会计信息披露中英文对照外文翻译文献
会计信息披露英文翻译
毕业设计（论文）外文参考资料及译文译文题目：实证调查披露,使用和有用的会计信息学生姓名：李梦媛学号：0821111920专业：会计学所在学院：龙蟠学院指导教师：金颖职称：副教授2011年 12 月 09 日Title:An Empirical Investigation of Disclosure, Usage and Usefulness of Corporate Accounting Informationb y Michael Sherer, Alan Southworth and Stuart Turley from © Emerald Backfiles 2007This paper reports the findings of an empirical investiga-tion into the disclosure of corporate accounting informa-tion to trade union decision makers. These findings are evaluated against earlier normative and descriptive litera-ture on corporate disclosure to trade unions and an attempt is made to derive some implications for the design of accounting reports for use in the context of collective bargaining. The research methodology used was a case study of decision making in one trade union, the Amalga-mated Textile Workers' Union (ATWU) which represents most of the manual workers in the Lancashire cotton industry.The paper is divided into six sections. The first section presents some background material on the ATWU, and the industry in which it operates. The second section describes the research design and the manner in which the investigation was conducted. The next three sections report the research findings, namely: the extent of information disclosure by companies in the Lancashire cotton industry; the actual use of corporate accounting information in the collective bargaining decisions of the ATWU; and the assessment by the ATWU decision makers of the usefulness of that information. The final section offers some suggestions, based on the evidence reported, for improvements in the quantity and type of accounting information which corporate management should be willing to disclose if they want trade union decision makers to take into consideration corporate financial performance in their collective bargaining deci-sions.The Amalgamated Textile Workers' Union (ATWU) was formed as recently as 1974 but its origins go back into the nineteenth century.The ATWU is essentially a loose federation of semi-independent unions representing spin-ners, weavers and cardroom operatives concentrated in one geographical area - Lancashire. The ATWU is managed by the Central Executive Committee, headed by the General Secretary, and there is a 'national' negotiat-ing committee which annually concludes agreements with the employers' federation, the British Textile Employers' Association (BTEA) over basic wage rates in the industry. However, the majority of collective bargaining decisions are not made by the negotiating committee at 'national' level but by trade union officials at the local or District level. The decisions at the District level include basic pay agreements with non-BTEA firms, productivity agree-ments at individual mills, and issues of working condi-tions, health and safety, and redundancies and closures.The individual Districts within the ATWU are each managed by a full-time paid union official known as the District Secretary and since the vast majority of collective bargaining decisions are made by District Secretaries, these were chosen as the subject for our empirical investigation.In 1979 there were seventeen Districts within the ATWU. Most of the Districts represented all the ATWU members working in one geographical area, although in some cases there were separate Districts for spinning and weaving and in other cases one Secretary had responsibil-ityfor more than one District. At the time of the study the total number of District Secretaries was eighteen. The membership of the ATWU at that time was 42,000 (it has since fallen to 30,000) while the size of individual Districts ranged from 500 to 5,000. Membership of the ATWU, and consequently of the individual Districts, has been declining dramatically in the last twenty years reflecting the continuing contraction of the Lancashire cotton industry.The contraction of the industry has caused earnings to decline relative to the average for manufactur-ing industry as a whole and has resulted in the closure of many mills and entire companies. In addition, the production process is still quite labour-intensive with the result that productivity as measured by net output per employee compares unfavourably with other industries. In short, both the industry and the union are in a state of severe decline and it is this decline which provides the backcloth to our study of information disclosure in a collective bargaining context.Structured interviews using a pre-coded questionnaire were conducted with sixteen out of the eighteen District Secretaries in post during August and September 1979. The content of the questionnaire was initially determined from the normative models of trade union decision making found in Cooper and Essex and Foley and Maunders Subsequently, a pilot survey of three District Secretaries was carried out to identify the most common decision areas and information sources for inclusion in the main questionnaire. The pilot survey also ensured that no major decision areas or information sources which may have been specific to trade union officials in the Lan-cashire cotton industry were accidentally omitted.The final questionnaire used in the structured inter-views identified seven sources of information which were available for use by the District Secretaries and these sources are presented very few companies in the Lancashire cotton industry publish employee reports and consequently only five District Secretaries could recall ever receiving copies directly from any of the companies in their District. Once again, it was the large or publicly quoted companies which produced and sent out employee reports to the District Secretaries and, just as for the published annual reports, the information was presented only for the group as a whole. All the District Secretaries who received a company's employee report also received its published accounts and most of them considered that there was very little information in the former.Although both published accounts and employee re-ports suffer from a high level of aggregation, the same is not true for the other sources of information in Table 2. Internal accounting reports and order books contain information about individual companies or mills, while work study reports provide details relevant to a single shed within a mill or even a group of machines.The pattern of disclosure for internal accounting reports and order books was remarkably similar. All the District Secretaries reported that most companies allowed them access to internal accounting information and to informa-tion about the quantity and value of future orders. However, only one District Secretary said that he received this information without having to make a specific request and there were a few companies, again small, privately-owned ones, who consistently refused to disclose this information. Under the provisions of the Employment Protection Act, 1975 and the related ACAS Code of Practice No. 2, 1977,companies are required to disclose all information requested by trade union representatives which would not cause substantial injury to the company. It appears that some of the small companies were taking advantage of this exclusion clause on the grounds that the information was confidential and could, if made publicly available, reduce the competitiveness of the company. The DistrictSecretaries who had been refused informa-tion on these grounds never took the issue further, for example to the Central Arbitration Committee of ACAS, because they were usually able to estimate the informa-tion they required from other sources, often from direct observation of the production in the mill.Although most District Secretaries had access to in-formation from the internal accounting reports and order books of companies in their District, the type of access given, in effect the nature of the disclosure, differed between companies. Most companies were willing to give verbal summaries of the information requested, for example profits for the month, but very few companies allowed the District Secretaries directly to inspect the documents themselves. The provision of only verbal summaries of these reports prevented the District Secre-taries from undertaking any detailed analysis of their contents, perhaps with the aid of an independent expert, and consequently may have reduced the extent to which these information sources were used in their decision making.Secretary who often calls in the ATWU's own work study officer to verify management's figures. It is, therefore, in management's interest that the District Secretaries reg-uarly receive the work study reports which monitor the actual performance of the operatives.To summarise, the quality of information disclosure in the Lancashire cotton industry, as measured by the responses of the District Secretaries, does not appear to be uniform either across information sources or across companies. Where the provision of information is essen-tial for the smooth operation of the productive process, namely the work study reports, or where the provision of information is virtually costless, as is the case for the published accounts and employee reports of large or quoted companies, the quality of disclosure is generally very high. In contrast, there is less disclosure about information which is considered by management to be sensitive or confidential, namely internal accounting reports and order books, particularly by small, privately owned companies. Nevertheless, the deficiencies in the amount of disclosure by companies may not be a serious limitation to the District Secretaries in their decision making, since much of the information contained in these reports can be derived from other sources, for example, direct observation, communications from members or other District Secretaries, and informal discussions with management. The relative importance of these informa-tion sources compared to formal accounting reports is discussed in the next section.In this section, we discuss the relative importance of different information sources in the collective bargaining decisions of the District Secretaries. Cooper and Essex have also addressed this issue in their study of the information used by engineering shop stewards when bargaining over pay. They concluded that the trade union and other shop stewards were more important sources of information than published accounts. Our findings provide confirmatory evidence of the relative lack of importance of formal accounting reports in collective bargaining decisions. A crude measure of relative import-ance is the total number of references to each information source as shown in Table 3. Information source F, ATWU members, is used much more frequently than any other source, while the three formal accounting reports, internal accounts, published accounts and employee reports, register the lowest three sources. The very low level of usage of employee reports is probably related to our earlier finding that these reports are produced by only a few companies in the industry. it is misleading to place too much emphasis on the total number of references made to each source. This is because some information sources are obviously directly related to particular decision areas but not to others. For example, the high score registered by source E, work study reports, is largely a consequence of its direct relevanceto productivity decisions. Therefore, it is more appropriate to evaluate information usage separately for each decision. Table 4, which ranks the use of information by decision area, clearly reveals a different usage pattern between decisions. Although the formal accounting re-ports are used for only four decisions (disregarding the one reference for health and safety decisions), their importance relative to other information sources is not the same for each decision. Published annual accounts and internal accounting reports are ranked higher for redundancies and long-term prospects than for basic pay and productivity. It is also noteworthy that source D achieves the highest ranking for both redundan-cies and long-term prospects since this source, order books, may also contain accounting information.The explanation for these differences in the ranking of accounting information probably lies in the nature and content of the decisions themselves. While basic pay and productivity are concerned with pay bargaining, redun-dancies and long-term prospects are concerned with security of employment. Because of the continuing contraction of the Lancashire cotton industry, there are very few opportunities for increases in pay without a corresponding increase in labour productivity. Therefore, for both basic pay claims and new incentive schemes, one of the main types of information required by the District Secretaries concerns current levels of productivity and this information is provided directly