关于上市公司财务报告透明度的研究的外文翻译.doc

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1、外文资料翻译译文财务报告的透明度财务分析者对某公司进行基本分析进而作出投资决策需要经过具体步骤，一般包括: 了解公司所在行业近期及未来的发展状况； 了解公司在该行业中的地位及所面临的机会和风险； 判断该公司财务报告的透明度, 对其会计政策进行全面调整； 分析财务报告, 判断公司的盈利性和风险； 预测公司未来的盈利性和风险, 对公司及其股票价值进行评估。在这些步骤中, 分析者必须在第三步中确定财务报告是否对公司的经济实质进行了正确反映,才能决定是否进行下面的财务分析步骤, 因此其必须对财务报告的透明度进行确认。文中将财务报告透明度作为一个多层次的概念, 从财务分析角度出发, 构造一个透明度分析模

2、型，以帮助财务分析人员全面、有效地确认财务报告的透明度。为了使模型清晰简练,将不考虑财务报告的其他方面, 而集中分析财务报告的信息。透明度分析模型具有六个等级, 是一个层级分析体系，该体系的最终目标是恰当反映公司的经营成果和财务状况。在此体系中, 等级越高, 其透明度对分析者越重要, 并且高等级透明度的缺失，将会降低所有低等级层级的透明度。第一层: 交易和事项透明度。该层透明度反映的是财务报告对该公司在本期中所有影响财务状况和经营成果的交易和事项的反应程度。这是最重要的透明度，因为不管其他层次的透明度如何, 任何虚假的交易和事项以及对会计数据所属账户的错误归类, 将导致该模型中其他层次的信息闭

3、塞, 而这一层次上任何程度的闭塞都将导致对公司经济状况实质的曲解。一般来说, 财务分析者主要通过国际注册会计师（ACCA）的审计来判断这一层的透明度。然而, 实证研究表明, 公司治理结构和企业关联方关系对财务报告的透明度也有重大影响。合理的公司治理结构能够促使公司财务信息更加透明, 分析者也可以从对关联方关系的解释以及对关联方交易的披露中得出有用的信息。第二层: 确认与计量透明度。该层透明度反映的是在确认和计量交易和事项的经济影响时, 企业是否对相关的会计准则提供了足够的信息。这一层次的透明度要求分析者判断公司所使用的确认计量方法是否恰当, 与同行业中的其他企业是否具有可比性。即使外部审计机构

4、认可公司所使用的会计政策，财务分析者也需要进行独立判断。例如国际注册会计师（ACCA）根据会计准则的具体规定，认可企业将一项长期租赁确认为融资租赁，但这不一定意味着这种处理遵守了实质重于形式原则。分析者不仅要了解企业所使用的会计政策，还要清楚企业如何使用这些会计原则和方法。如果对该层次的信息了解闭塞, 则会导致分析者无法判断公司所使用的会计政策是否在恰当的期间恰当地反映了交易和事项。第三层: 职业判断透明度。会计政策的运用经常需要管理层对交易事项的经济影响数量、时间和不确定性进行估计和判断本层是关于管理层进行职业判断和会计估计的透明度, 它反映了会计确认和计量的另一个方面。分析者必须了解管理层

5、在编制财务报告时的基本假设，及进行重要会计估计的程序。如了解公司有关租赁的会计信息, 理解企业在计算最低租赁付款额的现值和残值时如何选择折现率等。所有重要的职业判断和会计估计的信息，以及所使用的基本假设和会计程序, 能帮助分析者判断公司所采用的会计政策是激进型、保守型还是中庸型。第四层: 经济实质透明度。第二层和第三层透明度有助于分析者判断第四层的透明度，即反映企业经济实质的透明度。管理层通过职业判断、选择会计政策、进行会计估计后, 最终的财务报表数字能否恰当地反映公司当期的经营成果, 能否正确反映公司现在和将来的现金流量, 是否多计了收入和资产, 少计了负债, 管理层是否操纵会计政策, 进行

