外文翻譯--信息披露政策實(shí)施計(jì)劃

1、<p><b>　　中文2890字</b></p><p>　　Information Disclosure Policy Implementation Plan</p><p>　　I. Background </p><p>　　Information disclosure is essential for the effecti

2、ve operation of the securities market .In a market where resources are not fully allocated, capital providers (investors below) need to seek good opportunities to realize added values on their capital while capital opera

3、tors (management below) hopes to attract enough capital for operation so as to make profits. Once the two strike a deal and there is the problem of information asymmetry. The solution to the problem of information asymme

4、try is li</p><p>　　Developed Western countries have a long history of capital market and it is quite fruitful in the study of information disclosure on the capital market. In 2001, Journal of Accounting and

5、Economics published a comprehensive study on information disclosure on the capital market written by the two professors, Paul M. Healy and Krishna G., Palepu, which reviews, in an all-round manner, in depth and systemati

6、cally the theories and empirical studies in the area of information disclosure on the capita</p><p>　　II. Roles and Responsibilities </p><p>　　From the early stages of drafting of the new Inform

7、ation Disclosure Policy, there has been an explicit understanding among Departments of the Bank that while the Policy document itself would not speak to questions of its eventual implementation, all aspects of execution

8、would be entrusted to EXR, with implications in terms of timing, logistics, budget and other resources.</p><p>　?、? Coordination</p><p>　　EXR will be responsible for coordination of a series of

9、training, publication/information-dissemination and outreach activities related to the implementation of the new Policy, working in conjunction with several other Departments, including the Regional Operations Department

10、s, Private Sector Department, the Regional Technical Cooperation Division of the Integration and Regional Programs Department, the Multilateral Investment Fund and the Office of Learning (LRN). </p><p>　　A s

11、econd imperative for the successful implementation of the Policy will be close coordination with the staffs of those Bank units managing databases and other systems serving as repositories of information required to be d

12、isclosed to the public. These units include the Information Technology for Operations Division (ITS/ITC) of the Information Technology and General Services Department and the Information Resource Management and Support S

13、ervices Unit and Loan and Technical Cooperation Managemen</p><p>　　IV. Instructions and Publications </p><p>　　EXR will develop a series of written instructions to staff for implementation of th

14、e Policy, with an emphasis on the roles of the project teams in the Regional Operations Departments and PRI; sector specialists in the Country Offices; and the Public Information Center at headquarters. These instruction

15、s will serve as the basis for training sessions, described below, and will be complemented by preparation of 1) an Information Disclosure Handbook, 2) a short brochure and 3) with specific referenc</p><p>　　

16、Ⅴ. Staff Training</p><p>　　A key element in the successful implementation of the new Policy will be the Bank’s Country Offices. Accordingly, EXR will focus attention on training Country Office staff effectiv

17、e immediately, beginning with a session on implementation of the Policy during the visit of the 26 Representatives for an internal seminar on Transparency to be held at Bank headquarters on October 22-23, 2003. Subsequen

18、t steps, as outlined below, will focus on events scheduled in collaboration with LRN and the front o</p><p>　　Training of Country Office and headquarters staff on the contents of the new policy and on instit

19、utional arrangements necessary to implement it will begin in the first quarter of 2004 and will be based on the instructions referred to above. At a minimum, EXR anticipates the convening of three videoconferences, one p

20、er Region, and four missions during 2004. When advisable, EXR will collaborate with LRN in the design and facilitation of both the videoconferences and the missions so as to maximize </p><p>　　As recommended

21、 in a report prepared by an independent consultant for Region 1 in November 2002, EXR will seek to provide training for the Bank’s Country Offices in matters that complement Information Disclosure policy, as well, includ

22、ing attempts to use the Public Information Center “function” in those offices as a tool in the work being carried out by the Civil Society liaisons designated in each of the Country Offices, and where they exist, the Civ

