上市公司信息披露外文翻译--一个自愿性信息披露与我国上市公司监管问题的研究体系-文库吧

【正文】 icularly in the high tech, highgrowth panies, employees are the pany39。s most valuable asset. Research shows that these panies were significantly better than other panies,in the abovementioned aspects of the voluntary disclosure of information。 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 decisionmaking, such as fair value。 Corporate governance, environmental protection and social responsibility do not have mandatory disclosure information, because of plexity from the measurement and disclosure (Derong Zhang, 2020). 3. Main problems exist in Compulsory information disclosure Low Voluntary Disclosure Rate and low initiative A number of listed panies 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 disclose 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 makes listed panies in a passive response. The main reason is that the listed pany 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. Lack of integrity of Voluntary information disclosure Today, Chinese listed panies’ practice of disclosing information voluntarily is not satisfactory. Many listed panies are reluctant to disclose, and some listed panies only disclose the pany39。s financial information。but the bad news or involved matters with a certain risk, or other seriously matters, the panies are kept silent. Moreover, many listed panies 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 to judge the value of the pany through the signal transferred by the pany. The voluntary disclosure of false information Generally speaking, the voluntary information disclosure has high credibility. To the nonmandatory requirements 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 highquality enterprises disclosing the information to the investors is to convey the signal quality of enterprises, so as to reduce monitoring costs. Voluntary information disclosure generally has higher quality. However, the absence of ma ndatory disclosure is as strict guidelines as regulate, and authorities have the tendency of opportunism, prone to the problem of moral hazard. What’s more, the poor quality 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 audit. And voluntary disclosure of information is difficult to guarantee the quality. Content of voluntary information disclosure is not standard At present, mainly Chinese listed panies are the pulsory disclosure of information, and voluntary disclosure of information in some documents are scattered, in reality, Chinese listed panies ,disclosing voluntarily information, can not meet regulators, securities analysts and investors demand regardless of content or quality. Chinese listed panies 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 provisions of 16 in the annotated Openhere, 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 panies to disclose information voluntarily is l