Abstract: Based on the quarterly data of A-share state-owned listed companies from 2008 to 2021, this paper constructs a multi-time point double difference model to explore the impact and the mechanism of the reform of state-owned capital investment and operation companies(SOCIOCs) on corporate voluntary information disclosure. The findings show that the reform of SOCIOCs has significantly improved the probability of SOEs issuing voluntary performance forecasts and the robustness and accuracy of their performance forecasts. The mechanism analysis shows that the reform of SOCIOCs can improve the level of voluntary information disclosure of SOEs by improving the management incentive insufficiency and improving the supervision mechanism. The result of the heterogeneity analysis shows that the effect of the reform of SOCIOCs on improving the voluntary information disclosure of SOEs is more significant in enterprises with insufficient governance of analysts and auditors. In addition, the effect of SOCIOCs on the improvement of the voluntary information disclosure of SOEs is gradually weakened with the extension of the control chain. Therefore, it is necessary to steadily expand the scope of the pilot reform of SOCIOCs, strive to promote the comprehensive optimization of the governance structure and supervision level of SOCIOCs, and ensure that the SOCIOCs operate in accordance with the markets.

Key words: state-owned capital investment and operation company, state-owned enterprise, Information disclosure, voluntary performance forecast