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,whichisusefulfor