either by the work study reports or by the members themselves. In addition, District Secretaries will be interested in the results of similar pay negotiations in other Districts and this accounts for the relative importance given to source G. Accounting information, especially formal reports for a whole company or group of companies, does not contain sufficiently detailed or up-to-date information about productivity levels.The nature of the two security-of-employment decision areas is somewhat different. As part of their response to management's plans for redundancies or closures, the District Secretaries would seek evidence on the necessity of the management's action. The company's order books and internal accounting reports are obvious starting points for discovering the reasons for laying off workers and closing mills. Similarly, in assessing the long-term pros-pects of individual companies, District Secretaries would tend to rely on company produced information, in particular the order books and accounting reports, rather than other sources of information. In addition, the 9 obvious importance of these decisions both to the mem-bers and the ATWU itself, would tend to encourage the District Secretaries to use more sources of information than they would do for other decisions and this factor may contribute to the higher usage of accounting information.Our research, therefore, supports the findings of Cooper and Essex concerning the relative unimportance of accounting information for pay bargaining. However, our research also shows that accounting information is used to a greater extent for decisions about security of employment and that, if the definition of accounting information sources is widened beyond the three formal accounting reports to include order books and work study reports, accounting information is perceived to have some relevance to many collective bargaining decisions. Usefulness of Accounting ReportsThe accounting information contained in formal account-ing reports may be said to be useful to trade union officials if the benefits from using it, as measured by changes in the overall welfare of the trade union members, are greater than the cost of using it. Because direct measurement of members' welfare is infeasible and because the use of measures such as changes in wage levels may not be valid surrogates for welfare, no attempt was made in our research to assess directly and objectively the usefulness of accounting information for the decisions ofDistrict Secretaries. Instead, based upon the invited comments of District Secretaries, this paper reports their subjective evaluation of the present content of company accounting reports. Although these comments cannot be said to have any scientific validity, they do provide a consistent impression of the attitudes of the District Secretaries to accounting information. The high level of aggregation in accounting reports, which results from the statutory requirement to produce consoli-dated group accounts for shareholders, was a major barrier to their use by the District Secretaries. The significant use of work study reports is explained in part by the direct relevance the information had for the workers in a particular mill and even on a particular set of machines. Therefore, our research provides support for the argument that accounting information needs to be disaggregated to the level appropriate to the decision maker, which for many trade union decision makers is the plant level.These quotations suggest a positive attitude towards employee reports as a means of communicating company information to shop floor workers. The general attitude to employee reports was that they may not be very useful for trade union officials (because they used other sources for the information in the reports) but they may be enter-taining and of interest to the employees in the mills.There was a general belief that profit reflected a com-pany's 'ability to pay' increases in earnings and also that it was a key indicator of future viability. Profit (or more usually loss) was the specific item in accounting reports mentioned much more frequently than any other item. Surprisingly, none of the District Secretaries ever referred to 'value added' in their decisions even though it has been suggested that this measure of company performance may be particularly relevant to pay bargaini .Indeed, most of the District Secretaries had never heard the concept of 'value added' applied to a whole company although they used it themselves in relation to individual products and processes.The criticisms voiced by the District Secretaries provide some subjective evidence concerning why accounting information is used less than other sources of information in the decisions of trade unions. Some of these criticisms, for example that accounting reports are difficult to understand, are consistent with the research on sharehol-der usage reported by Lee and Tweedie Other critic-isms, particularly the high level of aggregation, are a function of the types of decisions with which trade union decision makers are involved. Although our findings are derived from a single case study, and hence may not be valid beyond the context of the ATWU and the Lan-cashire cotton industry, they do provide an indication of some of the limitations conventional accounting reports have as a means of communicating financial information to employees and their representatives.The last section of the paper attempts to relate the findings of our research to the literature on accounting information disclosure and collective bargaining, and to draw out some tentative conclusions for improvements in the type of accounting information which is disclosed to trade unions. The primary piece of legislation governing the disclo-sure of information in the UK is the Employment Protection Act, 1975, which imposes a general duty on employers to disclose information requested by a trade union representative. However, there is also provision for employers to refuse disclosure if it is claimed that the disclosure would cause substantial injury to the company's interests. If such a refusal is made, the trade union can make reference to the Central Arbitration Committee and up until the end of 1978, 74 cases had been submitted there."" Although there were a number of instance where the District Secretaries in our study were refused informa-tion, none of these cases was taken to the Central Arbitration Committee.Two possible explanations are that the information refused may not have been consi-dered to be sufficiently important to the negotiations or that it could be estimated from sources other than management.Therefore, the absence of disclosure by management may not of itself impair the ability of trade union negotiators to make decisions. However, Pope and Peel argue that at the margin, voluntary disclosure will lead to more 'realistic' pay settlements since the absence of information increases uncertainty and encourages an upward bias in the initial claims put forward by trade union negotiators. Some empirical support for this argu-ment can be found in the 1971 pay negotiations between the Ford Motor Company and the Transport and General Workers' Union where, following a refusal for informa-tion about pricing policies, the trade union negotiators made their own biased estimates in support of their wage claim.Our research also suggests that one of the key variables in the determination of the quality of information disclo-sure is the personal relationship between the trade union negotiators and company management. Because of the structure of the Lancashire cotton industry and decentra-lisation of decision-making within the ATWU, most collective bargaining negotiations were conducted at the level of an individual mill or a small group of mills between one trade union official and one representative of management, usually the mill manager. Generally, the closer and more personal was the relationship, the greater was the disclosure of information. This may explain why some of the smaller, privately owned companies were willing to provide the District Secretaries with the information they requested but other similar companies were not. The personal relationship between trade union negotiators and management personnel is one aspect of 'management style and whether management style is an explanatory variable in the determination of disclosure policy, is clearly an area in which further research is required. In addition to the question of information disclosure, our research also considered the usage and usefulness of accounting information in the collective bargaining deci-sions of trade union officials. The conclusion of our study that accounting information, particularly information contained in formal accounting reports, is considered less important than other types of information, needs to be interpreted with great care. Firstly, this conclusion is highly sensitive to the definition of accounting informa-tion since some sources of information which contain financial data, for example work study reports, were frequently referred to in specific decisions. Secondly, accounting reports may contain information of relevance to trade union negotiators but this information can be obtained more easily and more quickly from other sources, for example the members of the trade union themselves. Thirdly, trade union negotiators may be biased against using accounting reports because they perceive that their contents only reinforce management's bargaining position. The consequence of this perception is that potentially useful information will be ignored. Notwithstanding these caveats, our findings do suggest that existing accounting reports have a number of de-ficiencies which limit their usefulness for trade union decisions and which probably reduce the extent to which they are used. We shall conclude this paper by discussing some of these limitations and suggesting how they might be overcome.Many of the District Secretaries in our study stated that they could not understand the information in accounting reports. To the extent that this lack of understanding is caused by the sheer volume of data and the complexity of the information contained in the reports, a simple remedy might be to produce more simplified statements on the lines suggested by Tweedie.In this context, it may be argued that employee reports already provide a summary of financial results but our study found that they are used least of any source of information. However, not allcompanies produce employee reports and unfortunately they are generally viewed with great suspicion by trade union officials because of their paternalistic tone. Of course, lack of understanding by trade union officials may also be the result of them having little or no training in financial matters. Although the responsibility for training negotiators primarily rests with the trade union, it can be argued that in certain circumstances managers should themselves consider adopting the role of accounting educators since they may benefit if trade union officials are made more fully aware of the financial performance of the company.It is probably the lack of understanding in accounting matters which explains the emphasis given to 'profit' as a measure of ability to pay. Foley and Maunders argue that ability to pay for an industrial concern should be defined as "distributable operating flow less the minimum re-quired return to providers to capital which is essential-ly a cash flow concept of performance measurement. Cash flow measures have the advantage of being more objective and verifiable than accounting profit measures based on arbitrary accruals and allocations. In addition, value added statements, which Morley advocates should be used as a measure of ability to pay in productivity negotiations, can easily be measured in cash flow, thus making clear the precise monetary rewards which each participant in the organisation receives out of value added.One of the major criticisms levelled at accounting reports in the literature and supported in the study, is the high level of aggregation of the information. This is especially the case where consolidated accounts are the only accounts prepared for an entire group of companies but it is also a pertinent criticism of a single multi-plant company. Clearly, from a decision usefulness perspective, accounting information should be disaggregated to the level at which the collective bargaining negotiations are taking place. However, there are both technical and political problems in providing disaggregated information to trade unions. The technical problems are concerned with how to allocate joint costs such as research and development and marketing, although many of the difficulties may be overcome if the basis of measurement is the direct cash flows to and from a plant. The disaggregation of accounting information is also a political issue since it necessitates an increase in the amount of information given to trade union negotiators. Some of this information may be of a very sensitive or confidential nature, for example details about transfer prices, and therefore the disaggregation issue is inextricably linked to a company's overall attitude to disclosure of information.We have thus come full circle!译文:题目：实证调查披露，使用和有用的会计信息由Michael Sherer, Alan Southworth 和Stuart Turley发表在© Emerald Backfiles 2007本文报告的实证调查结果为会计信息披露公司工会决策者。
