公司治理法律和法規(guī)的透明度趨勢【外文翻譯】_第1頁
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1、外文文獻翻外文文獻翻譯譯譯譯文原文：Thetrendsoftransparencylawsregulationsoncpategovernance1、ThegeneralsituationdevelopmenttrendabouttransparencyofthemarketMarkettransparencyreflectstheinfmationdisclosureoflistedcompanies.Itisoneofthemost

2、imptantappraisalstardsofqualityinfmationefficiencyincapitalmarket.Itisalsothemainpoliticalobjectiveofregulationauthities.Infmationdisclosureisthelegalobligationoflistedcompaniesbutlistedcompaniesusuallyhasoptionsintermso

3、fdisclosurecontentpatterntimeobjectsoon.Generallylistedcompaniescanbenefitfromvoluntaryabundantinfmationdisclosurebythefollowingaspects:enhancingthereliabilityoffinancialreptimprovingtheinvests’relationshipincreasingthel

4、iquidityofstocksimprovingdecisionmakingabilityofinvestsreducingthelitigationrisksoon.Sincethe1990s’withconstantdevelopmentofthecapitalmarkettheinfmationdisclosureissuehasbeenattractingmemeattentionfromsociety.Asthetransp

5、arencyoflistedcompaniesisstillunsatisfactytheinfmationdisclosuresystemispriitytocompulsydisclosurewithvoluntarydisclosureasassistant.1.1CompulsyinfmationdisclosureoflistedcompanyCompulsydisclosurestemsfrompolicyenvironme

6、nt.Flistedcompaniesinfmationdisclosureisnotonlyavoluntarybehavibutalsoalegalobligationwhichisregulatedbythecompulsyinfmationdisclosuresystem.Duringthepastdecadehasdevelopedaomprehensiveinfmationdisclosuresystemwhichiscom

7、posedoftheSecuritiesLawaswellasrelatedadministrativeregulationsinstitutionalrules.Theinfmationdisclosuresystemcontainsfourlayers:basiclawsadministrativeregulationsinstitutionalrulesmarketcriteria.1.2Theeffectivenessofinf

8、mationdisclosuresystemdisclosureofinfmationsellouttheirstockscontinuetoboostpriceafterthedisclosureofinfmation.Thecaseofin1996isatypicalcaseinpoint.ThecpaterepresentativeofCpationlearntaboutthecontentofcpation’sinterimpe

9、riodreptannualreptthedividendpolicyinadvance.CpationFinanceCpationpurchasedalargenumberofstocksbeferepteditsfavableinterimprofitin1996.Asaresultthestockpricerosecontinuouslytheyachievedthegoalofmanipulatingthemarket.1.3T

10、hetrendofmarkettransparencyTheconstructionofmarkettransparencyisgoingalongderlythemarkettransparencyissteadilyimproving.Intimeofglobalizationimprovingthemarkettransparencyishelpfulflistedcompaniestoadapttotheincreasingly

11、fiercemarketcompetition.Thecapitalmarketisatypicalnewtransitionalmarket.Therearemanynonstardproblemswiththesizequalityoflistedcompaniesthecontrollinglevelthedevelopmentofruleslaws.Thesefactsleadtoalowleveloftransparencyb

12、utmarkettransparencyismarchingtowardstransparencestepbystep.2Theconstructionoflawsregulationsofcpategovernance2.1PreventingthebigshareholderfromencroachingtheprofitsoflistedcompaniesTopreventthebigshareholderfromseizingt

13、hebenefitsofthelistedcompanythecompaniesareaskedtorevealtherelatedpartytransactionensurefairtradingprice.Suchregulationscanbefoundinthe“enterpriseaccountingstardthedisclosureofrelatedpartyrelationshiptransaction”promulga

14、tedbytheMinistryofFinancein1997the“themanagementstardofthelistedcompany”promulgatedin2002bytheSecuritiesRegulatytheStateEconomicTradeCommittee.Theindependentboarddirectsarealsorequiredtogiveindependentopinions.2.2Theenha

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