上市公司信息披露外文翻譯

1、<p>　　袂艿羋螂螈羋莀薄肆莇蒃螀羂莆薅薃袈蒞芅螈襖莄蕆薁膃莄蕿袆聿莃螞蠆羅莂莁裊袁羈蒄蚈螇肇薆袃肅肇芆蚆羈肆莈袁羇肅薀螄袃肄螞薇膂肅莂螂肈肂蒄薅羄肁薇螁袀膁芆薄螆膀荿蝿肅腿蒁薂肁膈蚃袇羇膇莃蝕袃膆蒅袆螈膅薈蚈肇膅芇襖羃芄莀蚇衿芃蒂袂螅節(jié)蚄蚅膄芁莄蒈肀芀蒆螃羆艿薈薆袂艿羋螂螈羋莀薄肆莇蒃螀羂莆薅薃袈蒞芅螈襖莄蕆薁膃莄蕿袆聿莃螞蠆羅莂莁裊袁羈蒄蚈螇肇薆袃肅肇芆蚆羈肆莈袁羇肅薀螄袃肄螞薇膂肅莂螂肈肂蒄薅羄肁薇螁袀膁芆薄螆膀荿蝿肅

2、腿蒁薂肁膈蚃袇羇膇莃蝕袃膆蒅袆螈膅薈蚈肇膅芇襖羃芄莀蚇衿芃蒂袂螅節(jié)蚄蚅膄芁莄蒈肀芀蒆螃羆艿薈薆袂艿羋螂螈羋莀薄肆莇蒃螀羂莆薅薃袈蒞芅螈襖莄蕆薁膃莄蕿袆聿莃螞蠆羅莂莁裊袁羈蒄蚈螇肇薆袃肅肇芆蚆羈肆莈袁羇肅薀螄袃肄螞薇膂肅莂螂肈肂蒄薅羄肁薇螁袀膁芆薄螆膀荿蝿肅腿蒁薂肁膈蚃袇羇膇莃蝕袃膆蒅袆螈膅薈蚈肇膅芇襖羃芄莀蚇衿芃蒂袂螅節(jié)蚄蚅膄芁莄蒈肀芀蒆螃羆艿薈薆袂艿羋螂螈羋莀薄肆莇蒃螀羂莆薅薃袈蒞芅螈襖莄蕆薁膃莄蕿袆聿莃螞蠆羅莂莁裊袁羈蒄蚈螇肇薆袃肅

3、肇芆蚆羈肆莈袁羇肅薀螄袃肄螞薇膂肅莂螂肈肂蒄薅羄肁薇螁袀膁芆薄螆膀荿蝿肅腿蒁薂肁膈蚃袇羇膇莃蝕袃膆蒅袆螈膅薈蚈肇膅芇襖羃芄莀蚇衿芃蒂袂螅節(jié)蚄蚅</p><p>　　A Study on the Supervision System with Voluntary Information Disclosure</p><p>　　in Chinese Listed Companies</

4、p><p><b>　　Abstract</b></p><p>　　The voluntary information of listed companies is based on corporate image, the investor relates, which is to avoid lawsuit risk besides the compulsory i

5、nformation disclosure. The information, which the companies disclosed on their own initiative, is the important part of disclosure information. It is an effective way that demonstrates their core competitive ability. The

6、 author analyzed the problems on voluntary information disclosed, which existed in Chinese mainland listed company, proposed the</p><p>　　*Keywords: Listed companies, Compulsory information disclosure, Volun

7、tary </p><p>　　information disclosure, Supervision</p><p><b>　　System </b></p><p>　　As the expansion of the increase of the number of listed companies and the increasing

8、ly drastic market competition,the competition has become more difficult in more and more listed companies. In order to catch the scarce resource--the capital, companies tend to choose the way of Voluntary information Dis

9、closure. Listed companies,with voluntary to disclose the information refers to corporate image, the investor relation, avoid lawsuit risk besides the compulsory information disclosure. However, t</p><p>　　1.