与上市公司会计信息披露有关的外文文献及翻译
与上市公司会计信息披露有关的外文文献及翻译Analysis of the Relationship between Listed Companies’ Earnings Quality and Internal Control Information Disclosure* Jianfei Leng, Lu LiSchool of Business, Hohai University, Nanjing, China1、IntroductionThe cases of financial fraud lead to incalculable losses in these years, which are related to firm’s weak system of internal control. Now, both domestic and foreign have issued a series of legal norms. For example, Sarbanes- Oxley (SOX) Act force listed Companies to disclose their internal control information, including internal control deficiencies and internal self-assessment report and external auditor’s audit opinion. We formulate two important files: “Shanghai Stock Exchange listed companies internal control guidelines”and “Shenzhen Stock Exchange listed companies internal control guidelines”. These files require companies to disclose internal control self-assessment report and comments of external auditor’s audit, which greatly improve company’s effectiveness of internal control and quality of financial information. Accounting earnings is the score and one of the most important elements in all of the accounting information, which mainly refers to the company’s ability of forecasting future net cash flow. Higher earnings quality is the key to the effective function of the market and the insurance of the company’s future cash flow. The better quality of company’s earnings inclined to disclose more internal control information and to get more outside investment. Therefore, earnings quality is one of the most important factorsto affect internal control information disclosure. In this article, with the analysis of multiple regressions, we examine the relationship of earnings quality and internal control disclosure of information in the sample of 1273 nonfinancial firms in shanghai and Shenzhen Stock Exchange in 2010.2. Prior Research on Internal Control Information DisclosureListed companies’ internal control information disclosure is mostly voluntary before 2002, but few companies are willing to do so. Since Sarbanes-Oxley (SOX) Act is enforced, many listed companies are forced to disclose their information of internal control, which providing more material and information to scholars who study listed companies’internal control. Researches on internal control information disclosure are mainly concentrated on the following four aspects:1) The current situation and solutions of internal control information disclosure.There are lots of researches on the current situation of internal control information disclosure,Mc. Mullen，Raghunandan and Rama [1] studied 4154 companies during 1989-1993, suggesting that only 26.5% companies are willing to disclose their internal control information, and that only 10.5% provide their internal control report among those companies with deficiencies on their financial reports. It shows that the proportion of companies voluntarily disclosing their internal control information is little, and that the companies with deficient financial report are more unwilling to provide the internal control self-assessment report. Hermanson [2] also did corresponding empirical research on listed company’s internal control information disclosure and got the same conclusion. Minghui Li[3] and Dongmei Qin [4] made related researches on the current situation of internal control information disclosure. They believed that current listed companies’ enthusiasm of disclosing internal control information is not strong, and much internal control information was not substantial but formal. Minghui Li [3] also drawn on the experiences of the United States in internal control information disclosure, and provided a series of suggestions and measures of improving internal control information disclosure. Hua Li, Lina Chen [5], Xiaofeng Dai and Jun Pan [6] analyzed the current situation of internal control information disclosure with internal control theories, and pointed out the problems and put forward the corresponding solution. Xinhua Dai and Qiang Zhang [7] mainly did the research on listed banks’internal control information disclosure, finding that our listed banks’system of internal control information disclosure is not standardized and sufficient. They interpreted the corresponding requirements of the US internal control information disclosure set by “Sarbanes-Oxley Act”, suggesting China to promote the improvement of listed banks’ internal control information step by step. According to relevant provisions of internal control information disclosure required by “Shanghai Stock Exchange Guidelines”and “The Notice on Listed Companies’Annual Report in 2006”, Youhong Yang and Wei Wang [8] analyzed the internal control information disclosure of listed companies on Shanghai Stock Exchange in 2006 with descriptive statistics, and found many problems.2) Impact factors of internal control information disclosure.Bronson, carcello, Raghunandan and Doyle, Ge, McVay suggested that there is a correlation between corporate identityand internal control information dis-closure. Company size, the proportion of institutional investor holding, the number of audit committee and the speed of earnings growth have impact on internal control information disclosure. Many other experts did empirical study on such question. Ge and McVay used a survey method to analyze the sample, discovering that the disclosure of material defects is related to the complexity of the company but there is no direct correlation with company size and profitability. Jifu Cai made a relevant empirical study of A-share listed companies to find impact factors of listed companies’ internal control information disclosure. The results showed that the companies with a better operating performance and higher reliability of financial report are more inclined to disclose its internal control information, and vice versa. This indicates that the company’s operating performance and reliability of financial report affect the listed companies’internal control information disclosure. Adrew J. Lcone selected listed companies who disclosed material defects of their internal control information in their annual reports as samples to study the impact factors of internal control information disclosure. The results show that the complexity of corporate structures, the changes in company structure and the inputs to internal control are all the impact factors of internal control information disclosure. Shaoqing Song and Yao Zhang studied A-share listed companies on Shanghai and Shenzhen Stock Exchange from 2006 to 2007, finding that there is a correlation between corporate governance characteristics and internal control information disclosure. Audit committee, annual statistics, company size and the place of listing have a significant impact on internal control information disclosure. Bin Wang andHuanhuan Liang [15] studied 1884 listed companies on Shenzhen Stock Exchange between 2001 and 2004. They made use of their rating reports of information disclosure quality to examine the inherent relationship between listed companies’corporate governance characteristics, characteristics of operating condition and information disclosure quality, finding that corporate governance characteristics and characteristics of operating condition have a certain impact on internal control information disclosure.3) The cost of internal control information disclosure.The studies on the cost of internal control information disclosure are not very much. J. Efrim, Boritz, Ping Zhang thought that the costs of disclosing internal control information is enormous, and the management did not believe that the benefits of internal control information disclosure would surpass the corresponding costs. Maria analyzed the sample which discloses their internal control information in accordance with SEC requirements, primarily study the relationship between the costs of disclosing internal control information and the effectiveness of the internal control system. It is found that the cost of disclosing deficiencies of internal control information is far more than that of defect-free.4) Correlation between internal control and earnings quality.There are many researches on the correlation between internal control and earnings quality. Doyle [11] studied the relationship between internal control and earnings quality, and found that internal control is a motivation of earnings quality. The studies of Chan [18] and Goh and Li [19] are similar. Chan [18] discovered that earnings management of those who disclose thematerial defects of internal control has a higher degree but the return on investment is very low. Goh and Li’s [19] also found that company’s earnings stability can be increased after improving the defects of internal control. Lobo and Zhou [20] made a comparison on companies’discretionary accruals between before implementing “Sarbanes-Oxley Act” and after implementing it, finding that companies’ discretionary accruals decreased a lot after the implementation of “Sarbanes-Oxley Act”. Doyle, Ge and Mcvay [10] divided the internal control defects into two aspects: corporate level and account level, finding that internal control defects on corporate level is influential to earnings quality, but there is no correlation between internal control defects on account level and earnings quality. Guoqing Zhang [21] selected nonfinancial A-share listed companies in 2007 as a research object to study the internal control quality on earnings quality. The results have shown that there is no close link between high quality internal control and earnings quality, but company’s characteristics and corporate governance factors may affect internal control quality and earnings quality systematically. Chunsheng Fang et al. [22] used questionnaire survey to examine the relationship between internal control system and financial reporting quality, finding that financial reporting quality improved after implementation of internal control system. Jun Zhang and Junzhi Wang [23] selected listed companies on Shanghai Stock Exchange in 2007 as sample, and used adjusted Jones model to calculate discretionary accruals and found that discretionary accruals significantly reduced after the review of internal control. Shengwen Xie and Wenhai Lai [24] selected A-share listed companies on Shanghai Stock Exchange in 2007 and 2008 as samples. They analyzed therelationship between internal control deficiencies and earnings quality by using a paired study, and found that listed companies’internal control information disclosure had an effect on earnings quality.Based on the above studies, we can see that internal control gets more attention after the promulgation of “Sarbanes-Oxley Act”. Current researches centralize on the defects of existing laws and regulations, the current situations of listed companies’internal control information disclosure, the relationship between listed companies’internal control information disclosure and their operating conditions, financial report quality and earnings quality. Among the current studies, most have focused on descriptive statistics and the relationship be-tween internal control quality and earnings quality, while there is no study use earnings quality as explanatory variable to reflect its effect on internal control information disclosure. Therefore, this article uses earnings quality as main explanatory variable and disclosure of internal control as the dependent variable to do empirical study, which compensate for the lack of current research to some extent.3. Method3.1. HypothesisHypothesis: the better the quality of earnings is, the higher the level of internal control information disclosure will be.According to agency theory and signaling theory, corporate trustee has obligation to report relevant information to the corporate capital owners, which give help to the operation of business. In the process of reporting, corresponding information is to pass the corporate relevant signal to the capital market. The signal can make the operator affect the flow of resources incapital market in a certain extent to improve the enterprise’s interests. There is the mutually reinforcing relationship between internal control information disclosure and the quality of earnings. A company that can fully disclose its information of internal control means that its managers have a good description of ethics. Meanwhile, a company that can take the initiative to show its internal control information in detail indicates that its company has a higher self-confidence, which will attract more capital market resources, increase its cash flow, enhance the quality of earnings, and improve management capabilities. Conversely, companies with good earnings quality will choose to voluntarily disclose their information of internal control in detail. They can distinguish themselves to the companies with inferior earnings quality and get more favor from investors.上市公司盈余质量与内部控制信息披露关系研究冷建飞，李璐（河海大学商学院，南京）1、前言近年来金融诈骗案件的发生带来了不可估量的损失，这与公司内部控制系统弱是有关系的。