23、il Society Advisory Councils.</p><p>　　VI. Follow-up Mechanisms and Timing </p><p>　　The instructions to staff referred to in Section Ⅴ above will specify that digital files containing the full,

24、 final texts of documents specifically listed as available to the public under the proposed new Policy must be delivered to the PIC within five (5) working days of the approval of the corresponding document by the releva

25、nt Bank unit, Bank Management Committee or the Board of Executive Directors. In cases where the relevant Committee or the Board has approved a document contingent upon the</p><p>　?、? Specific products and i

26、nitiatives </p><p>　　In several instances, the proposed new policy provides for automatic release of classes of information that have either been considered heretofore as confidential by definition, or which

27、 have not been produced and disclosed in any regular format. Accordingly, in anticipation of the entry into effect of the new policy, the Office of External Relations has begun planning for a series of new procedures (an

28、d in one case, improvements to procedures currently in effect) to facilitate timely release of</p><p>　?、?Reporting and Evaluation </p><p>　　As provided of the Presentation of the proposed new P

29、olicy, Management will be required to report to the Board on “experience under the Policy on an annual basis.” In preparing the first such annual report to the Board, EXR will draw on the consultations referred to above

30、and with impressions gathered from the staff of the Regional Operations Departments, particularly the Country Offices, as well as PRI staff and others. The report will contain a discussion of the frequency with which inf

31、ormatio</p><p><b>　　中文譯文</b></p><p>　　信息披露政策實(shí)施計(jì)劃</p><p><b>　　1.背景</b></p><p>　　信息披露對(duì)于證券市場(chǎng)的高效運(yùn)作是非常重要的。在資源沒(méi)有得到充分配置的市場(chǎng)中，提供資本者（即下面的投資商）需要尋找很好的機(jī)會(huì)來(lái)實(shí)現(xiàn)他

32、們的資本的價(jià)值增長(zhǎng)，與此同時(shí)，資本的運(yùn)營(yíng)者（即下面的管理者）則希望為市場(chǎng)的運(yùn)營(yíng)吸引更多的資本以此保證他們能夠盈利。一旦兩方達(dá)成某種協(xié)議就可能會(huì)產(chǎn)生信息不對(duì)稱的問(wèn)題。信息不對(duì)稱問(wèn)題的解決有可能會(huì)導(dǎo)致逆向選擇和道德風(fēng)險(xiǎn)。在不斷改革和發(fā)展的證券市場(chǎng)上，信息披露已經(jīng)成為減少投資者和管理者之間信息差異的一個(gè)非常必要的手段。</p><p>　　資本市場(chǎng)在發(fā)達(dá)國(guó)家有著非常悠久的歷史，并且他們對(duì)資本市場(chǎng)的信息披露有著很深入的研

33、究。2001年，會(huì)計(jì)日?qǐng)?bào)和經(jīng)濟(jì)雜志發(fā)表了一篇保羅.M.海利和克里斯?jié)h娜.G.派勒普博士寫作的對(duì)信息披露進(jìn)行深入研究的學(xué)術(shù)報(bào)告，全方位地對(duì)資本市場(chǎng)的信息披露在理論和實(shí)證兩方面進(jìn)行了深入和系統(tǒng)化的研究，并且對(duì)這一領(lǐng)域的研究前景進(jìn)行了預(yù)測(cè)。</p><p><b>　　2. 角色和責(zé)任</b></p><p>　　在新的信息披露政策起草的早期階段，在新政策本身并不能對(duì)其自身

34、的執(zhí)行發(fā)表任何意見(jiàn)的情況下，銀行系統(tǒng)的各個(gè)部門對(duì)這種情況有了深刻的理解。于是，起草工作的各個(gè)方面就會(huì)全權(quán)委托給EXR，它將負(fù)責(zé)起草的時(shí)間，后勤工作，起草的預(yù)算和其他資源。</p><p><b>　　3. 協(xié)調(diào)</b></p><p>　　EXR將負(fù)責(zé)新信息披露政策執(zhí)行的包括一系列的培訓(xùn)，出版，信息傳播以及外聯(lián)活動(dòng)，它將和其他部門進(jìn)行分工協(xié)作，這些部門包括：區(qū)域業(yè)務(wù)部

