会计信息披露外文文献.docx

会计信息披露外文文献.docx

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本科毕业论文

外文文献及译文

文献、资料题目：

StudyontheSupervisionSystemwith

VoluntaryInformationDisclosure

2008第九期

文献、资料来源：

JournalofAccounting&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

AStudyontheSupervisionSystemwithVoluntaryInformationDisclosureinChineseListedCompanies

Abstract

Thevoluntaryinformationoflistedcompaniesisbasedoncorporateimage,theinvestorrelates,whichistoavoid lawsuitriskbesidesthecompulsoryinformationdisclosure.Theinformation,whichthecompaniesdisclosedontheirowninitiative,istheimportantpartofdisclosureinformation.Itisaneffectivewaythatdemonstratestheircorecompetitiveability.Theauthoranalyzedtheproblemsonvoluntaryinformationdisclosed,whichexistedinChinesemainlandlistedcompany,proposedthesuggestionofconstructingsupervisionsystemwhichlistedcompaniesvoluntaryinformationtodisclose.

Keywords:

Listedcompanies,Compulsoryinformationdisclosure,Voluntaryinformationdisclosure,Supervision

System

1.Astheexpansionoftheincreaseofthenumberoflistedcompaniesandtheincreasinglydrasticmarketcompetition,thecompetitionhasbecomemoredifficultinmoreandmorelistedcompanies.Inordertocatchthescarceresource--thecapital,companiestendtochoosethewayofVoluntaryinformationDisclosure.Listedcompanies,withvoluntarytodisclosetheinformationreferstocorporateimage,theinvestorrelation,avoidlawsuitriskbesidesthecompulsoryinformationdisclosure.However,thesupervisionsystemisnotgoodenough;theinformationdisclosedvoluntarilyishardtobeproofthetruth.Therefore,itbecomesmoreandmoreimportanttobuildthesupervisionsystemwithvoluntaryinformationdisclosureforlistedcompanies.

2.MotivationofCompulsoryinformationdisclosure

Information,theVoluntarydisclosure,istheexecutivesinlistedcompaniesonpersonnelbenefittodiscloseonowninitiative.Accordingtotheeconomictheoryof"theeconomicmanrationality",thesuperintendentsbalancethebehavioranddonottake,completelybasedonthebenefitandthisbehaviorwhichisthecosting.Thesuperintendent’sdecision-makingisalsobasedonthecostbenefitanalysis,ifthevoluntaryinformationdisclosurebringsthebenefitislargerthanthecost,thenthesuperintendentcancarryonvoluntarilydisclosed,otherwise,the

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superintendentratherdoesnotcarryonthevoluntaryinformationtodisclose,theirmannerswillchangewiththecostincomerelationschanging.（KaiXiang,2004）

WiththeChinacapitalmarketgraduallydevelopment,thebusinessmanagementauthoritycanreducetheaveragecapitalcost,enhancethefinancialanalystandinvestor'sinterest,enhancecompanyconfidencelevel,improveinvestmentrelations,standoutcompanycompetitiveadvantages,enhancecompanystocksmarketfluidity,butalso mayreducethecompany’slawsuitrisk,becausethedisclosureisnotenoughandsoon,bydisclosingvoluntary informationbesidesthecompulsoryinformationdisclosure.TheChinacapitalmarketinformationdisclosurealsocangraduallymovetothestageofpayingequalattentiontovoluntaryandcompulsorydisclosure,notthesimplyregardingofthecompulsorydisclosure,thevoluntaryinformationdisclosurewillcertainlytobetheeffectiveway,bywhichlistedcompaniescandemonstratethecorecompetitiveability,communicatewiththestakeholders,anddescribethecompanyfuture.（XianzhongSong,2006）

3.ContentofCompulsoryinformationdisclosure

Listedcompanies,withvoluntarytodisclosetheinformationisreferstocorporateimage,theinvestorrelates,avoidlawsuitriskexceptforthecompulsoryinformationdisclosure.Learningfromforeignlistedcompanies’experienceofdisclosinginformationvoluntarily,andaccordingtothesituationinChina,thelistedcompaniesvoluntarydisclosureofinformationinclude:

Theforward-lookinginformation,basedonthecompany's“corecompetence”.Itcontainstheoperation,thebusinessplan,strategicplanning,businessenvironmentandsoon.Allofinformationcanhelpinvestorstomakerationalinvestmentjudgmentsanddecision-making;

Informationcommunicatedwiththemarketintermediariesandinvestorsortheevaluationinformationfromthem;

Informationofhumanresources.Undertheconditionsoftheknowledgeeconomysociety,humancapitalbecomesmoreandmoreimportant.Particularlyinthehightech,high-growthcompanies,employeesarethecompany'smostvaluableasset.Researchshowsthatthesecompaniesweresignificantlybetterthanothercompanies,intheabove-mentionedaspectsofthevoluntarydisclosureofinformation;

Accordingtotheaccountingstandardsoftheconservativeprinciples,thereisalsolackofproperdisclosurerulesorlowinrequirementsdisclosure,whichisusefulfortheinvestment

decision-making,suchasfairvalue;

Corporategovernance,environmentalprotectionandsocialresponsibilitydonothavemandatorydisclosureinformation,becauseofcomplexityfromthemeasurementanddisclosure（DerongZhang,2004）.