会计信息质量外文文献及翻译
LNTU---Acc附录A会计信息质量在投资中的决策作用对私人信息和监测的影响安妮比蒂，美国俄亥俄州立大学瓦特史考特廖，多伦多大学约瑟夫韦伯，美国麻省理工学院1简介管理者与外部资本的供应商信息是不对称的在这种情况下企业是如何影响金融资本的投资的呢？越来越多的证据表明，会计质量越好，越可以减少信息的不对称和对融资成本的约束。
与此相一致的可能性是，减少了具有更高敏感性的会计质量的公司的投资对内部产生的现金流量。
威尔第和希拉里发现，对企业投资和与投资相关的会计质量容易不足，是容易引发过度投资的原因。
当投资效率低下时，会计的质量重要性可以减轻外部资本的影响，供应商有可能获得私人信息或可直接监测管理人员。
通过访问个人信息与控制管理行为，外部资本的供应商可以直接影响企业的投资，降低了会计质量的重要性。
符合这个想法的还有比德尔和希拉里的比较会计对不同国家的投资质量效益的影响。
他们发现，会计品质的影响在于美国投资效益，而不是在日本。
他们认为，一个可能的解释是不同的是债务和股权的美国版本的资本结构混合了SUS的日本企业。
我们研究如何通过会计质量灵敏度的重要性来延长不同资金来源对企业的投资现金流量的不同影响。
直接测试如何影响不同的融资来源会计，通过最近获得了债务融资的公司来投资敏感性现金流的质量的效果，债务融资的比较说明了对那些不能够通过他们的能力获得融资的没有影响。
为了缓解这一问题，我们限制我们的样本公司有所有最近获得的债务融资和利用访问的差异信息和监测通过公共私人债务获得连续贷款的建议。
我们承认，投资内部现金流敏感性可能较低获得债务融资的可能性。
然而，这种可能性偏见拒绝了我们的假设。
具体来说，我们确定的数据样本证券公司有1163个采样公司（议会），通过发行资本公共债务或银团债务。
我们限制我们的样本公司最近获得的债务融资持有该公司不断融资与借款。
然而，在样本最近获得的债务融资的公司，也有可能是信号，在资本提供进入私人信息差异和约束他们放在管理中的行为。
关于会计的英文文献原文(带中文翻译)
The Optimization Method of Financial Statements Based on Accounting Management TheoryABSTRACTThis paper develops an approach to enhance the reliability and usefulness of financial statements. International Financial Reporting Standards (IFRS) was fundamentally flawed by fair value accounting and asset-impairment accounting. According to legal theory and accounting theory, accounting data must have legal evidence as its source document. The conventional “mixed attribute” accounting system should be re placed by a “segregated” system with historical cost and fair value being kept strictly apart in financial statements. The proposed optimizing method will significantly enhance the reliability and usefulness of financial statements.I.. INTRODUCTIONBased on international-accounting-convergence approach, the Ministry of Finance issued the Enterprise Accounting Standards in 2006 taking the International Financial Reporting Standards (hereinafter referred to as “the International Standards”) for reference. The Enterprise Accounting Standards carries out fair value accounting successfully, and spreads the sense that accounting should reflect market value objectively. The objective of accounting reformation following-up is to establish the accounting theory and methodology which not only use international advanced theory for reference, but also accord with the needs of China's socialist market economy construction. On the basis of a thorough evaluation of the achievements and limitations of International Standards, this paper puts forward a stand that to deepen accounting reformation and enhance the stability of accounting regulations.II. OPTIMIZA TION OF FINANCIAL STATEMENTS SYSTEM: PARALLELING LISTING OF LEGAL FACTS AND FINANCIAL EXPECTA TIONAs an important management activity, accounting should make use of information systems based on classified statistics, and serve for both micro-economic management and macro-economic regulation at the same time. Optimization of financial statements system should try to take all aspects of the demands of the financial statements in both macro and micro level into account.Why do companies need to prepare financial statements? Whose demands should be considered while preparing financial statements? Those questions are basic issues we should consider on the optimization of financial statements. From the perspective of "public interests", reliability and legal evidence are required as qualitative characters, which is the origin of the traditional "historical cost accounting". From the perspective of "private interest", security investors and financial regulatory authoritieshope that financial statements reflect changes of market prices timely recording "objective" market conditions. This is the origin of "fair value accounting". Whether one set of financial statements can be compatible with these two different views and balance the public interest and private interest? To solve this problem, we design a new balance sheet and an income statement.From 1992 to 2006, a lot of new ideas and new perspectives are introduced into China's accounting practices from international accounting standards in a gradual manner during the accounting reform in China. These ideas and perspectives enriched the understanding of the financial statements in China. These achievements deserve our full assessment and should be fully affirmed. However, academia and standard-setters are also aware that International Standards are still in the process of developing .The purpose of proposing new formats of financial statements in this paper is to push forward the accounting reform into a deeper level on the basis of international convergence.III. THE PRACTICABILITY OF IMPROVING THE FINANCIAL STATEMENTS SYSTEMWhether the financial statements are able to maintain their stability? It is necessary to mobilize the initiatives of both supply-side and demand-side at the same time. We should consider whether financial statements could meet the demands of the macro-economic regulation and business administration, and whether they are popular with millions of accountants.Accountants are responsible for preparing financial statements and auditors are responsible for auditing. They will benefit from the implementation of the new financial statements.Firstly, for the accountants, under the isolated design of historical cost accounting and fair value accounting, their daily accounting practice is greatly simplified. Accounting process will not need assets impairment and fair value any longer. Accounting books will not record impairment and appreciation of assets any longer, for the historical cost accounting is comprehensively implemented. Fair value information will be recorded in accordance with assessment only at the balance sheet date and only in the annual financial statements. Historical cost accounting is more likely to be recognized by the tax authorities, which saves heavy workload of the tax adjustment. Accountants will not need to calculate the deferred income tax expense any longer, and the profit-after-tax in the solid line table is acknowledged by the Company Law, which solves the problem of determining the profit available for distribution.Accountants do not need to record the fair value information needed by security investors in the accounting books; instead, they only need to list the fair value information at the balance sheet date. In addition, because the data in the solid line table has legal credibility, so the legal risks of accountants can be well controlled. Secondly, the arbitrariness of the accounting process will be reduced, and the auditors’ review process will be greatly simplified. The independent auditors will not have to bear the considerable legal risk for the dotted-line table they audit, because the risk of fair value information has been prompted as "not supported by legalevidences". Accountants and auditors can quickly adapt to this financial statements system, without the need of training. In this way, they can save a lot of time to help companies to improve management efficiency. Surveys show that the above design of financial statements is popular with accountants and auditors. Since the workloads of accounting and auditing have been substantially reduced, therefore, the total expenses for auditing and evaluation will not exceed current level as well.In short, from the perspectives of both supply-side and demand-side, the improved financial statements are expected to enhance the usefulness of financial statements, without increase the burden of the supply-side.IV. CONCLUSIONS AND POLICY RECOMMENDATIONSThe current rule of mixed presentation of fair value data and historical cost data could be improved. The core concept of fair value is to make financial statements reflect the fair value of assets and liabilities, so that we can subtract the fair value of liabilities from assets to obtain the net fair value.However, the current International Standards do not implement this concept, but try to partly transform the historical cost accounting, which leads to mixed using of impairment accounting and fair value accounting. China's accounting academic research has followed up step by step since 1980s, and now has already introduced a mixed-attributes model into corporate financial statements.By distinguishing legal facts from financial expectations, we can balance public interests and private interests and can redesign the financial statements system with enhancing management efficiency and implementing higher-level laws as main objective. By presenting fair value and historical cost in one set of financial statements at the same time, the statements will not only meet the needs of keeping books according to domestic laws, but also meet the demand from financial regulatory authorities and security investorsWe hope that practitioners and theorists offer advices and suggestions on the problem of improving the financial statements to build a financial statements system which not only meets the domestic needs, but also converges with the International Standards.基于会计管理理论的财务报表的优化方法摘要本文提供了一个方法，以提高财务报表的可靠性和实用性。
会计学财务报表中英文对照外文翻译文献
会计学财务报表中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：中美财务报表的区别(1)财务报告内容构成上的区别1)美国的财务报告包括三个基本的财务报表，除此之外，典型的美国大公司财务报告还包括以下成分：股东权益、收益与综合收益、管理报告、独立审计报告、选取的5-10年数据的管理讨论与分析以及选取的季度数据。
2)我国财务报告不注重其解释，而美国在财务报告的内容、方法、多样性上都比较充分。
中国的评价部分包括会计报表和财务报表，财务报表是最主要的报表，它包括前述各项与账面不符的描述、财会政策与变化、财会评估的变化、会计差错等问题，资产负债表日期，关联方关系和交易活动等等，揭示方法是注意底部和旁注。
美国的财务范围在内容上比财务报表更加丰富，包括会计政策、技巧、添加特定项目的报告, 报告格式很难反映内容和商业环境等等，对违反一致性、可比性原则问题，评论也需要披露的，但也揭示了许多方面，比如旁注、底注、括号内、补充声明、时间表和信息分析报告。
(2)财务报表格式上的比较1)从资产负债表的格式来看，美国的资产负债表有账户类型和报告样式两项描述，而我国是使用固定的账户类型。
另外，我们的资产负债表在项目的使用上过于标准化，不能够很好的反映出特殊的商业项目或者不适用于特殊类型的企业。
而美国的资产负债表项目是多样化的，除此之外，财务会计准则也是建立在资产负债表中资产所有者投资和支出两项要素基础上的，这一点也是中国的财会准则中没有的。
2)从损益表格式的角度来看，美国采用的是多步式，损益表项目分为两部分，营业利润和非营业利润，但是意义不同。
我国的营业利润在范围上比美国的小，例如投资收益在美国是归类为营业利润的而在我国则不属于营业利润。
另外，我国的损益表项目较美国的更加规范和严格，美国校准损益表仅仅依赖于类别和项目。
报告收可以与销售收入及其他收入相联系，也可以和利息收益、租赁收入和单项投资收益相联系；在成本方面，并不是严格的划分为管理成本、财务成本、和市场成本，并且经常性销售费用、综合管理费用以及利息费用、净利息收益都要分别折旧。
环境会计信息披露外文文献翻译中英文.pdf
外文文献翻译原文及译文(本文档归max118 网hh2018 所有，仅供下载使用)中文标题：印度环境会计披露实践的影响因素：来自NIFTY 公司的经验证据文献出处：The IUP Journal of Accounting Research & Audit Practices, Vol. 15, No. 1, 2016译文字数：3900 多字原文Factors Influencing Environmental Accounting and Disclosure Practices in India: Empirical Evidence from NIFTY CompaniesB Omnamasivaya* and M S V PrasadThe study examines the factors determining the level of environmental disclosure information by taking a sample of NIFTY 50 companies from National Stock Exchange (NSE). The environmental information disclosure is measured by using an Environmental Accounting Disclosure Index (EADI) and the variables used in the study are profitability, corporate size, age, financial leverage, industry type, legal ownership and foreign operations. The relationship is tested using multiple regression analysis. The results show that there is a positive relationship between EADI and profitability, financial leverage, industry type and legal ownership, and a negative relationship between EADI and corporate size, age and foreign operations.IntroductionClimate change is one of the greatest challenges that the world is facing today. Climate change is the variation in the global climate over time. The climate change creates manifold problems like global warming, glacier meltdown, soil erosion, land degradation, deforestation, loss of biodiversity and all kinds of pollution. Human influence on the nature is one of the major causes of such problems. Indiscriminate use of resourcesand undue influence on nature in the name of development can be identified as the prime causes of climate change. As a result, in the last few decades, the adverse effect of environmental pollution on economic development has become a public concern all over the world (Goswami, 2014).The state of world‘s environment and the impact of mankind on the ecology of the world have led to increased public concern and scrutiny of the operations and performance of organizations. Globally, corporations are expected to include environmental concerns in business operations and interaction with stakeholders. As a result, firms can no longer ignore the problems of the society in which they operate. This has thus instituted a social contract between organizations and the environment, thereby making