6、了盈余管理？这些问题直接关系到企业经济实质的综合反映是否恰当。如果第二层和第三层透明度对会计核算方法的披露足够透明, 分析者就可以单独评价每项业务和事项的会计核算信息质量，从而确定财务报告在多大程度上反映了公司的经济实质。分析者还可将该企业的会计政策与同行业中的其他企业进行比较，如果有必要, 还可作适当的调整。在这两项活动中, 如果能深入理解公司会计政策和会计估计, 则有利于分析者对公司整体会计信息进行职业判断和恰当调整。第五层: 预测透明度。分析者一旦认可公司会计信息恰当反映了经济实质, 就会进一步预测企业未来的经营成果。对分析者来说, 财务报告的预测透明度表现为公司在会计政策、会计估计、会

7、计确认、会计计量有重大变化时，是否及时、恰当地披露了这些变化以及该变化对财务报告的影响。此外还可以通过披露收入、费用的永久性或暂时性因素来提高预测透明度。该层次的透明度为分析者提供了一个了解企业长期业绩的角度, 为预测公司未来现金流量的数量、时间和不确定性提供了基础。第六层: 使用透明度。第六层透明度反映了财务报告的组织与披露方式, 反映公司是否为使用者提供便了捷的方式获得前五层所讨论的信息, 是否有检索, 能否有效地指引分析者找到财务报告中的相关材料。该层级不涉及会计信息的确认和计量, 其透明度对理解财务报告的重要程度最低。然而在现实中, 第六层透明度的缺失会增加分析者的信息搜索成本, 增加

8、分析者错过重要信息的风险。财务报告透明度可以理解为上市公司通过财务报告这一工具向外部信息使用者传递公司真实经济状况的能力高低，是在上市公司面向外部信息使用者的信息传递过程中形成的。作为一个动态的概念，财务报告透明度不局限于财务报告所具有的某些静态特征，而是把公司对外披露信息与以投资者为主体的外部信息使用者接收、理解信息联系起来，是公司真实、完整“图像”对外部信息使用者的“透明”程度，也就是外部信息使用者通过财务报告能够了解公司当前财务状况、经营成果及风险等真实、全面情况的程度。透明度最终是由信息的生产、传递、传播等一系列复杂因素所共同决定的，是这一系统过程中各个元素共同作用的结果。本文把财务报

9、告透明度的形成划分为五个环节：1. 上市公司作为财务报告的生产者和发布主体，构成了财务报告的生成基础；2. 财务报告是信息传递的载体，其自身的相关特征对透明度起着决定性的作用； 3. 为了维护市场正常运转，监管部门会对财务报告进行多种形式的监督制约；4. 财务报告的传播途径和方法，对于投资者接收、理解信息有着重要影响；5. 财务报告的可理解性和反馈的便利程度是影响信息传递效果的直接因素。财务报告的生成基础是指上市公司作为财务报告的生产者和发布主体，在报告的内容组成、结构安排、渠道选择等方面有着天然的决定权，对财务报告透明度会产生基础性的影响。在这一环节中，内控监督和公司治理两方面因素发挥着重要

10、作用。强有力的内控监督能保证财务报告所提供信息的准确可靠，而良好的公司治理则有助于上市公司进行财务报告的相关决策，使投资者的合法权益更有可能得到有效保障。财务报告的相关特征对财务报告透明度的形成影响重大。除了财务报告的内容构成对投资者获取信息有直接影响外，报告的及时性和预测性财务信息也对投资者决策发挥着重要作用。因此，这一环节应该包括以下五个方面：投资者所关心的关键财务信息是否充分披露，如担保状况、大额营业外收支的解释等；是否有充分、详实的管理层讨论与分析；定期报告是否及时；当发生重大财务事项时，是否进行了充分披露；预测性财务信息及其准确程度。为维护投资者利益，在财务报告编制完成后，需要实施严

11、格的监督制约，以此来提高财务报告在信息传递方面的作用。当前，基本的监督制约方式有独立审计师的外部审计和监管部门的行政监管两类。因此，这一环节包括公司所受到的行政监管记录和外部审计意见两方面内容。显然，良好的行政监管记录和清洁的审计意见对于保证投资者通过财务报告了解公司信息是非常必要的。外文原文Financial Reporting TransparencyFinancial analysis to perform basic analysis of a company and then make investment decisions need to go through specific

