现上市公司信息披露外文翻译.doc

A Study on the Supervision System with Voluntary Information Disclosure in Chinese Listed Companies Abstract The voluntary information of listed companies is based on corporate image, the investor relates, which is to avoid lawsuit risk besides the compulsory information 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 author analyzed the problems on voluntary information disclosed, which existed in Chinese mainland listed company, proposed the suggestion of constructing supervision system which listed companies voluntary information to disclose. *Keywords: Listed companies, Compulsory information disclosure, Voluntary information disclosure, Supervision System As the expansion of the increase of the number of listed companies and the increasingly 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 Disclosure. Listed companies,with voluntary to disclose the information refers to corporate image, the investor relation, avoid lawsuit risk besides the compulsory information disclosure. However, the supervision system is not good enough; the information disclosed voluntarily is hard to be proof the truth. Therefore, it becomes more and more important to build the supervision system with voluntary information disclosure for listed companies. 1. Motivation of Compulsory information disclosure Information, the Voluntary disclosure, is the executives in listed companies on personnel benefit to disclose on own initiative. According to the economic 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