environmental responsibility a corporate dictate (Olayinka and Oluwamayowa, 2014).Every business has responsibility to use the resources at judiciously. Every enterprise needs to behave like a good corporate citizen, and the corporate behavior is judged by its actions related to the community, the steps taken to protect the environment or pollution control. In the context of the Indian corporate sector, companies are not performing as good citizens. Due to this reason many laws have been laid down by the government for making the companies good corporate citizens and fulfill their social responsibility (Chauhan, 2005).In India, the economic reforms initiated in the 1990s have unwittingly contributed to a rise in environmental problems. The awareness level of stakeholders and public regarding the environmental issues has increased the pressure on companies to disclose environmental information. As a result, the companies have started disclosing the environmental information in annual reports and sustainability reports to satisfy all their stakeholders.The Indian government has taken several steps to protect the environment. It has set up the Ministry of Environment, Forest and Climate Change (MoEFCC) with the aim to coordinate, among the states and the various ministries, the issues relating to environmental protection and antipollution measures. Necessary legislation has also been passed. In India, Central Pollution Control Board (CPCB) and State Pollution Control Board (SPCB) were established under the Water Act. The CPCB has identified 17 categories of industries which are highly polluting (Joshi et al., 2011).In India, specific environmental accounting rules or environmental disclosure guidelines for communication to different stakeholder groups are not available for Indian companies. There is no mandatory requirement for quantitative disclosure of (financial) environmental information in annual reports either under the Companies Act or as per the Indian Accounting Standards. Furthermore there are 23 stockexchanges in India which are controlled by the Securities Exchange Board of India (SEBI) Act, 1992. Each of these stock exchanges has different listing requirement for Indian companies to disclose environmental information. Therefore, any environmental disclosure by Indian companies is purely voluntary (Makori and Jagongo, 2013). Against this backdrop, the present study examines the factors determining the level of environmental disclosure information in India.Legitimacy TheoryIn order to explain the reasons for environmental disclosure, we use legitimacy theory. There are many theories which explain the various reasons for social and environmental accounting disclosures, but legitimacy theory is the most suitable theory to explain the environmental disclosure. Organizations cannot survive without meeting the societal expectations. The society expects that the organizations should be proactive in protecting the environment and minimizing the environmental hazards. In case organizations fail to meet the societal expectations, there is a severe threat to their existence. Nowadays Indian companies are legitimizing because of the awareness about environmental disclosure practices in the society. Therefore, Indian companies are taking several steps to protect the environment and are disclosing the relevant environmental information in their annual reports and company websites.Legitimacy relates to the environmental issues which are disclosedin the companies’ annual reports. This indicates the management concerns towards the community. Therefore, the management of different companies or managers have different ideas or thoughts about what the society expects and managers will adapt different strategies to show the society that the organization is meeting the expectations of the community (Zain, 2006).The theory of legitimacy is based on two fundamental ideas: companies need to legitimize their activities, and the process of legitimacy that confers benefits to businesses. Thus, the first element is compatible with the idea that environmental disclosure is related to the social pressure. In this context, the need for legitimacy is not the same for all companies due to the degree of social pressure the company is exposed to, and the level of response to this pressure. There are a number of factors which determine the degree of social pressure on companies and their responses to the pressure. These factors are potential determinants of corporate social disclosure. The second component is based on the idea that companies can expect to benefit by a legitimate behavior based on the social responsibility activity. In addition to that, the legitimacy theory provides a comprehensive framework to explain both the determinants and consequences of social disclosure (Mohamed et al., 2014).Literature ReviewKokubu et al. (2001) examined the annual reports of 1,203 companies to investigate the determinants of environmental disclosure. Environmental disclosure was measured by using an environmental disclosure index and the six independent variables used in the study were company size, financial performance, strength of consumer relations, dependence on debt, dependence on the capital market and type of industry. The study found that company size and industry type influence environmental disclosure.Elijido-Ten (2004) conducted a study on the determinants of environmental disclosures by using 40 Malaysian companies by applying stakeholder theory. The environmental disclosure was measured by using an environmental disclosure index. The study used three determinants: stakeholder power, strategic posture and economic performance. The study found that both top management and government power were the determinants of environmental disclosure, and it was also found that there was no relationship between economic performance and environmental disclosure.Yuen et al. (2009) examined 200 companies to investigate the relationship between firm characteristics and voluntary disclosure. Voluntary disclosure practices were measured by using a disclosure index and the independent variables used in the study were concentration of ownership, ownership by state, individual ownership, firm size, leverage,profitability and type of industry. The study found that individual ownership, audit committee, firm size, and leverage positively related to voluntary disclosure.Galani et al. (2011) examined the relationship between environmental disclosure and firm size by using 100 Greek companies. Environmental disclosure was measured by using environmental disclosure index and the independent variables tested in the study were profitability, size and listing status. The study found that there was a positive significant relationship between environmental disclosure and size of the firm and it was also found that there was no relationship between environmental disclosure and profitability listing requirements.Joshi et al. (2011) analyzed as ma ny as 45 Indian companies’ annual reports to investigate the factors influencing environmental disclosure. The environmental disclosure was measured using environmental disclosure index and the independent variables used in the study were profitability, size, accounting firm, industry, foreign operations, age, ownership and financial leverage. The study found that size and industry were significant determinants for environmental disclosure.Rouf (2011) examined the relationship between firm-specific characteristics and Corporate Social Responsibility Disclosure (CSRD) by taking 176 Bangladesh companies. CSRD was measured by using the CSRD index and the variables in the study were independent directorsand firm size. The study found that there was a positive relationship between CSRD and independent directors and firm size did not affect CSRD.Abdo and Al-Drugi (2012) studied whether any company characteristics influenced environmental disclosures by using 43 Libyan oil and gas companies. Environmental disclosures were measured using content analysis through word count and four characteristics were selected: company’s size, privatization, age, and nationality. The study found that there was a positive association between environmental disclosure and company’s size, company’s privatization, and company’s nationality; and it was also found that the age of the company was significant and negatively related to the level of environmental disclosure.Oba and Fodio (2012) examined the relationship between board characteristics and quality of environmental disclosure by taking 21 companies in Nigeria. Environmental disclosure was measured by using an environmental disclosure index and the independent variables used in the study were board size, foreign directors, gender mix, and board independence. The study found that there was no relationship between board size and environmental disclosure.Suttipun and Stanton (2012) conducted a study on the determinants of environmental disclosure by using 75 Thai companies. The environmental disclosure was measured by word count and the fiveindependent variables used in the study were size of the company, type of industry, ownership status, profitability and country of origin of the company. The study found that there was a positive relationship between environmental disclosure and size of the company.Development of HypothesesCorporate SizeMany of the researchers found a positive relationship between environmental disclosure and size, and many studies supported that large- sized firms disclose more on environment (e.g., Kokubu et al. 2001; Joshi et al., 2011; Suttipun and Stanton, 2012; Makori and Jagongo, 2013; Akbaş , 2014; and Sulaimana et al., 2014).There is a contrast between small enterprises and large enterprises. Large companies require more funds and for that they raise funds through external sources. For attracting the investors and to reduce the agency cost, large companies disclose more information and therefore get public support (Joshi et al., 2011).ProfitabilityThe profitability of a firm is an important factor in determining the environmental disclosure practices. As for whether environmental issues are important or not, it is argued that when the profit is low, the importance of environmental issues is low (Joshi et al., 2011). Many studies have reported that there is a positive relationship betweenprofitability and environmental disclosure (e.g., Nurhayati et al., 2015). A very few studies did not support that (e.g., Galani et al. 2011; Rouf, 2011; Akbaş , 2014; and Sulaimana et al., 2014).Many studies have used the profitability ratios like Return on Assets (ROA), Return on Investment (ROI), Return on Equity (ROE), Net Profit Margin and Dividend Per Share (DPS) to measure the firm profitability. This study uses ROE to measure profitability.Financial LeverageThe agency theory states that with the increase of debt proportion in capital structure, the greater is likely to be the conflict of interest between shareholders, creditors and managers; and the higher the agency cost, the greater is the incentive for managers to disclose more information. From the perspective of social and environmental responsibilities, companies with higher financial leverage are willing to disclose more environmental information to maintain good relationship with stakeholders (Joshi et al., 2011).Many studies have supported the association between financial leverage and environmental disclosure (Joshi et al., 2011; and Sulaimana et al., 2014). They reported that financial leverage has no impact on the disclosure level in India. Kokubu et al. (2001) stated that debt did not significantly influence the corporate environmental reports in Japan. However, this study uses debt-equity ratio for measuring financialleverage.Industry TypeMany studies have examined whether the industry influences the disclosure of environmental information, and many studies have supported strongly that environmental-sensitive companies disclose more environmental information than non-environmental-sensitive companies. Joshi et al. (2011) stated that environmental-sensitive companies in India are likely to disclose more environmental protection information than others. Akbaş (2014) reported that t here is a significant positive relationship between industry membership and the extent of environmental disclosure.ConclusionThe study examined the factors influencing EADI by taking a sample of 50 companies listed on NSE. The environmental accounting disclosure is measured by EADI, and the independent variables used in the study are corporate size, age, profitability, financial leverage, legal ownership, industry and foreign operations. The relationship is tested using multiple regression analysis. The R2 under the model is 0.6033, which indicates that the model is capable of explaining 60.33% of variability in the disclosure of environmental information in the sample companies. The adjusted R2 indicates that 53.72% of variation in the dependent variable is explained by the variations in the independentvariables. The results of multiple regression reveal that there is a positive relationship between EADI and profitability, financial leverage, industry type, and legal ownership, and a negative relationship between EADI and corporate size, age and foreign operations.Limitations: The main limitation of the study is that the data was selected only for one year. The sample size was also limited. Another limitation of the study is that there are many variables which may influence environmental disclosure like board of directors, CEO’s role, audit firm size, etc., but we have selected very few variables.Future Scope: There is huge scope for further research on environmental accounting disclosure in the Indian context, as there is less amount of research on this subject. Further research can focus on the relationship between environmental accounting disclosure practices and financial performance of the companies.译文印度环境会计披露实践的影响因素：来自NIFTY 公司的经验证据B Omnamasivaya，M S V Prasad该研究通过从国家证券交易所（NSE）获取NIFTY 50 公司的样本来分析环境披露信息水平的影响因素。
