財(cái)務(wù)報(bào)告的透明度外文翻譯

1、<p><b>　　中文3055字</b></p><p><b>　　外文資料翻譯譯文</b></p><p><b>　　財(cái)務(wù)報(bào)告的透明度</b></p><p>　　財(cái)務(wù)分析者對(duì)某公司進(jìn)行基本分析進(jìn)而作出投資決策需要經(jīng)過(guò)具體步驟，一般包括: 了解公司所在行業(yè)近期及未來(lái)的發(fā)展?fàn)顩r； 了解

2、公司在該行業(yè)中的地位及所面臨的機(jī)會(huì)和風(fēng)險(xiǎn)； 判斷該公司財(cái)務(wù)報(bào)告的透明度, 對(duì)其會(huì)計(jì)政策進(jìn)行全面調(diào)整； 分析財(cái)務(wù)報(bào)告, 判斷公司的盈利性和風(fēng)險(xiǎn)； 預(yù)測(cè)公司未來(lái)的盈利性和風(fēng)險(xiǎn), 對(duì)公司及其股票價(jià)值進(jìn)行評(píng)估。在這些步驟中, 分析者必須在第三步中確定財(cái)務(wù)報(bào)告是否對(duì)公司的經(jīng)濟(jì)實(shí)質(zhì)進(jìn)行了正確反映,才能決定是否進(jìn)行下面的財(cái)務(wù)分析步驟, 因此其必須對(duì)財(cái)務(wù)報(bào)告的透明度進(jìn)行確認(rèn)。文中將財(cái)務(wù)報(bào)告透明度作為一個(gè)多層次的概念, 從財(cái)務(wù)分析角度出發(fā), 構(gòu)造一個(gè)透明

3、度分析模型，以幫助財(cái)務(wù)分析人員全面、有效地確認(rèn)財(cái)務(wù)報(bào)告的透明度。為了使模型清晰簡(jiǎn)練,將不考慮財(cái)務(wù)報(bào)告的其他方面, 而集中分析財(cái)務(wù)報(bào)告的信息。</p><p>　　透明度分析模型具有六個(gè)等級(jí), 是一個(gè)層級(jí)分析體系，該體系的最終目標(biāo)是恰當(dāng)反映公司的經(jīng)營(yíng)成果和財(cái)務(wù)狀況。在此體系中, 等級(jí)越高, 其透明度對(duì)分析者越重要, 并且高等級(jí)透明度的缺失，將會(huì)降低所有低等級(jí)層級(jí)的透明度。</p><p>　

4、　第一層: 交易和事項(xiàng)透明度。該層透明度反映的是財(cái)務(wù)報(bào)告對(duì)該公司在本期中所有影響財(cái)務(wù)狀況和經(jīng)營(yíng)成果的交易和事項(xiàng)的反應(yīng)程度。這是最重要的透明度，因?yàn)椴还芷渌麑哟蔚耐该鞫热绾? 任何虛假的交易和事項(xiàng)以及對(duì)會(huì)計(jì)數(shù)據(jù)所屬賬戶的錯(cuò)誤歸類, 將導(dǎo)致該模型中其他層次的信息閉塞, 而這一層次上任何程度的閉塞都將導(dǎo)致對(duì)公司經(jīng)濟(jì)狀況實(shí)質(zhì)的曲解。一般來(lái)說(shuō), 財(cái)務(wù)分析者主要通過(guò)國(guó)際注冊(cè)會(huì)計(jì)師（ACCA）的審計(jì)來(lái)判斷這一層的透明度。然而, 實(shí)證研究表明, 公司治

5、理結(jié)構(gòu)和企業(yè)關(guān)聯(lián)方關(guān)系對(duì)財(cái)務(wù)報(bào)告的透明度也有重大影響。合理的公司治理結(jié)構(gòu)能夠促使公司財(cái)務(wù)信息更加透明, 分析者也可以從對(duì)關(guān)聯(lián)方關(guān)系的解釋以及對(duì)關(guān)聯(lián)方交易的披露中得出有用的信息。</p><p>　　第二層: 確認(rèn)與計(jì)量透明度。該層透明度反映的是在確認(rèn)和計(jì)量交易和事項(xiàng)的經(jīng)濟(jì)影響時(shí), 企業(yè)是否對(duì)相關(guān)的會(huì)計(jì)準(zhǔn)則提供了足夠的信息。這一層次的透明度要求分析者判斷公司所使用的確認(rèn)計(jì)量方法是否恰當(dāng), 與同行業(yè)中的其他企業(yè)是否具