35、門、私人業(yè)務(wù)部門、區(qū)域技術(shù)合作總部的分部、區(qū)域計(jì)劃署、多邊投資基金辦公室。</p><p>　　影響新信息披露政策實(shí)施的第二個(gè)重要因素是與負(fù)責(zé)數(shù)據(jù)庫(kù)管理的銀行和其他部門進(jìn)行密切合作，因?yàn)樗鼈兊臄?shù)據(jù)庫(kù)資源是必須對(duì)公眾進(jìn)行公開(kāi)的。這些部門主要包括：信息技術(shù)促進(jìn)業(yè)務(wù)司、一般事務(wù)部和信息資源管理處、支助事務(wù)部和財(cái)務(wù)部的貸款和技術(shù)合作管理科。特別的，EXR在2003-2004年應(yīng)用自動(dòng)化處理，通過(guò)IDBDocs系統(tǒng)和數(shù)據(jù)庫(kù)

36、系統(tǒng)進(jìn)行倡議和激勵(lì)，在這些方面，他們更傾向于和信息技術(shù)促進(jìn)業(yè)務(wù)司以及美國(guó)證券交易委員會(huì)進(jìn)行合作，以期保證不同系統(tǒng)之間的聯(lián)系，能更有效的將執(zhí)行文件傳入PIC。</p><p><b>　　4.說(shuō)明及出版</b></p><p>　　EXR將對(duì)政策的實(shí)施向工作人員做出一系列書(shū)面說(shuō)明，重點(diǎn)強(qiáng)調(diào)地區(qū)業(yè)務(wù)部門和PRI、國(guó)家辦事處的特殊部門以及總部的信息出版中心規(guī)劃小組的重要作用

37、。這些書(shū)面說(shuō)明將會(huì)作為下面提到的培訓(xùn)部分的基礎(chǔ)，在它實(shí)施前應(yīng)該做好一下準(zhǔn)備工作：1)一本信息披露手冊(cè)，2)一個(gè)簡(jiǎn)短的小冊(cè)子，3)與具體提及行動(dòng)有關(guān)的信息，一個(gè)“流程圖”描繪在每一階段和項(xiàng)目周期哪些產(chǎn)品/文件是提供給公眾的，從國(guó)家方案/國(guó)家戰(zhàn)略/項(xiàng)目的確定階段，并延伸到執(zhí)行的評(píng)價(jià)和償還。所有這些出版物將會(huì)向社會(huì)公眾進(jìn)行發(fā)放，并且會(huì)以銀行的四種官方語(yǔ)言發(fā)行硬皮書(shū)并在網(wǎng)絡(luò)上進(jìn)行傳播。EXR將會(huì)在國(guó)會(huì)通過(guò)政策提案后立即起草關(guān)于這項(xiàng)新政策的執(zhí)行說(shuō)

38、明。這些說(shuō)明文件將會(huì)在2003年12月31號(hào)之前分發(fā)給工作人員。</p><p><b>　　5.員工培訓(xùn)</b></p><p>　　影響新政策執(zhí)行的一個(gè)非常重要的部分是銀行的國(guó)家辦事處。因此，EXR將會(huì)把重點(diǎn)放在對(duì)國(guó)家辦事處的工作人員的培訓(xùn)上，這次培訓(xùn)是在2003年10月22-23日在銀行總部召開(kāi)的由26個(gè)代表國(guó)家參加的關(guān)于信息透明度的內(nèi)部研討會(huì)上進(jìn)行的。接下來(lái)的