12、steps generally include: understanding the recent and future development of the companys industry; about the companys position in the industry and the opportunities and risks; determine thetransparency of corporate financial reporting, accounting policies to make sweeping changes; analysis of financ

13、ial reports to determine the companys profit and risk; forecast the companys future profitability and risk assessment of the company and its stock value. In these steps, the analyst must determine whether the financial statements correctly reflect the economic substance of the company in the third s

14、tep, in order to decide whether to conduct a financial analysis of the following steps, so it must confirm the transparency of financial reporting. This article aims to transparency in financial reporting as a multi-layered concept, from the perspective of financial analysis, construct a transparenc

15、y of the analysis model to help financial analysts to fully and effectively confirm the transparency of financial reporting. To make the model clear and concise, I will not consider other aspects of financial reporting, and focus on the analysis of financial reporting information.Transparency of the

16、 analysis model has six levels, a level of analysis system, the systems ultimate goal is to properly reflect the companys operating results and financial position. In this system, the higher the level of transparency is more important to analysts, and the lack of high-grade transparency will reduce

17、the transparency of all low-grade level.First floor: transactions and issues of transparency. The layer transparency reflects the degree of response of the financial report of the company in the issue affecting the financial condition and operating results, transactions and matters. This is the most

18、 important transparency, because no matter how the other levels of transparency, any false transactions and events as well as the accounts of the accounting data misclassified, will lead to lack of information of the other levels of the model, this level with any degree occlusion will lead to substa

19、ntial misinterpretation of the companys economic situation. In general, the financial analysis by a certified public accountant audit to determine the level of transparency. However, empirical studies show that the corporate governance structure and corporate related party relationships have a signi

20、ficant impact on transparency in financial reporting. Reasonable corporate governance structure to promote the companys financial information more transparent, the analysis can also be derived from the interpretation of the related party relationships and related party transactions disclosure of use

21、ful information.The second layer: Recognition and Measurement transparency.The layer transparency to reflect the economic impact of the recognition and measurement of transactions and events, whether the relevant accounting standards to provide enough information. This level of transparency requires

22、 analysis of the confirmation of measurement methods used by those who judge the company whether it is appropriate, comparable with the other businesses in the same industry. Even if the accounting policies used by the external audit institution recognized companies, financial analysis also need to

23、exercise independent judgment. Such as certified public accountant according to the specific provisions of the Accounting Standards, Accreditation of business will be a long-term leases are recognized as a finance lease, but does not necessarily mean that this treatment to comply with the substance

24、over form principle. The analysis not only to understand the accounting policies used by the enterprises, but also clear how to use these accounting principles and methods. If the level of information to understand the occlusion will result in the analyst can not determine whether the accounting pol

25、icies used by the company at the right period to properly reflect the transactions and events.The third layer: the transparency of professional judgment. The use of accounting policies often need a number of the economic impact of management transactions, time, and the uncertainty of estimates and j

26、udgments of this layer on the management of professional judgment and the transparency of the accounting estimates, which reflects the accounting recognition and measurement of another aspects. The analyst must understand the basic assumptions of the management in the preparation of financial report

27、s, and procedures for critical accounting estimates. Such as understanding the companys lease accounting information, and understand how to choose the discount rate in computing the present value of minimum lease payments and residual value. All important professional judgments and accounting estima

28、tes of the information, and using the basic assumptions and accounting procedures, accounting policies used to help the analyst to judge the company is a radical type, conservative or moderate type.The fourth layer: the real economic transparency. The second and third tiers of transparency helps the

29、 analyst to determine the fourth level of transparency, that reflect the transparency of the substance of the enterprise economy. Through the professional judgment of the management to select accounting policies, accounting estimates, the final number of financial statements ability to appropriately

30、 reflect the companys current operating results correctly reflect the current and future cash flows of the company, whether to count the income and assets less about the debt management to manipulate accounting policy, earnings management? Comprehensive reflection of these issues directly related to