10、 Motivation of Compulsory information disclosure</p><p>　　Information, the Voluntary disclosure, is the executives in listed companies on personnel benefit to disclose on own initiative. According to the eco

11、nomic theory of "the economic man rationality", the superintendents balance the behavior and do not take, completely based on the benefit and this behavior which is the costing. The superintendent’s decision-ma

12、king is also based on the cost benefit analysis, if the voluntary information disclosure brings the benefit is larger than the cost, then the</p><p>　　With the China capital market gradually development, the

13、 business management authority can reduce the average capital cost, enhance the financial analyst and investor's interest, enhance company confidence level, improve investment relations, stand out company competitive

14、 advantages, enhance company stocks market fluidity, but also may reduce the company’s lawsuit risk ,because the disclosure is not enough and so on, by disclosing voluntary information besides the compulsory information

15、 disclos</p><p>　　2. Content of Compulsory information disclosure</p><p>　　Listed companies, with voluntary to disclose the information is refers to corporate image, the investor relates, avoid

16、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 companies volu

17、ntary disclosure of information include: </p><p>　　The forward-looking information, based on the company's “core competence”. It contains the operation,the business plan, strategic planning, business en

18、vironment and so on. All of information can help investors to make rational investment judgments and decision-making;</p><p>　　Information communicated with the market intermediaries and investors or the eva

19、luation information from them; </p><p>　　Information of human resources. Under the conditions of the knowledge economy society, human capitalbecomes more and more important. Particularly in the high tech, hi

20、gh-growth companies, employees are the company's most valuable asset. Research shows that these companies were significantly better than other companies,in the above-mentioned aspects of the voluntary disclosure of i

21、nformation;</p><p>　　According to the accounting standards of the conservative principles, there is also lack of proper disclosure rules or low in requirements disclosure, which is useful for the investment

22、decision-making, such as fair value;</p><p>　　Corporate governance, environmental protection and social responsibility do not have mandatory disclosure information, because of complexity from the measurement

23、 and disclosure (Derong Zhang, 2004). </p><p>　　3. Main problems exist in Compulsory information disclosure</p><p>　　3.1 Low Voluntary Disclosure Rate and low initiative</p><p>　　A

24、 number of listed companies regard voluntary disclosure of information as an additional burden, rather than a kind of obligation or the right, which should be given to the shareholders. Thus they will be passive to discl

25、ose the information, that’s 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 mak

26、es listed companies in a passive response. The main reason </p><p>　　3.2 Lack of integrity of Voluntary information disclosure</p><p>　　Today, Chinese listed companies’ practice of disclosing in

27、formation voluntarily is not satisfactory. Many listed companies are reluctant to disclose, and some listed companies only disclose the company's financial information;but the "bad news" or involved matters

28、 with a certain risk, or other seriously matters, the companies are kept silent.</p><p>　　Moreover, many listed companies do not disclose fully credibility, hoping the investors rely on the “popular”, then t

29、o help them succeed .Chinese investors are not maturity, particularly in the processing, handling and analyzing information. Therefore, it is very difficult to judge the value of the company through the signal transferre

30、d by the company. </p><p>　　3.3 The voluntary disclosure of false information</p><p>　　Generally speaking, the voluntary information disclosure has high credibility. To the non-mandatory require

31、ments information, managers often disclose the less likely to lead to the disclosure of risk information for reducing the risk of litigation and avoiding legal sanctions. In addition, the main motive of high-quality ente

32、rprises disclosing the information to the investors is to convey the signal quality of enterprises, so as to reduce monitoring costs. Voluntary information disclosure genera</p><p>　　What’s more, the poor qu

33、ality of the enterprises are based on the theory of signal transduction, transmission of false information, the voluntary disclosure of information is not the same to the mandatory information , as to undergo a rigorous

34、audit. And voluntary disclosure of information is difficult to guarantee the quality.</p><p>　　3.4 Content of voluntary information disclosure is not standard</p><p>　　At present, mainly Chinese

35、 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 m

36、eet regulators, securities analysts and investors demand regardless of content or quality. </p><p>　　Chinese listed companies in the voluntary disclosure of information content norms. The China Securities Re

37、gulatory Commission issued the "public offerings stock, the disclosure of corporate information content and format standards" of the relevant provisions of 1-6 in the annotated "Open-here," although v

38、oluntary 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 inform</p><p>　　4.