39、一步就是將安排好的執(zhí)行事宜與LRN、區(qū)域業(yè)務(wù)部的前排辦事處、PRI的日期統(tǒng)一起來(lái)。</p><p>　　對(duì)國(guó)家辦事處及總部工作人員關(guān)于實(shí)施細(xì)則和體制安排的培訓(xùn)開(kāi)始于2004年第一季度，并且以前面提到的原則為基礎(chǔ)。在最低限度上，EXR參加了三個(gè)視頻會(huì)議的召開(kāi)，2004年每個(gè)地區(qū)召開(kāi)一次會(huì)議并下達(dá)四項(xiàng)任務(wù)。當(dāng)時(shí)機(jī)合適時(shí)，EXR和LRN將會(huì)在視頻會(huì)議和任務(wù)下達(dá)的設(shè)計(jì)和促進(jìn)方面進(jìn)行合作，以期實(shí)現(xiàn)影響的最大化和培訓(xùn)成本的最

40、小化。</p><p>　　2002年一地區(qū)一個(gè)獨(dú)立的咨詢?nèi)藛T發(fā)布的報(bào)告指出，EXR將會(huì)提供銀行國(guó)家辦事處人員的培訓(xùn)來(lái)對(duì)信息披露政策進(jìn)行必要的補(bǔ)充。這包括嘗試?yán)霉残畔⒅行摹肮δ堋弊鳛橐环N工具在每個(gè)國(guó)家辦事處正在開(kāi)展工作的民間社會(huì)進(jìn)行指導(dǎo)，比如說(shuō)，民間社會(huì)咨詢理事會(huì)。</p><p>　　6. 后續(xù)機(jī)制和定時(shí)</p><p>　　在第五部分提到的對(duì)于員工的培訓(xùn)特別

41、強(qiáng)調(diào)說(shuō)在新政策規(guī)定下的必須向公眾公開(kāi)的特殊列示的包含完整的，最終的文件信息的數(shù)字文件在相關(guān)銀行集團(tuán)，即銀行管理委員會(huì)或者銀行執(zhí)行董事會(huì)的相關(guān)文件規(guī)定下必須在5日之內(nèi)呈交給PIC。為了防止個(gè)別的委員會(huì)或者董事會(huì)通過(guò)了與新政策規(guī)定時(shí)間不符的文件的這種偶然事件的發(fā)生，文件的起草者必須在與委員會(huì)和董事會(huì)進(jìn)行會(huì)面后通過(guò)書(shū)面的形式通知說(shuō)明資料在五日之內(nèi)無(wú)法呈交的事實(shí)。除非EXR書(shū)面同意例外情況的發(fā)生，個(gè)別的銀行委員會(huì)和董事會(huì)必須在銀行委員會(huì)和董事會(huì)

42、做出決定后在20個(gè)工作日內(nèi)將完整的最終的報(bào)告呈交上來(lái)。</p><p>　　PIC總部的工作人員將會(huì)負(fù)責(zé)與披露文件有關(guān)的文件的后續(xù)工作。PIC工作人員工作的主要資料來(lái)源是相關(guān)管理委員會(huì)和董事會(huì)的議事日程。</p><p>　　在為工作人員制定說(shuō)明的發(fā)展過(guò)程中，EXR會(huì)對(duì)它們的需求具體化，在大多數(shù)情況下，無(wú)外債國(guó)家的政府領(lǐng)導(dǎo)部門必須提供他們認(rèn)為是敏感的或者是機(jī)密的非主觀的或者是經(jīng)過(guò)鑒定的材料

43、，而這些材料必須書(shū)面呈交。EXR必須為負(fù)責(zé)質(zhì)疑新政策的使用的地區(qū)事務(wù)部門和銀行的其他部門提供標(biāo)準(zhǔn)化的書(shū)面材料。這些標(biāo)準(zhǔn)化文件包括國(guó)家權(quán)力機(jī)構(gòu)（產(chǎn)品與產(chǎn)品之間反應(yīng)時(shí)間不同）的反應(yīng)時(shí)間的最后期限。如果在最后期限之前國(guó)家沒(méi)有及時(shí)做出反應(yīng)，銀行將會(huì)對(duì)問(wèn)題文件出具完整的報(bào)告。</p><p>　　7.具體的產(chǎn)品與舉措</p><p>　　在一些情況下，新政策將會(huì)允許自動(dòng)釋放之前被定義和考慮為機(jī)密的或

