会计信息披露外文文献.docx

1、本科毕业论文外文文献及译文文献、资料题目： Study on the Supervision System withVoluntary Information Disclosure2008 第九期文献、资料来源：Journal of Accounting&Economics文献、资料发表（出版）日期：2008 年 9 月院 （部）： 商学院专业： 会计学辅修专业班级： 会计辅修专业09 级姓名：学号： 指导教师：翻译日期： 2017 年 9 月 17 日A Study on the Supervision System with Voluntary Information Disclosure

2、 in Chinese Listed CompaniesAbstractThe voluntary information of listed companies is based on corporate image, the investor relates, which is to avoidlawsuit risk besides the compulsory information disclosure. The information, which the companies disclosed on their own initiative, is the important p

3、art 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 Chinese mainland listed company, proposed the suggestion of constructing supervision system which listed compa

4、nies voluntary information to disclose.Keywords:Listed companies, Compulsory information disclosure, Voluntary information disclosure, SupervisionSystem1. As the expansion of the increase of the number of listed companies and the increasingly drastic market competition,the competition has become mor

5、e difficult in more and more listed companies. In order to catch the scarce resource-the capital, companies tend to choose the way of V oluntary information Disclosure. Listed companies,with voluntary to disclose the information refers to corporate image, the investor relation, avoid lawsuit risk be

6、sides the compulsory information disclosure. However, the supervision system is not good enough; the information disclosed voluntarily is hard to be proof the truth. Therefore, it becomes more and more important to build the supervision system with voluntary information disclosure for listed compani

7、es.2. Motivation of Compulsory information disclosureInformation, 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 balance the behavior and do not

8、take, completely based on the benefit and this behavior which is the costing. The superintendents decision-making is also based on the cost benefit analysis, if the voluntary information disclosure brings the benefit is larger than the cost, then the superintendent can carry on voluntarily disclosed

9、, otherwise, the- 12 -superintendent rather does not carry on the voluntary information to disclose, their manners will change with the cost income relations changing. (Kai Xiang, 2004)With the China capital market gradually development, the business management authority can reduce the average capit

10、al cost, enhance the financial analyst and investors interest, enhance company confidence level, improve investment relations, stand out company competitive advantages, enhance company stocks market fluidity, but alsomay reduce the companys lawsuit risk ,because the disclosure is not enough and so o

11、n, by disclosing voluntaryinformation besides the compulsory information disclosure. The China capital market information disclosure also can gradually move to the stage of paying equal attention to voluntary and compulsory disclosure, not the simply regarding of the compulsory disclosure, the volun

12、tary information disclosure will certainly to be the effective way,by which listed companies can demonstrate the core competitive ability, communicate with the stakeholders, and describe the company future. (Xianzhong Song, 2006)3. Content of Compulsory information disclosureListed companies, with v

13、oluntary to disclose the information is refers to corporate image, the investor relates, avoid lawsuit risk except for the compulsory information disclosure. Learning from foreign listed companies experience of disclosing information voluntarily , and according to the situation in China, the listed

14、companies voluntary disclosure of information include:The forward-looking information, based on the companys “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 investment judgments

15、 and decision-making;Information communicated with the market intermediaries and investors or the evaluation information from them;Information of human resources. Under the conditions of the knowledge economy society, human capitalbecomes more and more important. Particularly in the high tech, high-

16、growth companies, employees are the companys most valuable asset. Research shows that these companies were significantly better than other companies,in the above-mentioned aspects of the voluntary disclosure of information;According to the accounting standards of the conservative principles, there i

17、s also lack of proper disclosure rules or low in requirements disclosure, which is useful for the investmentdecision-making, such as fair value;Corporate governance, environmental protection and social responsibility do not have mandatory disclosure information, because of complexity from the measur

18、ement and disclosure (Derong Zhang, 2004).4. Main problems exist in Compulsory information disclosure4.1 Low Voluntary Disclosure Rate and low initiativeA number of listed companies regard voluntary disclosure of information as an additional burden, rather than a kind of obligation or the right, whi

19、ch should be given to the shareholders. Thus they will be passive to disclose the information, thats to say, they will take less disclosure as less as possible. With time going by, the concept of this understanding is accepted by people, so that the deviation in the information disclosure makes list

20、ed companies ina passive response. The main reason is that the listed company is too worry to tell the public the secret in its management, and thus the disclosure of information creates a psychological fear and evasive to them.4.2 Lack of integrity of Voluntary information disclosureToday, Chinese

21、listed companies practice of disclosing information voluntarily is not satisfactory. Many listed companies are reluctant to disclose, and some listed companies only disclose the companys financial information;but the bad news or involved matters with a certain risk, or other seriously matters, the c

22、ompanies are kept silent.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 processing, handling and analyzing information. Therefore, it is very difficult t

23、o judge the value of the company through the signal transferred by the company.4.3 The voluntary disclosure of false informationGenerally speaking, the voluntary information disclosure has high credibility. To the non-mandatory requirements information, managers often disclose the less likely to lea

24、d to the disclosure 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 of enterprises, so as to reduce monitoring costs. Voluntary i

25、nformation disclosure generally has higher quality. However, the absence of mandatory disclosure is as strict guidelines as regulate, and authorities have the tendency ofopportunism, prone to the problem of moral hazard.Whats more, the poor quality of the enterprises are based on the theory of signa

26、l transduction, transmission 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 quality.4.4 Content of voluntary information disclosure is n

27、ot standardAt present, mainly Chinese listed companies are the compulsory disclosure of information, and voluntary disclosure of information in some documents are scattered, in reality, Chinese listed companies ,disclosing voluntarily information, can not meet regulators, securities analysts and inv

28、estors demand regardless of content or quality.Chinese listed companies in the voluntary disclosure of information content norms. The China Securities Regulatory Commission issued the public offerings stock, the disclosure of corporate information content and format standards of the relevant provisi

29、ons of 1-6 in the annotated Open-here, although voluntary disclosure of information to the left of the room, but the lack of specific guidelines and the corresponding policy support, the overall level of the listed companies to disclose information voluntarily is low. Therefore, Chinese voluntary di

30、sclosure of information is worthy of paying attention and needs to be solved.5. Improve Supervision System of Voluntary information Disclosure in listed companiesAs growing competition of capital in the market and the gradually standardization of legal system, there will be a growing trend of volunt

31、ary information disclosure for adapt with the complex and ever-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 author makes the foll

32、owing recommendations:5.1 Actively encourage and protect listed companies voluntarily disclose informationWith the gradually maturation of Chinese capital 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 voluntary disclosure of information, add clausesin the policies and regulations, encourage listed companies to disclose the voluntary information besides existing