上市公司信息披露外文翻譯--一個(gè)自愿性信息披露與我國(guó)上市公司監(jiān)管問(wèn)題的研究體系

1、<p>　　A Study on the Supervision System with Voluntary Information Disclosure</p><p>　　in Chinese Listed Companies</p><p><b>　　Abstract</b></p><p>　　The voluntary i

2、nformation of listed companies is based on corporate image, the investor relates, which is to avoid lawsuit risk besides the compulsory information disclosure. The information, which the companies disclosed on their own

3、initiative, is the important part of disclosure information. It is an effective way that demonstrates their core competitive ability. The author analyzed the problems on voluntary information disclosed, which existed in

4、Chinese mainland listed company, proposed the</p><p>　　*Keywords: Listed companies, Compulsory information disclosure, Voluntary </p><p>　　information disclosure, Supervision</p><p>

5、;<b>　　System </b></p><p>　　As the expansion of the increase of the number of listed companies and the increasingly drastic market competition,the competition has become more difficult in more and

6、 more listed companies. In order to catch the scarce resource--the capital, companies tend to choose the way of Voluntary information Disclosure. Listed companies,with voluntary to disclose the information refers to corp

7、orate image, the investor relation, avoid lawsuit risk besides the compulsory information disclosure. However, t</p><p>　　1. Motivation of Compulsory information disclosure</p><p>　　Information,

8、 the Voluntary disclosure, is the executives in listed companies on personnel benefit to disclose on own initiative. According to the economic theory of "the economic man rationality", the superintendents balan

9、ce the behavior and do not take, completely based on the benefit and this behavior which is the costing. The superintendent’s decision-making is also based on the cost benefit analysis, if the voluntary information discl

10、osure brings the benefit is larger than the cost, then the</p><p>　　With the China capital market gradually development, the business management authority can reduce the average capital cost, enhance the fin

11、ancial analyst and investor's interest, enhance company confidence level, improve investment relations, stand out company competitive advantages, enhance company stocks market fluidity, but also may reduce the compan

12、y’s lawsuit risk ,because the disclosure is not enough and so on, by disclosing voluntary information besides the compulsory information disclos</p><p>　　2. Content of Compulsory information disclosure</

13、p><p>　　Listed companies, with voluntary to disclose the information is refers to corporate image, the investor relates, avoid lawsuit risk except for the compulsory information disclosure. Learning from foreig

14、n listed companies’ experience of disclosing information voluntarily , and according to the situation in China, the listed companies voluntary disclosure of information include: </p><p>　　The forward-lookin

15、g information, based on the company's “core competence”. It contains the operation,the business plan, strategic planning, business environment and so on. All of information can help investors to make rational investm

16、ent judgments and decision-making;</p><p>　　Information communicated with the market intermediaries and investors or the evaluation information from them; </p><p>　　Information of human resource

17、s. Under the conditions of the knowledge economy society, human capitalbecomes more and more important. Particularly in the high tech, high-growth companies, employees are the company's most valuable asset. Research

18、shows that these companies were significantly better than other companies,in the above-mentioned aspects of the voluntary disclosure of information;</p><p>　　According to the accounting standards of the cons

19、ervative principles, there is also lack of proper disclosure rules or low in requirements disclosure, which is useful for the investment decision-making, such as fair value;</p><p>　　Corporate governance, en

20、vironmental protection and social responsibility do not have mandatory disclosure information, because of complexity from the measurement and disclosure (Derong Zhang, 2004). </p><p>　　3. Main problems exis

21、t in Compulsory information disclosure</p><p>　　3.1 Low Voluntary Disclosure Rate and low initiative</p><p>　　A number of listed companies regard voluntary disclosure of information as an additi

22、onal burden, 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 possi

23、ble. With time going by, the concept of this understanding is accepted by people, so that the deviation in the information disclosure makes listed companies in a passive response. The main reason </p><p>　　3

24、.2 Lack of integrity of Voluntary information disclosure</p><p>　　Today, Chinese listed companies’ practice of disclosing information voluntarily is not satisfactory. Many listed companies are reluctant to d

25、isclose, and some listed companies only disclose the company's financial information;but the "bad news" or involved matters with a certain risk, or other seriously matters, the companies are kept silent.<

26、;/p><p>　　Moreover, many listed companies do not disclose fully credibility, hoping the investors rely on the “popular”, then to help them succeed .Chinese investors are not maturity, particularly in the proces