会计信息披露行为和资本成本【外文翻译】
外文文献翻译原文：Accounting Information, Disclosure, and the Cost of CapitalIn this paper we examine whether and how accounting information about a firm manifests in its cost of capital, despite the forces of diversification. We build a model that is consistent with the Capital Asset Pricing Model and explicitly allows for multiple securities whose cash flows are correlated. We demonstrate that the quality of accounting information can influence the cost of capital, both directly and indirectly. The direct effec t occurs because higher quality disclosures affect the firm’s assessed covariances with other firms’ cash flows, which is nondiversifiable. The indirect effect occurs because higher quality disclosures affect a firm’s real decisions, which likely changes t he firm’s ratio of the expected future cash flows to the covariance of these cash flows with the sum of all the cash flows in the market. We show that this effect can go in either direction, but also derive conditions under which an increase in information quality leads to an unambiguous decline in the cost of capital.The link between accounting information and the cost of capital of firms is one of the most fundamental issues in accounting. Standard setters frequently refer to it. For example, Arthur Levitt, the former chairman of the Securities and Exchange Commission (SEC), suggests that “high quality accounting standards . . . reduce capital costs” (Levitt [1998, p. 81]). Similarly, Neel Foster, a former member of the Financial Accounting Standards Boar d (FASB), claims that “More information always equates to less uncertainty, and . . . people pay more for certainty. In the context of financial information, the end result is that better disclosure results in a lower cost of capital” (Foster [2003, p. 1]). While these claims have intuitive appeal, there is surprisingly little theoretical work on the hypothesized link.In particular, it is unclear to what extent accounting information or firm disclosures reduce nondiversifiable risks in economies with multiple securities. Asset pricingmodels, such as the Capital Asset Pricing Model (CAPM), and portfolio theory emphasize the importance of distinguishing between risks that are diversifiable and those that are not. Thus, the challenge for accounting researchers is to demonstrate whether and how firms’ accounting information manifests in their cost of capital, despite the forces of diversification.This paper examines both of these questions. We define the cost of capital as the expected return on a firm’s stock. This definition is consistent with standard asset pricing models in finance (e.g., Fama and Miller [1972, p. 303]), as well as numerous studies in accounting that use discounted cash flow or abnormal earnings models to infer firms’ cost of capital (e.g.,Botosan [1997], Gebhardt, Lee, and Swaminathan [2001]). In our model, we explicitly allow for multiple firms whose cash flows are correlated. In contrast, most analytical models in accounting examine the role of information in single-firm settings (see Verrecchia [2001] for a survey). While this literature yields many useful insights, its applicability to cost of capital issues is limited. In single-firm settings, firm-specific variance is priced because there are no alternative securities that would allow investors to diversify idiosyncratic risk.We begin with a model of a multisecurity economy that is consistent with the CAPM. We then recast the CAPM, which is expressed in terms of returns, into a more easily interpreted formulation that is expressed in terms of the expected values and covariances of future cash flows. We show that the ratio of the expected future cash flow to the covariance of the firm’s cash flow with the sum of all cash flows in the market is a key determinant of the cost of capital.Next, we add an information structure that allows us to study the effects of accounting information. We characterize firms’ accounting reports as noisy information about future cash flows, which comports well with actual reporting behavior. We demonstrate t hat accounting information influences a firm’s cost of capital in two ways: (1) direct effects—where higher quality accounting information does not affect cash flows per se, but affects the market participants’ assessments of the distribution of future cash flows; and (2) indirect effects—where higher quality accounting information affects a firm’s real decisions, which, in turn, influence itsexpected value and covariances of firm cash flows.In the first category, we show (not surprisingly) that higher quality information reduces the assessed variance of a firm’s cash flow. Analogous to the spirit of the CAPM, however, we show this effect is diversifiable in a “large economy.” We discuss what the concept of “diversification” means, and show that an econo mically sensible definition requires more than simply examining what happens when the number of securities in the economy becomes large.The remainder of this paper is organized as follows. Section 2 sets up the basic model in a world of homogeneous beliefs, defines terms, and derives the determinants of the cost of capital. Sections 3 and 4 analyze the direct and indirect effects of accounting information on firms’ cost of capital, respectively. Section 5 summarizes our findings and concludes the paper. A final lingering worry I have concerns whether timely disclosure could ever be observed, let alone enforced. Would it require managers to hold press conferences at the precise moment they receive any important bit of accounting information? Such immediate disclosure seems to be necessary since Hakansson makes clear that even "very slight delay" can "render potentially valuable information untimely and therefore worthless," How could the enforcers tell when that moment occurs? Such extremely important questions would have to be answered before such a scheme could be put into practice.Moreover, we demonstrate that an increase in the quality of a firm’s disclosure about its own future cash flows has a direct effect on the assessed covariances with other firm s’ cash flows. This result builds on and extends the work on “estimation risk” in finance. In this literature, information typically arises from a historical time series of return observations. In particular, Barry and Brown [1985] and Coles, Loewenstein, and Suay [1995] compare two information environments: In one environment the same amount of information (e.g., the same number of historical time-series observations) is available for all firms in the economy, whereas in the other information environment there are more observations for one group of firms than another. They find that the betas of the “high information” securities are lower than they would be in the equal information case. They cannot unambiguously sign,however, the difference in betas for t he “low information” securities in the unequal- versus equal-information environments. Moreover, these studies do not address the question of how an individual firm’s disclosures can influence its cost of capital within an unequal information environment.Rather than restricting attention to information as historical observations of returns, our paper uses a more conventional information-economics approach in which information is modeled as a noisy signal of the realization of cash flows in the future. With this approach, we allow for more general changes in the information environment, and we are able to prove much stronger results. In particular, we show that higher quality accounting information and financial disclosures affect the assessed covariances with other firms, and this effect unambiguously moves a firm’s cost of capital closer to the risk-free rate. Moreover, this effect is not diversifiable because it is present for each of the firm’s covariance terms and hence does not disappear in “large economies.”Next, we discuss the effects of disclosure regulation on the cost of capital of firms. Based on our framework, increasing the quality of mandated disclosures should in general move the cost of capital closer to the risk-free rate for all firms in the economy. In addition to the effect of an individual firm’s disclosures, there is an externality from the disclosures of other firms, which may provide a rationale for disclosure regulation. We also argue that the magnitude of the cost of capital effect of mandated disclosure is unequal across firms. In particular, the reduction in the assessed covariances between firms and the market does not result in a decrease in the beta coefficient of each firm. After all, regardless of information quality in the economy, the average beta across firms has to be 1.0. Therefore, even though firms’ cost of capital (and the aggregate risk premium) declines with improved mandated disclosure, their beta coefficients need not.In the “indirect effect” category, we show that the quality of accounting information influences a firm’s cost of capital through its effect on a firm’s real decisions. First, we demonstrate that if better information reduces the amount of firm cash flow that managers appropriate for themselves, the improvements in disclosurenot only increase firm price, but in general also reduce a firm’s cost of capital. Second, we allow information quality to change a firm’s real decisions, for example, with respect to production or investment. In this case, information quality changes decisions, which changes the ratio of expected cash flow to nondiversifiable covariance risk and hence influences a firm’s cost of capital. We derive conditions under which an increase in information quality results in an unambiguous decrease in a firm’s cost of capital.Our paper makes several contributions. First, we extend and generalize prior work on estimation risk. We show that information quality directly influences a firm’s cost of capital and that improvements in information quality by individual firms unambiguously affect their nondiversifiable risks. This finding is important as it suggests that a firm’s beta factor is a function of its information quality and disclosures. In this sense, our study provides theoretical guidance to empirical studies that examine the link between firms’ disclosures and information quality, and their cost of capital (e.g., Botosan [1997], Botosan and Plumlee [2002], Francis et al. [2004], Ashbaugh-Skaife et al. [2005], Berger, Chen, and Li [2005], Core, Guay, and Verdi [2006]). We discuss this guidance in more detail in our conclusion. In addition, our study provides an explanation for international differences in the equity risk premium or firms’ average cost of equity capital, stemming from differences in disclosure regulation across countries (e.g., Hail and Leuz [2006]).It is important to recognize, however, that the effects of a firm’s disclosures on its cost of capital, as demonstrated by our model, are fully captured by an appropriately specified, forward-looking beta and the expected return on the market as a whole.3 Thus, our model does not provide support for an additional risk factor capturing “information risk.”One way to justify the inclusion of additional information variables in a cost of capital model is to note that empirical proxies for beta, which for instance are based on historical data alone, may not capture all information effects. In this case, however, it is incumbent on researchers to specify a “measurement error” model or, at least, provide a careful justification for the inclusion of information variables, and their functional form, in the empirical specification. Based on ourresults, however, the most natural way to empirically analyze the link between information quality and the cost of capital is via the beta factor.A second contribution of our paper is that it provides a direct link between information quality and the cost of capital, without reference to market liquidity. Prior work suggests an indirect lin k between disclosure and firms’ cost of capital based on market liquidity and adverse selection in secondary markets (e.g., Diamond and Verrecchia [1991], Baiman and Verrecchia [1996], Easley and O’Hara [2004]). These studies, however, analyze settings with a single firm (or settings where cash flows across firms are uncorrelated). Thus, it is unclear whether the effects demonstrated in these studies survive the forces of diversification and extend to more general multisecurity settings. We emphasize, however, that we do not dispute the possible role of market liquidity for firms’ cost of capital, as several empirical studies suggest (e.g., Amihud and Mendelson [1986], Chordia, Roll, and Subrahmanyam [2001], Easley, Hvidkjaer, and O’Hara [2002], Pastor and S tambaugh [2003]). Our paper focuses on an alternative, and possibly more direct, explanation as to how information quality influences nondiversifiable risks.Finally, our paper contributes to the literature by showing that information quality has indirec t effects on real decisions, which in turn manifest in firms’ cost of capital. In this sense, our study relates to work on real effects of accounting information (e.g., Kanodia et al. [2000], Kanodia, Sapra, and Venugopalan [2004]). These studies, however, do not analyze the effects on firms’ cost of capital or nondiversifiable risks.Resource：Richard Lambert, Chirstian Leuz, and Robert E Verrecchia.Accounting Information, Disclosure, and the Cost of Capital. Journal of Accounting Research, 2007: p385-420.译文：会计信息披露行为和资本成本在本文中，我们探讨在多元化经营，消费者对企业会计信息是如何体现在它的资本成本。