44、者是在常規(guī)方式下沒(méi)有產(chǎn)生和披露的各類信息。因此，為了能夠更快的參與新政策并且提高新政策的實(shí)施效率外部事務(wù)辦公室已經(jīng)計(jì)劃了一系列的新舉措(一個(gè)方面，改進(jìn)現(xiàn)有舉措的影響力)，以促進(jìn)及時(shí)這些產(chǎn)品的釋放。</p><p>　　EXR提議所有的業(yè)務(wù)工作人員，在新政策正式生效的日期，政策要求披露的工程的環(huán)境評(píng)估的完整的報(bào)告應(yīng)該按照要求通過(guò)數(shù)字文件的形式進(jìn)行披露。這就要求項(xiàng)目團(tuán)隊(duì)通知潛在的借款人有義務(wù)輪流按照環(huán)境和社會(huì)影響委員

45、會(huì)的要求向個(gè)人或者企業(yè)提前準(zhǔn)備好環(huán)境影響評(píng)估報(bào)告或者其他形式的環(huán)境評(píng)估報(bào)告。并且要通過(guò)PDF格式或者其他類似的格式向銀行提供一份包含完整的信息的評(píng)估報(bào)告，以便銀行通過(guò)互聯(lián)網(wǎng)來(lái)進(jìn)行檢視和評(píng)定，這也是銀行的要求之一。</p><p><b>　　8. 報(bào)告和評(píng)價(jià)</b></p><p>　　按照上面論述的擬新政策的陳述，管理部門按照要求要向董事會(huì)做一份關(guān)于“在年度基礎(chǔ)上的

46、政策所積累的經(jīng)驗(yàn)”的報(bào)告。為了準(zhǔn)備向董事會(huì)提供第一份這樣的年度報(bào)告，EXR將會(huì)參考上文提供的咨詢意見(jiàn)并且收集來(lái)自區(qū)域業(yè)務(wù)部門，尤其是國(guó)家辦事處的工作人員，以及國(guó)際刑法改革協(xié)會(huì)工作人員和其他人員的各種信息。這篇報(bào)告包含了社會(huì)大眾要求披露但并未被披露的信息的頻繁性以及它未被披露的原因的描述。這份報(bào)告會(huì)在已經(jīng)采取的措施的基礎(chǔ)上提出新的措施—以及未來(lái)推薦使用的新增措施—以此來(lái)增強(qiáng)政策要求披露的信息的傳播范圍，也就是說(shuō)，已采取的和將要采取的措施來(lái)

47、確保信息披露更加積極主動(dòng)，而不僅僅是被動(dòng)的披露。這就要求項(xiàng)目團(tuán)隊(duì)以及在發(fā)展過(guò)程中的其他合作伙伴，其他國(guó)際金融機(jī)構(gòu)，各國(guó)政府，學(xué)術(shù)性機(jī)構(gòu)和智囊團(tuán)的共同努力，以實(shí)現(xiàn)規(guī)模經(jīng)濟(jì)，減少重復(fù)和費(fèi)用，向公眾提供一個(gè)對(duì)發(fā)展更加有說(shuō)服力，更加深刻的學(xué)術(shù)報(bào)告。在適當(dāng)?shù)那闆r下，這份報(bào)告也會(huì)呼吁董事會(huì)注意已經(jīng)出現(xiàn)的引起環(huán)境問(wèn)題的各種因素以及任何未來(lái)對(duì)新政策的改進(jìn)和補(bǔ)充的建議。報(bào)告的全文一旦經(jīng)過(guò)銀行董事會(huì)的同意，將會(huì)在銀行的外部網(wǎng)站上發(fā)表。</p>