会计信息披露外文文献Word格式文档下载.docx
- 文档编号:6061387
- 上传时间:2023-05-06
- 格式:DOCX
- 页数:14
- 大小:29.57KB
会计信息披露外文文献Word格式文档下载.docx
《会计信息披露外文文献Word格式文档下载.docx》由会员分享,可在线阅读,更多相关《会计信息披露外文文献Word格式文档下载.docx(14页珍藏版)》请在冰点文库上搜索。
文献、资料来源:
JournalofAccounting&
Economics
2008第九期
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
AStudyontheSupervisionSystemwithVoluntaryInformationDisclosure
inChineseListedCompanies
Abstract
Thevoluntaryinformationoflistedcompaniesisbasedoncorporateimage,theinvestorrelates,whichistoavoidlawsuitriskbesidesthecompulsoryinformationdisclosure.Theinformation,whichthecompaniesdisclosedontheirowninitiative,istheimportantpartofdisclosureinformation.Itisaneffectivewaythatdemonstratestheircorecompetitiveability.Theauthoranalyzedtheproblemsonvoluntaryinformationdisclosed,whichexistedinChinesemainlandlistedcompany,proposedthesuggestionofconstructingsupervisionsystemwhichlistedcompaniesvoluntaryinformationtodisclose.
Keywords:
Listedcompanies,Compulsoryinformationdisclosure,Voluntary
informationdisclosure,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,thesuperintendentratherdoesnotcarryonthevoluntaryinformationtodisclose,theirmannerswillchangewiththecostincomerelationschanging.(KaiXiang,2004)
WiththeChinacapitalmarketgraduallydevelopment,thebusinessmanagementauthoritycanreducetheaveragecapitalcost,enhancethefinancialanalystandinvestor'
sinterest,enhancecompanyconfidencelevel,improveinvestmentrelations,standoutcompanycompetitiveadvantages,enhancecompanystocksmarketfluidity,butalsomayreducethecompany’slawsuitrisk,becausethedisclosureisnotenoughandsoon,bydisclosingvoluntaryinformationbesidesthecompulsoryinformationdisclosure.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,whichisusefulfortheinvestmentdecision-making,suchasfairvalue;
Corporategovernance,environmentalprotectionandsocialresponsibilitydonothavemandatorydisclosureinformation,becauseofcomplexityfromthemeasurementanddisclosure(DerongZhang,2004).
4.MainproblemsexistinCompulsoryinformationdisclosure
4.1LowVoluntaryDisclosureRateandlowinitiative
Anumberoflistedcompaniesregardvoluntarydisclosureofinformationasanadditionalburden,ratherthanakindofobligationortheright,whichshouldbegiventotheshareholders.Thustheywillbepassivetodisclosetheinformation,that’stosay,theywilltakelessdisclosureaslessaspossible.Withtimegoingby,theconceptofthisunderstandingisacceptedbypeople,sothatthedeviationintheinformationdisclosuremakeslistedcompaniesinapassiveresponse.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,andauthoritieshavethetendencyofopportunism,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,addclausesinthepoliciesandregulations,encouragelistedcompaniestodisclosethevoluntaryi
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 会计信息 披露 外文 文献
![提示](https://static.bingdoc.com/images/bang_tan.gif)