国际会计准则中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)译文:译文（一）世界贸易的飞速发展和国际资本的快速流动将世界经济带入了全球化时代。
在这个时代, 任何一个国家要脱离世界贸易市场和资本市场谋求自身发展是非常困难的。
会计作为国际通用的商业语言, 在经济全球化过程中扮演着越来越重要的角色, 市场参与者也对其提出越来越高的要求。
随着市场经济体制的逐步建立和完善，有些国家加入世贸组织后国际化进程的加快，市场开放程度的进一步增强，市场经济发育过程中不可避免的各种财务问题的出现，迫切需要完善的会计准则加以规范。
然而，在会计准则制定过程中，有必要认真思考理清会计准则的概念，使制定的会计准则规范准确、方便操作、经济实用。
由于各国家的历史、环境、经济发展等方面的不同,导致目前世界所使用的会计准则在很多方面都存在着差异,这使得各国家之间的会计信息缺乏可比性,本国信息为外国家信息使用者所理解的成本较高,在很大程度上阻碍了世界国家间资本的自由流动。
近年来,许多国家的会计管理部门和国家性的会计、经济组织都致力于会计准则的思考和研究,力求制定出一套适于各个不同国家和经济环境下的规范一致的会计准则,以增强会计信息的可比性,减少国家各之间经济交往中信息转换的成本。
译文（二）会计准则就是会计管理活动所依据的原则, 会计准则总是以一定的社会经济背景为其存在基础, 也总是反映不同社会经济制度、法律制度以及人们习惯的某些特征, 因而不同国家的会计准则各有不同特点。
但是会计准则毕竟是经济发展对会计规范提出的客观要求。
它与社会经济发展水平和会计管理的基本要求是相适应的,因而,每个国家的会计准则必然具有某些共性:1. 规范性每个企业有着变化多端的经济业务,而不同行业的企业又有各自的特殊性。
而有了会计准则,会计人员在进行会计核算时就有了一个共同遵循的标准,各行各业的会计工作可在同一标准的基础上进行,从而使会计行为达到规范化,使得会计人员提供的会计信息具有广泛的一致性和可比性,大大提高了会计信息的质量。
会计学中英文对照外文翻译文献
(文档含英文原文和中文翻译)中英文资料外文翻译文献Title:Future of SME finance（Background – the environment for SME finance has changedFuture economic recovery will depend on the possibility of Crafts, Trades and SMEs to exploit their potential for growth and employment creation.SMEs make a major contribution to growth and employment in the EU and are at the heart of the Lisbon Strategy, whose main objective is to turn Europe into the most competitive and dynamic knowledge-based economy in the world. However, the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of these investments need capital and thereforeaccess to finance.Against this background the consistently repeated complaint of SMEs about their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe.Changes in the finance sector influence the behavior of credit institutes towards Crafts, Trades and SMEs. Recent and ongoing developments in the banking sector add to the concerns of SMEs and will further endanger their access to finance. The main changes in the banking sector which influence SME finance are:•Globalization and internationalization have increased the competition and the profit orientation in the sector;•worsening of the economic situations in some institutes (burst of the ITC bubble, insolvencies) strengthen the focus on profitability further;•Mergers and restructuring created larger structures and many local branches, which had direct and personalized contacts with small enterprises, were closed;•up-coming implementation of new capital adequacy rules (Basel II) will also change SME business of the credit sector and will increase its administrative costs;•Stricter interpretation of State-Aide Rules by the European Commission eliminates the support of banks by public guarantees; many of the effected banks are very active in SME finance.All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finance sector affect the accessibility of SMEs to finance.Higher risk awareness in the credit sector, a stronger focus on profitability and the ongoing restructuring in the finance sector change the framework for SME finance and influence the accessibility of SMEs to finance. The most important changes are: •In order to make the higher risk awareness operational, the credit sector introduces new rating systems and instruments for credit scoring;•Risk assessment of SMEs by banks will force the enterprises to present more and better quality information on their businesses;•Banks will try to pass through their additional costs for implementing and running the new capital regulations (Basel II) to their business clients;•due to the increase of competition on interest rates, the bank sector demands more and higher fees for its services (administration of accounts, payments systems,etc.), which are not only additional costs for SMEs but also limit their liquidity;•Small enterprises will lose their personal relationship with decision-makers in local branches –the credit application process will become more formal and anonymous and will probably lose longer;•the credit sector will lose more and more its “public function” to provide access to finance for a wide range of economic actors, which it has in a number of countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.All of these developments will make access to finance for SMEs even more difficult and / or will increase the cost of external finance. Business start-ups and SMEs, which want to enter new markets, may especially suffer from shortages regarding finance. A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the relations between Banks and SMEs and UEAPME regrets that the bank sector was not able to agree on such a commitment.Towards an encompassing policy approach to improve the access of Crafts, Trades and SMEs to financeAll analyses show that credits and loans will stay the main source of finance for the SME sector in Europe. Access to finance was always a main concern for SMEs, but the recent developments in the finance sector worsen the situation even more. Shortage of finance is already a relevant factor, which hinders economic recovery in Europe. Many SMEs are not able to finance their needs for investment.Therefore, UEAPME expects the new European Commission and the new European Parliament to strengthen their efforts to improve the framework conditions for SME finance. Europe’s Crafts, Trades and SMEs ask for an encompassing policy approach, which includes not only the conditions for SMEs’ access to lending, bu t will also strengthen their capacity for internal finance and their access to external risk capital.From UEAPME’s point of view such an encompassing approach should be based on three guiding principles:•Risk-sharing between private investors, financial institutes, SMEs and public sector;•Increase of transparency of SMEs towards their external investors and lenders;•improving the regulatory environment for SME finance.Based on these principles and against the background of the changing environment for SME finance, UEAPME proposes policy measures in the following areas:1. New Capital Requirement Directive: SME friendly implementation of Basel IIDue to intensive lobbying activities, UEAPME, together with other Business Associations in Europe, has achieved some improvements in favour of SMEs regarding the new Basel Agreement on regulatory capital (Basel II). The final agreement from the Basel Committee contains a much more realistic approach toward the real risk situation of SME lending for the finance market and will allow the necessary room for adaptations, which respect the different regional traditions and institutional structures.However, the new regulatory system will influence the relations between Banks and SMEs and it will depend very much on the way it will be implemented into European law, whether Basel II becomes burdensome for SMEs and if it will reduce access to finance for them.The new Capital Accord form the Basel Committee gives the financial market authorities and herewith the European Institutions, a lot of flexibility. In about 70 areas they have room to adapt the Accord to their specific needs when implementing it into EU law. Some of them will have important effects on the costs and the accessibility of finance for SMEs.UEAPME expects therefore from the new European Commission and the new European Parliament:•The implementation of the new Capital Requirement Directive will be costly for the Finance Sector (up to 30 Billion Euro till 2006) and its clients will have to pay for it. Therefore, the implementation – especially for smaller banks, which are often very active in SME finance –has to be carried out with as little administrative burdensome as possible (reporting obligations, statistics, etc.).•The European Regulators must recognize traditional instruments for collaterals (guarantees, etc.) as far as possible.•The European Commission and later the Member States should take over the recommendations from the European Parliament with regard to granularity, access to retail portfolio, maturity, partial use, adaptation of thresholds, etc., which will easethe burden on SME finance.2. SMEs need transparent rating proceduresDue to higher risk awareness of the finance sector and the needs of Basel II, many SMEs will be confronted for the first time with internal rating procedures or credit scoring systems by their banks. The bank will require more and better quality information from their clients and will assess them in a new way. Both up-coming developments are already causing increasing uncertainty amongst SMEs.In order to reduce this uncertainty and to allow SMEs to understand the principles of the new risk assessment, UEAPME demands transparent rating procedures –rating procedures may not become a “Black Box” for SMEs:•The bank should communicate the relevant criteria affecting the rating of SMEs.•The bank should inform SMEs about its assessment in order to allow SMEs to improve.The negotiations on a European Code of Conduct between Banks and SMEs , which would have included a self-commitment for transparent rating procedures by Banks, failed. Therefore, UEAPME expects from the new European Commission and the new European Parliament support for:•binding rules in the framework of the new Capital Adequacy Directive, which ensure the transparency of rating procedures and credit scoring systems for SMEs;•Elaboration of national Codes of Conduct in order to improve the relations between Banks and SMEs and to support the adaptation of SMEs to the new financial environment.3. SMEs need an extension of credit guarantee systems with a special focus on Micro-LendingBusiness start-ups, the transfer of businesses and innovative fast growth SMEs also depended in the past very often on public support to get access to finance. Increasing risk awareness by banks and the stricter interpretation of State Aid Rules will further increase the need for public support.Already now, there are credit guarantee schemes in many countries on the limit of their capacity and too many investment projects cannot be realized by SMEs.Experiences show that Public money, spent for supporting credit guaranteessystems, is a very efficient instrument and has a much higher multiplying effect than other instruments. One Euro form the European Investment Funds can stimulate 30 Euro investments in SMEs (for venture capital funds the relation is only 1:2).Therefore, UEAPME expects the new European Commission and the new European Parliament to support:•The extension of funds for national credit guarantees schemes in the framework of the new Multi-Annual Programmed for Enterprises;•The development of new instruments for securitizations of SME portfolios;•The recognition of existing and well functioning credit guarantees schemes as collateral;•More flexibility within the European Instruments, because of national differences in the situation of SME finance;•The development of credit guarantees schemes in the new Member States;•The development of an SBIC-like scheme in the Member States to close the equity gap (0.2 – 2.5 Mio Euro, according to the expert meeting on PACE on April 27 in Luxemburg).