4.MainproblemsexistinCompulsoryinformationdisclosure

4.1LowVoluntaryDisclosureRateandlowinitiative

Anumberoflistedcompaniesregardvoluntarydisclosureofinformationasanadditionalburden,ratherthanakindofobligationortheright,whichshouldbegiventotheshareholders.Thustheywillbepassivetodisclosetheinformation,that’stosay,theywilltakelessdisclosureaslessaspossible.Withtimegoingby,theconceptofthisunderstandingisacceptedbypeople,sothatthedeviationintheinformationdisclosuremakeslistedcompaniesin apassiveresponse.Themainreasonisthatthelistedcompanyistooworrytotellthepublicthesecretinitsmanagement,andthusthedisclosureofinformationcreatesapsychologicalfearandevasivetothem.

4.2LackofintegrityofVoluntaryinformationdisclosure

Today,Chineselistedcompanies’practiceofdisclosinginformationvoluntarilyisnotsatisfactory.Manylistedcompaniesarereluctanttodisclose,andsomelistedcompaniesonlydisclosethecompany'sfinancialinformation;butthe"badnews"orinvolvedmatterswithacertainrisk,orotherseriouslymatters,thecompaniesarekeptsilent.

Moreover,manylistedcompaniesdonotdisclosefullycredibility,hopingtheinvestorsrelyonthe“popular”,thentohelpthemsucceed.Chineseinvestorsarenotmaturity,particularlyintheprocessing,handlingandanalyzinginformation.Therefore,itisverydifficulttojudgethevalueofthecompanythroughthesignaltransferredbythecompany.

4.3Thevoluntarydisclosureoffalseinformation

Generallyspeaking,thevoluntaryinformationdisclosurehashighcredibility.Tothenon-mandatoryrequirementsinformation,managersoftendisclosethelesslikelytoleadtothedisclosureofriskinformationforreducingtheriskoflitigationandavoidinglegalsanctions.Inaddition,themainmotiveofhigh-qualityenterprisesdisclosingtheinformationtotheinvestorsistoconveythesignalqualityofenterprises,soastoreducemonitoringcosts.Voluntaryinformationdisclosuregenerallyhashigherquality.However,theabsenceofmandatorydisclosureisasstrictguidelinesasregulate,andauthoritieshavethetendencyof

opportunism,pronetotheproblemofmoralhazard.

What’smore,thepoorqualityoftheenterprisesarebasedonthetheoryofsignaltransduction,transmissionoffalseinformation,thevoluntarydisclosureofinformationisnotthesametothemandatoryinformation,astoundergoarigorousaudit.Andvoluntarydisclosureofinformationisdifficulttoguaranteethequality.

4.4Contentofvoluntaryinformationdisclosureisnotstandard

Atpresent,mainlyChineselistedcompaniesarethecompulsorydisclosureofinformation,andvoluntarydisclosureofinformationinsomedocumentsarescattered,inreality,Chineselistedcompanies,disclosingvoluntarilyinformation,cannotmeetregulators,securitiesanalystsandinvestorsdemandregardlessofcontentorquality.

Chineselistedcompaniesinthevoluntarydisclosureofinformationcontentnorms.TheChinaSecuritiesRegulatoryCommissionissuedthe"publicofferingsstock,thedisclosureofcorporateinformationcontentandformatstandards"oftherelevantprovisionsof1-6intheannotated"Open-here,"althoughvoluntarydisclosureofinformationtotheleftoftheroom,butthelackofspecificguidelinesandthecorrespondingpolicysupport,theoveralllevelofthelistedcompaniestodiscloseinformationvoluntarilyislow.Therefore,Chinesevoluntarydisclosureofinformationisworthyofpayingattentionandneedstobesolved.

5.ImproveSupervisionSystemofVoluntaryinformationDisclosureinlistedcompanies

Asgrowingcompetitionofcapitalinthemarketandthegraduallystandardizationoflegalsystem,therewillbeagrowingtrendofvoluntaryinformationdisclosureforadaptwiththecomplexandever-changingandhighlyuncertaineconomicenvironment.FortheproblemsexistinginChineselistedcompaniesvoluntaryinformationdisclosure,andlearningfromthepracticalexperienceonforeignlistedcompanies,theauthormakesthefollowingrecommendations:

5.1Activelyencourageandprotectlistedcompaniesvoluntarilydiscloseinformation

WiththegraduallymaturationofChinesecapitalmarket,onthebasisofthemanagementcompanycompletingthemandatorydisclosureofinformationprovidedvoluntarydisclosureofinformation.Therefore,theregulatorydepartmentsshouldencouragelistedcompaniestovoluntarydisclosureofinformation,addclauses inthepoliciesandregulations,encouragelistedcompaniestodisclosethevoluntaryinformationbesidesexisting