39、Improve Supervision System of Voluntary information Disclosure in listed companies</p><p>　　As growing competition of capital in the market and the gradually standardization of legal system, there will be a

40、growing trend of voluntary 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 disclo

41、sure, and learning from the practical experience on foreign listed companies, the author makes the following recommendations:</p><p>　　4.1 Actively encourage and protect listed companies voluntarily disclose

42、 information</p><p>　　With the gradually maturation of Chinese capital market, on the basis of the management company completing the mandatory disclosure of information provided voluntary disclosure of infor

43、mation. Therefore, the regulatorydepartments should encourage listed companies to voluntary disclosure of information, add clauses in the policies and regulations, encourage listed companies to disclose the voluntary inf

44、ormation besides existing laws, regulations and rules, meet the investors’ growing demands. At </p><p>　　"accidental factors" belong to different nature of the situations and treat them differently

45、. It should investigate the law liability to parties in the first case. Otherwise, only the listed companies have adequate evidences and can explain reasonably, don’t look into their liability. </p><p>　　4.2

46、 Strengthen supervising and managing prevent to disclose the false information at will and protect the market order</p><p>　　Once the voluntary disclosure information published, it must accept the essential

47、surveillance and the restraint equally with the compulsory disclosure information. But voluntary information disclosure is still lack essential surveillance rules currently, should establish a set of voluntary informatio

48、n disclosure supervising and managing system, standard voluntary information quality. For example: to establish voluntary information assurance and compensation system, to perform the heavy fine to </p><p>　

49、　First, integrity, listed companies voluntarily disclose of the information are both "positive" information, also includes the "negative" information;</p><p>　　Second, systemic, whether l

50、isted companies from different angles, through various information disclosure to reveal the same, whether formed a distinctive pattern of voluntary disclosure of information;</p><p>　　Third, dynamic, long-te

51、rm voluntary listed companies to disclose certain information, and constantly adjusted to improve the reliability of information;</p><p>　　Fourth, widespread, as long as all investors equal access to all lis

52、ted companies to voluntarily disclose information; </p><p>　　Fifth, the comparative, whether the compulsory information disclosure is mandatory or not, it can be the standards of judgment for the quality of

53、 reference standards.</p><p>　　4.3 Giving full attention to the role of market intermediaries to establish the authority of the disclosure of company information quality evaluation system</p><p>

54、;　　Listed companies should strengthen communication with institutional investors, brokers, securities analysts and other market intermediaries. Understanding the company's external information needs to reduce the com

55、pany's asymmetric information through voluntary disclosure of information. Giving full attention to the role of market ntermediaries, establish the listed company disclosure information quality evaluation system by m

56、arket intermediaries. Acts according to the specialized knowledge and a</p><p>　　4.4 Strengthen CPA audit to voluntary disclosure of information</p><p>　　CPA audit is an independent, objective a

57、nd impartial system, it can ensure the credibility of the accounting information. Voluntary Information is provided by the authorities. With speculative risks, the authenticity and reliability of voluntary information sh

58、ould be tested by certified public accountant. Although the audit of voluntary information is not as strict as the mandatory information, it should also have forensic capabilities by registered accountants carrying out t

59、he necessary scrutin</p><p>　　4.5 Introduction of voluntary disclosure of information regulatory documents</p><p>　　On a global scale, the voluntary disclosure of information is an irresistible

60、trend of development. With the increasing speed of the change of the economic environment, the requirement for the accounting information relevant are higher and higher, by the extraneous user, the existing compulsory di

61、sclosure information will be inevitably difficult to satisfy their information need. Therefore, the extraneous information user on the existence to the businessmanagement authority disclosed voluntarily</p><p&