27、sing, handling and analyzing information. Therefore, it is very difficult to judge the value of the company through the signal transferred by the company. </p><p>　　3.3 The voluntary disclosure of false info

28、rmation</p><p>　　Generally speaking, the voluntary information disclosure has high credibility. To the non-mandatory requirements information, managers often disclose the less likely to lead to the disclosur

29、e of risk information for reducing the risk of litigation and avoiding legal sanctions. In addition, the main motive of high-quality enterprises disclosing the information to the investors is to convey the signal quality

30、 of enterprises, so as to reduce monitoring costs. Voluntary information disclosure genera</p><p>　　What’s more, the poor quality of the enterprises are based on the theory of signal transduction, transmissi

31、on of false information, the voluntary disclosure of information is not the same to the mandatory information , as to undergo a rigorous audit. And voluntary disclosure of information is difficult to guarantee the qualit

32、y.</p><p>　　3.4 Content of voluntary information disclosure is not standard</p><p>　　At present, mainly Chinese listed companies are the compulsory disclosure of information, and voluntary discl

33、osure of information in some documents are scattered, in reality, Chinese listed companies ,disclosing voluntarily information, can not meet regulators, securities analysts and investors demand regardless of content or q

34、uality. </p><p>　　Chinese listed companies in the voluntary disclosure of information content norms. The China Securities Regulatory Commission issued the "public offerings stock, the disclosure of corp

35、orate information content and format standards" of the relevant provisions of 1-6 in the annotated "Open-here," although voluntary disclosure of information to the left of the room, but the lack of specifi

36、c guidelines and the corresponding policy support, the overall level of the listed companies to disclose inform</p><p>　　4. Improve Supervision System of Voluntary information Disclosure in listed companies&

37、lt;/p><p>　　As growing competition of capital in the market and the gradually standardization of legal system, there will be a growing trend of voluntary information disclosure for adapt with the complex and ev

38、er-changing and highly uncertain economic environment. For the problems existing in Chinese listed companies voluntary information disclosure, and learning from the practical experience on foreign listed companies, the a

39、uthor makes the following recommendations:</p><p>　　4.1 Actively encourage and protect listed companies voluntarily disclose information</p><p>　　With the gradually maturation of Chinese capital

40、 market, on the basis of the management company completing the mandatory disclosure of information provided voluntary disclosure of information. Therefore, the regulatorydepartments should encourage listed companies to v

41、oluntary disclosure of information, add clauses in the policies and regulations, encourage listed companies to disclose the voluntary information besides existing laws, regulations and rules, meet the investors’ growing

42、demands. At </p><p>　　"accidental factors" belong to different nature of the situations and treat them differently. It should investigate the law liability to parties in the first case. Otherwise,

43、only the listed companies have adequate evidences and can explain reasonably, don’t look into their liability. </p><p>　　4.2 Strengthen supervising and managing prevent to disclose the false information at w

44、ill and protect the market order</p><p>　　Once the voluntary disclosure information published, it must accept the essential surveillance and the restraint equally with the compulsory disclosure information.

45、But voluntary information disclosure is still lack essential surveillance rules currently, should establish a set of voluntary information disclosure supervising and managing system, standard voluntary information qualit

46、y. For example: to establish voluntary information assurance and compensation system, to perform the heavy fine to </p><p>　　First, integrity, listed companies voluntarily disclose of the information are bot

47、h "positive" information, also includes the "negative" information;</p><p>　　Second, systemic, whether listed companies from different angles, through various information disclosure to re

48、veal the same, whether formed a distinctive pattern of voluntary disclosure of information;</p><p>　　Third, dynamic, long-term voluntary listed companies to disclose certain information, and constantly adjus

49、ted to improve the reliability of information;</p><p>　　Fourth, widespread, as long as all investors equal access to all listed companies to voluntarily disclose information; </p><p>　　Fifth, t

50、he comparative, whether the compulsory information disclosure is mandatory or not, it can be the standards of judgment for the quality of reference standards.</p><p>　　4.3 Giving full attention to the role o

51、f market intermediaries to establish the authority of the disclosure of company information quality evaluation system</p><p>　　Listed companies should strengthen communication with institutional investors, b

52、rokers, securities analysts and other market intermediaries. Understanding the company's external information needs to reduce the company's asymmetric information through voluntary disclosure of information. Givi

