30.406 5 6.081 4.194 .003

maturity Regression 67.854 5 13.571 13.152 .000

recession Regression 29.039 5 5.808 15.264 .000

The results of the calculation of SPSS17.0 software compiled the following coefficient table. It can be seen from
the coefficient table that the level of voluntary information disclosure in the different stages of the enterprise life
cycle is significant correlation with the value of the company, and all of them have passed the significance test of
the regression equation coefficient.

Table 7.Coefficient table (Coefficients table)

Unstandardized Coefficients Standardized
Life cycle period Model Coefficients t Sig.
B Std.Error Beta
(constant) 10.939 5.053 2.165 .039
VDI 8.004 3.125 .396 2.561 .016
SIZE -.597 .227 -.468 -2.631 .014
start-up
LEV 2.578 1.456 .311 1.771 .087
ROE 2.88 4.02 .111 .716 .479
OC -2.812 3.954 -.112 -.711 .483
(constant) 2.712 4.183 .648 .520
VDI 3.829 1.506 .339 2.543 .014
SIZE -.024 .217 -.02 -.11 .913
growth
LEV -3.061 1.296 -.419 -2.362 .022
ROE -2.899 2.199 -.171 -1.319 .193
OC -2.09 3.361 -.083 -0.622 .537
(constant) 9.544 2.607 3.661 .001
VDI 9.113 1.675 .506 5.44 .000
SIZE -.559 .122 -0.533 -4.57 .000
maturity
LEV 3.073 .951 .385 3.232 .002
ROE 2.483 2.098 .124 1.184 .241
OC -3.879 1.966 -0.182 -1.973 .053
(constant) 11.096 4.448 2.495 .024
VDI -10.806 2.167 -.772 -4.986 .000
SIZE -.176 .224 -.103 -.783 .445
recession
LEV -1.028 .938 -.159 -1.096 .289
ROE 3.433 1.675 .266 2.05 .057
OC -2.911 2.397 -.14 -1.214 .242
 Su weiling et al. / Procedia Computer Science 112 (2017) 1692–1700 1699
Su Weiling, Fang Xin/ Procedia Computer Science 00 (2017) 000–000

According to the above table, we can get the regression equation of the listed companies in different stages of
enterprise life cycle:
Start-up: Tobin& s Q = 10.939 + 8.004VDI − 0.597SIZE + 2.578LEV + 2.88ROE − 2.812OC (6)
Growth：Tobin& s Q = 2.712 + 3.829VDI − 0.024SIZE − 3.061LEV − 2.899ROE − 2.09OC (7)
Maturity： Tobin& s Q = 9.544 + 9.113VDI − 0.559SIZE + 3.073LEV + 2.483ROE − 3.879OC (8)
Recession：Tobin& s Q = 11.096 − 10.806VDI − 0.176SIZE − 1.028LEV + 3.433ROE − 2.911OC (9)

4. Discussion

In recent years, with the rapid development of China's market economy, information as a valuable scarce
resources get more and more attention by the government and investors, listed companies voluntarily disclose more
information to enhance the company's image, market resources, to enhance the corporate value. The empirical study
shows that there is a correlation between voluntary information disclosure and corporate value, and the IOT listed
companies as a new force of China's information industry, if it want to get more resources from capital markets in
the future development, enhance the value of the company, we must pay more attention to the high quality of the
voluntary information disclosure and social responsibility. Combining with the above empirical research, this paper
puts forward the following Suggestions.
1. Encourage IOT listed companies to actively disclose social responsibility information
In the process of collecting data, found that only a handful number of IOT listed companies will choose a separate
disclosure of social responsibility report, the vast majority of companies only as described in simple text of social
responsibility information in the company's annual report. IOT companies should be aware of the responsibility of
employees, employees as beneficiaries will be more hard work to return the company to help the company's
development, thereby promoting the corporate value. When the enterprise for social welfare and environmental
protection to contribute their own strength, it will invisible enhance the company's image, and to attract investor’s
attention, get capital investment of investors, and thus enhance the value of the company.
2. Utilize Extensible Business Reporting Language (XBRL) to reduce the cost of information disclosure
Based on the empirical study, the positive correlation degree between the levels of voluntary disclosure of IOT
listed companies and the corporate value in the growth period is lower than that in the start-up and maturity period.
IOT listed companies in the growth period request a huge amount of money in technology research and
development, which will reduce the level of voluntary disclosure, so as to reduce the cost of information disclosure.
Thus, it is suggested that IOT listed companies in the growth period ought to disclose information by using XBRL, a
language that not only improves the efficiency of financial statement preparation, but also reduces the cost of
information disclosure, which makes the IOT listed companies in the growth period to disclose more voluntary
information, thereby enhancing the corporate value.
3. Strengthen the market supervision of voluntary information disclosure
The empirical results show that the positive correlation degree between the levels of voluntary disclosure of IOT
listed companies and the corporate value in the start-up and maturity period is higher, which indicates that IOT
listed companies in the start-up and maturity period have a strong willingness to voluntary disclosure. However,
only the high quality of voluntary disclosure can better enhance the corporate value. Therefore, In order to prevent
the disclosure of false information to mislead investors, the Securities regulatory authorities should strengthen the
supervision of the quality of information disclosure of listed companies. Listed companies to disclose false
information should increase disciplinary efforts. At the same time, the Commission and the relevant audit
institutions should improve the information management system, improve the efficiency of supervision, give full
play to the functions, and ultimately improve the quality of voluntary disclosure of listed companies.

5. Conclusion

From the perspective of enterprise life cycle, this paper used empirical analysis method to study the correlation
between the level of voluntary disclosure and corporate value. Through the research design and empirical analysis,
the empirical results show that the different levels of voluntary information disclosure of the listed companies of
1700 Su weiling et al. / Procedia Computer Science 112 (2017) 1692–1700
Su Weiling, Fang Xin/ Procedia Computer Science 00 (2017) 000–000

IOT in start-up, growth and maturity period are positively correlated with the corporate value, but appeared
negatively correlated in recession period.
With the rapid development of this emerging industry of IOT, its application areas continue to expand, making
relying on the IOT technology companies increasingly concerned about the IOT listed companies, and gradually
become the pioneer of industrial upgrading, so the research of the IOT listed companies voluntary information on
the correlation between the disclosure level and the corporate value will further show the trend of multiple
perspectives and diversification. Voluntary information disclosure index system will be more comprehensive and
detailed, the research method will be more diversified, and the research conclusion will play a greater practical role
in the IOT listed companies.

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