随着证券市场的不断发展,上市公司逐渐重视自愿信息披露。上市公司在自愿信息披露中存在羊群行为。外部原因如同行业公司信息披露状况、证券市场有效性、证券制度激励,以及内部原因如公司规模、股权性质、公司盈利状况和管理者的声誉顾虑都会促使上市公司在自愿信息披露决策中出现羊群行为。 With the continuous development of securities market, listed companies pay more attention to voluntary information disclosure. Listed companies in the voluntary disclosure of herd behavior. The external reasons are the information disclosure status of the industry companies, the security market, the incentive of the securities system, as well as internal reasons such as the size of the company, the nature of the shares, the profitability of the company and the reputation concerns of the managers, all of which will prompt the listed companies to appear flocks in the voluntary information disclosure decision behavior.