62、gt;　　References</p><p>　　[1]Kai Xiang. (2004). Listed companies to disclose information voluntarily Cause of Economic Analysis of the. Accounting Communications, (5). </p><p>　　[2]Xianzhong So

63、ng. (2006). Enterprise core competencies of the voluntary disclosure of information. Accounting Research, (2) </p><p>　　[3]Derong Zhang. (2004). Enterprise voluntary disclosure of information. Accounting Di

64、gest, (1) </p><p>　　[4]HongYin. (2004). Optimization of China's listed 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上市公司監(jiān)管問題的研究體系<

65、/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，表明自己的核心競爭能力。筆者分析了自愿披露的信息，這在中國大陸上市公司存在，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題。</p>

66、<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市場競爭的擴(kuò)大，市場競爭變得更為困難，越來越多的上市公司。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

67、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)。院長的決策也是基于成本效益分析，如果自愿性信息披露帶來的好處是低于成本較大，則院長可進(jìn)行自愿披露，否則，院長相當(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） 隨著中國資本

68、市場的逐步發(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)的競爭優(yōu)勢，提高公司股票的市場流動(dòng)性，但也可能會(huì)降低公司的訴訟風(fēng)險(xiǎn)，因?yàn)榕妒遣粔虻?，等等，除了?qiáng)制披露信息披露義務(wù)的信息。中國資</p><p>　　蚅袆肂荿薁裊膄膂蕆羄襖莇莃羃羆膀螞羃肈莆蚈羂芁膈薄羈羀蒄蒀羀肅芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆蚄聿芃莂蚃膁葿螁螞羈節(jié)蚇蟻肅薇薃蟻膆莀葿蝕羋膃螈蠆羈

69、莈蚄螈肀膁薀螇膂莆蒆螆袂腿莂螅肄蒞螀螅膇羋蚆螄艿蒃薂螃罿芆蒈螂肁蒁莄袁膃芄蚃袀袃蒀蕿衿羅節(jié)蒅衿膇薈蒁袈芀莁蝿袇罿膃蚅袆肂荿薁裊膄膂蕆羄襖莇莃羃羆膀螞羃肈莆蚈羂芁膈薄羈羀蒄蒀羀肅芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆蚄聿芃莂蚃膁葿螁螞羈節(jié)蚇蟻肅薇薃蟻膆莀葿蝕羋膃螈蠆羈莈蚄螈肀膁薀螇膂莆蒆螆袂腿莂螅肄蒞螀螅膇羋蚆螄艿蒃薂螃罿芆蒈螂肁蒁莄袁膃芄蚃袀袃蒀蕿衿羅節(jié)蒅衿膇薈蒁袈芀莁蝿袇罿膃蚅袆肂荿薁裊膄膂蕆羄襖莇莃羃羆膀螞羃肈莆蚈羂芁膈薄羈羀蒄蒀羀肅芇螈罿膅

70、蒂蚄羈芇芅薀肇羇蒀蒆蚄聿芃莂蚃膁葿螁螞羈節(jié)蚇蟻肅薇薃蟻膆莀葿蝕羋膃螈蠆羈莈蚄螈肀膁薀螇膂莆蒆螆袂腿莂螅肄蒞螀螅膇羋蚆螄艿蒃薂螃罿芆蒈螂肁蒁莄袁膃芄蚃袀袃蒀蕿衿羅節(jié)蒅衿膇薈蒁袈芀莁蝿袇罿膃蚅袆肂荿薁裊膄膂蕆羄襖莇莃羃羆膀螞羃肈莆蚈羂芁膈薄羈羀蒄蒀羀肅芇螈罿膅蒂蚄羈芇芅薀肇羇蒀蒆蚄聿芃莂蚃膁葿螁螞羈節(jié)蚇蟻肅薇薃蟻膆莀葿蝕羋膃螈蠆羈莈蚄螈肀膁薀螇膂莆蒆螆袂腿莂螅肄蒞螀螅膇羋蚆螄艿蒃薂螃罿芆蒈螂肁蒁莄袁膃芄蚃袀袃蒀蕿衿羅節(jié)</p>