53、ng full attention to the role of market ntermediaries, establish the listed company disclosure information quality evaluation system by market intermediaries. Acts according to the specialized knowledge and a</p>

54、<p>　　4.4 Strengthen CPA audit to voluntary disclosure of information</p><p>　　CPA audit is an independent, objective and impartial system, it can ensure the credibility of the accounting information. V

55、oluntary Information is provided by the authorities. With speculative risks, the authenticity and reliability of voluntary information should be tested by certified public accountant. Although the audit of voluntary info

56、rmation is not as strict as the mandatory information, it should also have forensic capabilities by registered accountants carrying out the necessary scrutin</p><p>　　4.5 Introduction of voluntary disclosure

57、 of information regulatory documents</p><p>　　On a global scale, the voluntary disclosure of information is an irresistible trend of development. With the increasing speed of the change of the economic envir

58、onment, the requirement for the accounting information relevant are higher and higher, by the extraneous user, the existing compulsory disclosure information will be inevitably difficult to satisfy their information need

59、. Therefore, the extraneous information user on the existence to the businessmanagement authority disclosed voluntarily</p><p>　　References</p><p>　　[1]Kai Xiang. (2004). Listed companies to dis

60、close information voluntarily Cause of Economic Analysis of the. Accounting Communications, (5). </p><p>　　[2]Xianzhong Song. (2006). Enterprise core competencies of the voluntary disclosure of information

61、. Accounting Research, (2) </p><p>　　[3]Derong Zhang. (2004). Enterprise voluntary disclosure of information. Accounting Digest, (1) </p><p>　　[4]HongYin. (2004). Optimization of China's l

62、isted companies Opinion on voluntary disclosure of information.Accounting Digest, (6)</p><p>　　一個(gè)自愿性信息披露與我國(guó)上市公司監(jiān)管問(wèn)題的研究體系</p><p><b>　　摘要</b></p><p>　　上市公司自愿性信息是企業(yè)形象的基礎(chǔ)上，投

63、資者有關(guān)，這是為了避免訴訟，除強(qiáng)制信息披露的風(fēng)險(xiǎn)。資料顯示，該公司主動(dòng)披露，是披露信息的重要組成部分。它是一種有效的方式，表明自己的核心競(jìng)爭(zhēng)能力。筆者分析了自愿披露的信息，這在中國(guó)大陸上市公司存在，提出了建設(shè)監(jiān)理制度，上市公司自愿性信息披露的建議的問(wèn)題。</p><p>　　*關(guān)鍵詞：上市公司；強(qiáng)制信息披露；自愿性信息披露；監(jiān)督引言</p><p>　　作為上市公司的數(shù)量增加和日益激烈的

64、市場(chǎng)競(jìng)爭(zhēng)的擴(kuò)大，市場(chǎng)競(jìng)爭(zhēng)變得更為困難，越來(lái)越多的上市公司。為了趕上稀缺的資源 - 資本，企業(yè)傾向于選擇自愿性信息披露方式。與上市公司自愿披露的信息，是指企業(yè)形象，投資者關(guān)系，避免訴訟，除強(qiáng)制信息披露的風(fēng)險(xiǎn)。然而，監(jiān)管制度不夠好，信息披露自愿很難被證明的真理。因此，它變得越來(lái)越重要，建立與上市公司自愿性信息披露監(jiān)管制度。1.強(qiáng)制信息披露的動(dòng)機(jī) 信息，自愿披露，在對(duì)上市公司高管人員受益主動(dòng)披露。據(jù)“經(jīng)濟(jì)人理性”的經(jīng)濟(jì)理論，警司平

65、衡的行為，不采取完全的利益和行為，這是成本計(jì)算的基礎(chǔ)。院長(zhǎng)的決策也是基于成本效益分析，如果自愿性信息披露帶來(lái)的好處是低于成本較大，則院長(zhǎng)可進(jìn)行自愿披露，否則，院長(zhǎng)相當(dāng)不進(jìn)行志愿信息透露，他們的態(tài)度會(huì)改變的收入與成本的關(guān)系發(fā)生變化。（啟翔，2004年） 隨著中國(guó)資本市場(chǎng)的逐步發(fā)展，企業(yè)管理當(dāng)局可以降低平均資本成本，提高金融分析師和投資者的利益，提高公司的信心水平，改善投資關(guān)系，突出企業(yè)的競(jìng)爭(zhēng)優(yōu)勢(shì)，提高公司股票的市場(chǎng)流動(dòng)性，但也可