6、有可比性。即使外部審計(jì)機(jī)構(gòu)認(rèn)可公司所使用的會(huì)計(jì)政策，財(cái)務(wù)分析者也需要進(jìn)行獨(dú)立判斷。例如國(guó)際注冊(cè)會(huì)計(jì)師（ACCA）根據(jù)會(huì)計(jì)準(zhǔn)則的具體規(guī)定，認(rèn)可企業(yè)將一項(xiàng)長(zhǎng)期租賃確認(rèn)為融資租賃，但這不一定意味著這種處理遵守了實(shí)質(zhì)重于形式原則。分析者不僅要了解企業(yè)所使用的會(huì)計(jì)政策，還要清楚企業(yè)如何使用這些會(huì)計(jì)原則和方法。如果對(duì)該層次的信息了解閉塞, 則會(huì)導(dǎo)致分析者無(wú)法判斷公司所使用的會(huì)計(jì)政策是否在恰當(dāng)?shù)钠陂g恰當(dāng)?shù)胤从沉私灰缀褪马?xiàng)。</p>&l

7、t;p>　　第三層: 職業(yè)判斷透明度。會(huì)計(jì)政策的運(yùn)用經(jīng)常需要管理層對(duì)交易事項(xiàng)的經(jīng)濟(jì)影響數(shù)量、時(shí)間和不確定性進(jìn)行估計(jì)和判斷本層是關(guān)于管理層進(jìn)行職業(yè)判斷和會(huì)計(jì)估計(jì)的透明度, 它反映了會(huì)計(jì)確認(rèn)和計(jì)量的另一個(gè)方面。分析者必須了解管理層在編制財(cái)務(wù)報(bào)告時(shí)的基本假設(shè)，及進(jìn)行重要會(huì)計(jì)估計(jì)的程序。如了解公司有關(guān)租賃的會(huì)計(jì)信息, 理解企業(yè)在計(jì)算最低租賃付款額的現(xiàn)值和殘值時(shí)如何選擇折現(xiàn)率等。所有重要的職業(yè)判斷和會(huì)計(jì)估計(jì)的信息，以及所使用的基本假設(shè)和會(huì)計(jì)

8、程序, 能幫助分析者判斷公司所采用的會(huì)計(jì)政策是激進(jìn)型、保守型還是中庸型。</p><p>　　第四層: 經(jīng)濟(jì)實(shí)質(zhì)透明度。第二層和第三層透明度有助于分析者判斷第四層的透明度，即反映企業(yè)經(jīng)濟(jì)實(shí)質(zhì)的透明度。管理層通過(guò)職業(yè)判斷、選擇會(huì)計(jì)政策、進(jìn)行會(huì)計(jì)估計(jì)后, 最終的財(cái)務(wù)報(bào)表數(shù)字能否恰當(dāng)?shù)胤从彻井?dāng)期的經(jīng)營(yíng)成果, 能否正確反映公司現(xiàn)在和將來(lái)的現(xiàn)金流量, 是否多計(jì)了收入和資產(chǎn), 少計(jì)了負(fù)債, 管理層是否操縱會(huì)計(jì)政策, 進(jìn)行了

9、盈余管理？這些問(wèn)題直接關(guān)系到企業(yè)經(jīng)濟(jì)實(shí)質(zhì)的綜合反映是否恰當(dāng)。如果第二層和第三層透明度對(duì)會(huì)計(jì)核算方法的披露足夠透明, 分析者就可以單獨(dú)評(píng)價(jià)每項(xiàng)業(yè)務(wù)和事項(xiàng)的會(huì)計(jì)核算信息質(zhì)量，從而確定財(cái)務(wù)報(bào)告在多大程度上反映了公司的經(jīng)濟(jì)實(shí)質(zhì)。分析者還可將該企業(yè)的會(huì)計(jì)政策與同行業(yè)中的其他企業(yè)進(jìn)行比較，如果有必要, 還可作適當(dāng)?shù)恼{(diào)整。在這兩項(xiàng)活動(dòng)中, 如果能深入理解公司會(huì)計(jì)政策和會(huì)計(jì)估計(jì), 則有利于分析者對(duì)公司整體會(huì)計(jì)信息進(jìn)行職業(yè)判斷和恰當(dāng)調(diào)整。</p&g