31、 the enterprise economy in real terms is appropriate. If the second and third tiers of the transparency of disclosure of accounting methods transparent enough, the analyzer can be used alone to evaluate the quality of the information of every business and accounting matters, to determine the financi

32、al report reflected the extent to which the economic substance of the company. Analysts can compare with other enterprises in the same industry of the enterprises accounting policies, if necessary, can also make appropriate adjustments. In these two activities, if they can-depth understanding of the

33、 companys accounting policies and accounting estimates, it will help the analysis of accounting information on the companys overall professional judgment and an appropriate adjustment.The fifth layer: prediction transparency. Analysts recognized the companys accounting information to properly reflec

34、t the economic substance will be further predicted that the future results of operations of the enterprise. Analyst forecast transparency of financial reporting performance in accounting policies, accounting estimates, accounting recognition, there are significant changes in the accounting measureme

35、nt, timely and appropriate disclosure of the impact of these changes and the changes in financial reporting. In addition, disclosure of income, expenses, permanent or temporary factors to improve the transparency of forecast. The level of transparency for the analysis provides an understanding of th

36、e long-term performance of the enterprise point of view, to provide a basis for the forecast the companys future cash flow number, time and uncertainty.The sixth floor: transparency. The sixth floor of transparency reflects the organization of financial reporting and disclosure of the company provid

37、ed for the user a convenient way to obtain the information discussed by the former five-story, whether there is retrieval, ability to effectively guide the analysts to find the financial report related materials. The level does not involve the recognition and measurement of accounting information, t

38、he transparency of the lowest degree of importance of the understanding of the financial reports. However, in reality, the sixth floor of the lack of transparency will increase the analysis of information search costs, increase analyze the risk of missing important information.Transparency in financ

39、ial reporting can be understood for listed companies by the level of financial reporting tools to the real economic situation of the ability of external users of information transfer company formed by listed companies for the external users of information transfer process. As a dynamic concept, the

40、transparency of financial reporting is not confined to the financial report has some static characteristics, but the company disclosed information and the investor as the main external information users receive, understand the information linked to the companys true , a complete image of the degree

41、of external information users “transparent”, that is, external information users be able to understand the companys current financial position, operating results and risks through the financial report is true, the extent of the overall situation.Transparency is ultimately a complex series of factors

42、 of production, transmission, and dissemination of information shared by the decision, the results of the various elements together in the process of this system. Based on this, the transparency of financial reporting is divided into five parts: a listed company as a financial reporting producers an

43、d released the main, constitutes a generation basis for financial reporting; financial report is the carrier of the transmission of information, its the relevant characteristics of transparency plays a decisive role; in order to maintain the normal operation of the market, regulators would be financ

44、ial reporting various forms of supervision and control; the route of transmission and methods of financial reporting for investors to receive and understand information has an important influence; ease of understandability of financial reporting and feedback is the effect of the transmission of info

45、rmation directly.The financial reports generated based on the listed companies as producers of financial reporting and publishing the main, the contents of the report, structural arrangements, such as channel selection has a natural right to decide on the transparency of financial reporting will pro

46、duce basic. In this part of the internal control oversight and corporate governance factors play an important role. Strong internal control and supervision to ensure the financial reporting of the information provided is accurate and reliable, and good corporate governance would help listed companie

47、s financial reporting decisions, and more likely to be effective in protecting investors legitimate rights and interests.Significant impact on financial reporting characteristics of the formation of the transparency of financial reporting. In addition to the financial contents of the report constitu

48、tes a direct impact on access to information to investors, the report on the timeliness and predictability of financial information to investors decision-making plays an important role. Therefore, this part should include key financial information of the following five areas: investors are concerned

49、 about the adequacy of disclosure, such as the security situation, the interpretation of the large non-operating income; whether a full, detailed Management Discussion and Analysis; periodic reports in a timely manner; the event of a major financial matters, whether full disclosure; forecast financial information and its degree of accuracy. To safeguard the interests of investors, after the completion of the preparation of financial reports need to implement strict supervision and control, in order to improve fin