10、t;<p>　　第五層: 預(yù)測(cè)透明度。分析者一旦認(rèn)可公司會(huì)計(jì)信息恰當(dāng)反映了經(jīng)濟(jì)實(shí)質(zhì), 就會(huì)進(jìn)一步預(yù)測(cè)企業(yè)未來(lái)的經(jīng)營(yíng)成果。對(duì)分析者來(lái)說(shuō), 財(cái)務(wù)報(bào)告的預(yù)測(cè)透明度表現(xiàn)為公司在會(huì)計(jì)政策、會(huì)計(jì)估計(jì)、會(huì)計(jì)確認(rèn)、會(huì)計(jì)計(jì)量有重大變化時(shí)，是否及時(shí)、恰當(dāng)?shù)嘏读诉@些變化以及該變化對(duì)財(cái)務(wù)報(bào)告的影響。此外還可以通過(guò)披露收入、費(fèi)用的永久性或暫時(shí)性因素來(lái)提高預(yù)測(cè)透明度。該層次的透明度為分析者提供了一個(gè)了解企業(yè)長(zhǎng)期業(yè)績(jī)的角度, 為預(yù)測(cè)公司未來(lái)現(xiàn)金流量的

11、數(shù)量、時(shí)間和不確定性提供了基礎(chǔ)。</p><p>　　第六層: 使用透明度。第六層透明度反映了財(cái)務(wù)報(bào)告的組織與披露方式, 反映公司是否為使用者提供便了捷的方式獲得前五層所討論的信息, 是否有檢索, 能否有效地指引分析者找到財(cái)務(wù)報(bào)告中的相關(guān)材料。該層級(jí)不涉及會(huì)計(jì)信息的確認(rèn)和計(jì)量, 其透明度對(duì)理解財(cái)務(wù)報(bào)告的重要程度最低。然而在現(xiàn)實(shí)中, 第六層透明度的缺失會(huì)增加分析者的信息搜索成本, 增加分析者錯(cuò)過(guò)重要信息的風(fēng)險(xiǎn)。&l

12、t;/p><p>　　財(cái)務(wù)報(bào)告透明度可以理解為上市公司通過(guò)財(cái)務(wù)報(bào)告這一工具向外部信息使用者傳遞公司真實(shí)經(jīng)濟(jì)狀況的能力高低，是在上市公司面向外部信息使用者的信息傳遞過(guò)程中形成的。作為一個(gè)動(dòng)態(tài)的概念，財(cái)務(wù)報(bào)告透明度不局限于財(cái)務(wù)報(bào)告所具有的某些靜態(tài)特征，而是把公司對(duì)外披露信息與以投資者為主體的外部信息使用者接收、理解信息聯(lián)系起來(lái)，是公司真實(shí)、完整“圖像”對(duì)外部信息使用者的“透明”程度，也就是外部信息使用者通過(guò)財(cái)務(wù)報(bào)告能夠了

13、解公司當(dāng)前財(cái)務(wù)狀況、經(jīng)營(yíng)成果及風(fēng)險(xiǎn)等真實(shí)、全面情況的程度。</p><p>　　透明度最終是由信息的生產(chǎn)、傳遞、傳播等一系列復(fù)雜因素所共同決定的，是這一系統(tǒng)過(guò)程中各個(gè)元素共同作用的結(jié)果。本文把財(cái)務(wù)報(bào)告透明度的形成劃分為五個(gè)環(huán)節(jié)：1. 上市公司作為財(cái)務(wù)報(bào)告的生產(chǎn)者和發(fā)布主體，構(gòu)成了財(cái)務(wù)報(bào)告的生成基礎(chǔ)；2. 財(cái)務(wù)報(bào)告是信息傳遞的載體，其自身的相關(guān)特征對(duì)透明度起著決定性的作用； 3. 為了維護(hù)市場(chǎng)正常運(yùn)轉(zhuǎn)，監(jiān)管部門會(huì)對(duì)

14、財(cái)務(wù)報(bào)告進(jìn)行多種形式的監(jiān)督制約；4. 財(cái)務(wù)報(bào)告的傳播途徑和方法，對(duì)于投資者接收、理解信息有著重要影響；5. 財(cái)務(wù)報(bào)告的可理解性和反饋的便利程度是影響信息傳遞效果的直接因素。</p><p>　　財(cái)務(wù)報(bào)告的生成基礎(chǔ)是指上市公司作為財(cái)務(wù)報(bào)告的生產(chǎn)者和發(fā)布主體，在報(bào)告的內(nèi)容組成、結(jié)構(gòu)安排、渠道選擇等方面有著天然的決定權(quán)，對(duì)財(cái)務(wù)報(bào)告透明度會(huì)產(chǎn)生基礎(chǔ)性的影響。在這一環(huán)節(jié)中，內(nèi)控監(jiān)督和公司治理兩方面因素發(fā)揮著重要作用。強(qiáng)有力

15、的內(nèi)控監(jiān)督能保證財(cái)務(wù)報(bào)告所提供信息的準(zhǔn)確可靠，而良好的公司治理則有助于上市公司進(jìn)行財(cái)務(wù)報(bào)告的相關(guān)決策，使投資者的合法權(quán)益更有可能得到有效保障。財(cái)務(wù)報(bào)告的相關(guān)特征對(duì)財(cái)務(wù)報(bào)告透明度的形成影響重大。除了財(cái)務(wù)報(bào)告的內(nèi)容構(gòu)成對(duì)投資者獲取信息有直接影響外，報(bào)告的及時(shí)性和預(yù)測(cè)性財(cái)務(wù)信息也對(duì)投資者決策發(fā)揮著重要作用。因此，這一環(huán)節(jié)應(yīng)該包括以下五個(gè)方面：投資者所關(guān)心的關(guān)鍵財(cái)務(wù)信息是否充分披露，如擔(dān)保狀況、大額營(yíng)業(yè)外收支的解釋等；是否有充分、詳實(shí)的管理層討

16、論與分析；定期報(bào)告是否及時(shí)；當(dāng)發(fā)生重大財(cái)務(wù)事項(xiàng)時(shí)，是否進(jìn)行了充分披露；預(yù)測(cè)性財(cái)務(wù)信息及其準(zhǔn)確程度。為維護(hù)投資者利益，在財(cái)務(wù)報(bào)告編制完成后，需要實(shí)施嚴(yán)格的監(jiān)督制約，以此來(lái)提高財(cái)務(wù)報(bào)告在信息傳遞方面的作用。當(dāng)前，基本的監(jiān)督制約方式有獨(dú)立審計(jì)師的外部審計(jì)和監(jiān)管部門的行政監(jiān)管兩類。因此，這一環(huán)節(jié)包括公司所受到的行政監(jiān)管記錄和外部審計(jì)意見兩方面內(nèi)</p><p><b>　　外文原文</b></

17、p><p>　　Financial Reporting Transparency</p><p>　　Financial analysis to perform basic analysis of a company and then make investment decisions need to go through specific steps generally include: u

18、nderstanding the recent and future development of the company’s industry; about the company’s position in the industry and the opportunities and risks; determine thetransparency of corporate financial reporting, accounti

19、ng policies to make sweeping changes; analysis of financial reports to determine the company’s profit and risk; forecast the company’</p><p>　　Transparency of the analysis model has six levels, a level of an

20、alysis system, the system’s ultimate goal is to properly reflect the company’s operating results and financial position. In this system, the higher the level of transparency is more important to analysts, and the lack of

21、 high-grade transparency will reduce the transparency of all low-grade level.</p><p>　　First floor: transactions and issues of transparency. The layer transparency reflects the degree of response of the fina

22、ncial report of the company in the issue affecting the financial condition and operating results, transactions and matters. This is the most important transparency, because no matter how the other levels of transparency,

23、 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 mod</p><p>　　The second layer: Recognition and Mea

24、surement 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 lev

25、el of transparency requires 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 accoun

26、ting policies used by t</p><p>　　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 th

27、e uncertainty of estimates and judgments 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 asp

28、ects. The analyst must understand the basic assumptions of the management in the preparation of financial </p><p>　　The fourth layer: the real economic transparency. The second and third tiers of transparenc

29、y helps the 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 polici

30、es, accounting estimates, the final number of financial statements ability to appropriately reflect the company’s current operating results correctly reflect the current and future cash flo</p><p>　　The fift

31、h layer: prediction transparency. Analysts recognized the company’s accounting information to properly reflect the economic substance will be further predicted that the future results of operations of the enterprise. Ana

32、lyst forecast transparency of financial reporting performance in accounting policies, accounting estimates, accounting recognition, there are significant changes in the accounting measurement, timely and appropriate disc

33、losure of the impact of these changes and the change</p><p>　　The sixth floor: transparency. The sixth floor of transparency reflects the organization of financial reporting and disclosure of the company pro

34、vided 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

35、level does not involve the recognition and measurement of accounting information, the transparency of the lowest degree of importance o</p><p>　　Transparency in financial reporting can be understood for list

36、ed 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 tran

37、sfer process. As a dynamic concept, the 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 ex&l

38、t;/p><p>　　Transparency is ultimately a complex series of factors of production, transmission, and dissemination of information shared by the decision, the results of the various elements together in the proces

39、s of this system. Based on this, the transparency of financial reporting is divided into five parts: a listed company as a financial reporting producers and released the main, constitutes a generation basis for financial

40、 reporting; financial report is the carrier of the transmission of information, i</p><p>　　The financial reports generated based on the listed companies as producers of financial reporting and publishing the

41、 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 produce basic. In this part of the internal control over