•the development of a financial support scheme to encourage the internalizations of SMEs (currently there is no scheme available at EU level: termination of JOP, fading out of JEV).4. SMEs need company and income taxation systems, which strengthen their capacity for self-financingMany EU Member States have company and income taxation systems with negative incentives to build-up capital within the company by re-investing their profits. This is especially true for companies, which have to pay income taxes. Already in the past tax-regimes was one of the reasons for the higher dependence of Europe’s SMEs on bank lending. In future, the result of rating will also d epend on the amount of capital in the company; the high dependence on lending will influence the access to lending. This is a vicious cycle, which has to be broken.Even though company and income taxation falls under the competence of Member States, UEAPME asks the new European Commission and the new European Parliament to publicly support tax-reforms, which will strengthen the capacity of Crafts, Trades and SME for self-financing. Thereby, a special focus on non-corporate companies is needed.5. Risk Capital – equity financingExternal equity financing does not have a real tradition in the SME sector. On the one hand, small enterprises and family business in general have traditionally not been very open towards external equity financing and are not used to informing transparently about their business.On the other hand, many investors of venture capital and similar forms of equity finance are very reluctant regarding investing their funds in smaller companies, which is more costly than investing bigger amounts in larger companies. Furthermore it is much more difficult to set out of such investments in smaller companies.Even though equity financing will never become the main source of financing for SMEs, it is an important instrument for highly innovative start-ups and fast growing companies and it has therefore to be further developed. UEAPME sees three pillars for such an approach where policy support is needed:Availability of venture capital•The Member States should review their taxation systems in order to create incentives to invest private money in all forms of venture capital.•Guarantee instruments for equity financing should be further developed.Improve the conditions for investing venture capital into SMEs•The development of secondary markets for venture capital investments in SMEs should be supported.•Accounting Standards for SMEs should be revised in order to ease transparent exchange of information between investor and owner-manager.Owner-managers must become more aware about the need for transparency towards investors•SME owners will have to realise that in future access to external finance (venture capital or lending) will depend much more on a transparent and open exchange of information about the situation and the perspectives of their companies.•In order to fulfil the new needs for transparency, SMEs will have to use new information instruments (business plans, financial reporting, etc.) and new management instruments (risk-management, financial management, etc.).外文资料翻译题目：未来的中小企业融资背景：中小企业融资已经改变未来的经济复苏将取决于能否工艺品，贸易和中小企业利用其潜在的增长和创造就业。
会计信息披露外文文献翻译
会计信息披露外文文献翻译文献出处：Ebimobowei A. A Study of Social Accounting Disclosures in the Annual Reports of Nigerian Companies [J]. Asian Journal of Business Management, 2011, 3(3): 145-151.原文A Study of Social Accounting Disclosures in theAnnual Reports of Nigerian CompaniesAppah EbimoboweiAbstract: Social accounting is concerned with the development of measurement system to monitor social performance. It is rational assessment of and disclosure on some meaningful domain of companies’ activities that have social impact. Thi s study examines the practice of social accounting disclosure in Nigerian companies. Forty companies from eight sectors quoted in the Nigerian Stock Exchange were randomly sampled. Data were collected from the annual reports of the companies’ for the perio d 2005 to 2007 and the level of disclosure is measured using content analysis and descriptive analysis. The paper found that 82.5% of the companies sampled present social accounting information in their annual reports. The results show that Nigerian companies prefer to disclose social accounting information in the Directors Report, Chairman’s Statement and Notes to the Accounts in the form of short qualitative information. Human resources, community involvement and environment were identified as the most popular themes. Hence, the paper recommends among others that companies should take social accounting as a moral duty; legislation for all companies to disclose social accounting information in Nigeria; social indicators to be developed at thenational level in the area of employment opportunities, environmental control, energy conservation, health care etc and professional accounting bodies in the country should collaborate to expand research in social accounting.Key words: Annual reports, social accounting, social disclosure, NigeriaINTRODUCTIONThe increasing need for every organization to disclose in their annual reports the various activities that affect the society is becoming a very fundamental issue all over the world mostly in developed economies, but this is not the case in developing countries like Nigeria. This is because organizations are particularly more interested in the profit maximization objective to the detriment of the society. According to Iyoha (2010), in developing countries, the concern is about how efficient organizations are in terms of how much profits are made and how much dividends are paid. No serious thoughts are given to social issues in the annual reports of organizations such as environmental protection, energy savings, fair business practice, and community involvements etc. Asechemie (1996) stress that the absence of financial data relating to actions and arrangements for social concern in Nigeria is not in accord with the trend in the USA, Europe and Canada where companies are required to report on the effect of compliance with laws governing corporate social conduct on capital expenditures, earnings and competitive position.The objective of this paper is to examine the social accounting disclosures in the annual reports of Nigerian companies. Therefore, the content of annual reports must provide information to users relating to social factors. AsMathews (2002) suggested in his study, documenting and analyzing what is disclosed in the area of social accounting should be one of the feature of corporate social reporting. Hence, this study attempts to answer two main questions: (i) what are the most popular types of social accounting and how is social accounting disclosed in the annual reports of companies in Nigeria and (ii) where is the location of presentation of social accounting in the annual reports of companies in Nigeria. To achieve this objective, the paper is divided into five sections. The next section discusses the theoretical and empirical literatures adopted for the study. Section three examines the methodology of the study; section four examines the findings and discussions while the last section deals with the conclusion and recommendations.Theories on corporate social accounting disclosure behavior:Gray et al. (1995) in Orij (2007) provided a much cited categorization of social accountingdisclosure studies. They talked about three broad classifications of decision usefulness studies, economic theory and social and political theory. The decision usefulness generally relates to the usefulness of accounting information, which is social accounting in this case. These studies are of two types, ranking of information on its perceived decision-usefulness in the financial community and investigations of information on effects on share prices. The economic theory studies are a periphery of agency theory and Positive Accounting Theory (PAT) research. The social and political theory focuses on legitimacy theory (LEGT) and stakeholder theory (STAKT). LEGT and STAKT are theories developed out of political economies. They are overlapping perspectives in a political-economic framework. Intheoretical term, Guthrie and Parker (1990) also analyse their empirical evidence in relation to a socio-political economy theory of social disclosure and suggest that:a political economy theory of social disclosure is both viable and may contribute toward our understanding of observed developments in national reporting practices. Corporate social disclosures have appeared to reflect public social priorities, respond to government pressures, accommodate environmental pressures and sectional interests, and protect corporate prerogatives and projected corporate image.Prior empirical studies: A number of studies have been published on the subject of social accounting disclosure. A number of these rely on content analysis of annual reports. There are several different methods to the analysis of narratives in annual reports. Bettie et al. (2004) distinguish two categories: subjective (analyst ratings) and semi-objective (disclosure index studies, content analysis, readability studies and linguistic analysis). Content analysis has been selected for this study because it has been widely used in the accounting research, particularly in social accounting disclosure studies. Since this is the method of analysis in the present study, we limit our review to these studies. Table 1 summary the methodology, sample and main results of these studies.RESULTS AND DISCUSSIONLevel of social accounting disclosure: Table 2 shows that 33 companies (82.5%) from various industry groupings made social accounting disclosures at least for oneyear in their annual reports. Analysis based on industry, showed that chemical and paints, construction and petroleum marketing had 100 percent disclosure of social accountinginformation. The lowest level of social accounting information was 66.7% contributed by Breweries and conglomerate while companies in the building materials (75%), food/beverages and tobacco (80%), and healthcare (83.3%) level of disclosure from year 2005 to 2007. Therefore, it can be deduced that there is a growing concern for companies reporting social performance in their financial statements.Form of social accounting disclosure: Table 3 shows that in 2005 75% of the companies disclose social accounting information using narrative/pictures and 25% disclose with monetary formats. The year 2006 81% used narrative and 19% used monetary format while in 2007 84% used narrative and 16% monetary format. However, there were also companies that used both narrative and monetary formats of disclosure. Many companies were also found to have used the monetary format to disclose human resource information and environmental contribution primarily related to retirement benefit, training and development and some community based projects such as adopting school, scholarships and donations.Location of social accounting disclosure: Table 4 shows that 4(12.12%) of the sampled companies (Appendix) disclose social accounting information in the chairman’s statement; 17(51.52%) disclose social accounting information in the directors report; 2(6.06%) in the statement of accounting policy; 10(30.30%) in the notes to the accounts. The paper discovers that Directors report is the most popular location where social accounting information is disclosed by companies in Nigeria and also the “notes to the accounts”. This result is also consistent with Mamman (2004) study that Directors report is the most preferred location of social accounting information.Quantification of amount of social accounting disclosure:This study used only number of disclosure as the approach of capturing data through content analysis. Almost all companies disclosed social accounting information in short qualitative discussion and some have extended qualitative discussion where they have sections to disclose the social accounting information especially on human resources andcommunity based projects.Trend of social accounting disclosure: Table 5 shows the trend of social accounting disclosures in Nigeria. Twelve (12) companies representing (36.36%) reveals that human resources is the trend of social accounting disclosure in the annual report; two companies representing (6.06%) says the trend is fair business practice; nine (9) companies representing (27.27%) suggests community development; three (3) companies representing (9.09%) reveals that the trend of social accounting is energy; five (5) companies representing (15.16%) in their annual reports disclosed that the trend is on the environment; and two (2) companies representing (6.06%) disclosed in their annual reports that the trends is on the organization’s products. The analysis therefore reveals that disclosure of social and environmental activities is specifically on the discretion of the companies.CONCLUSION AND RECOMMENDATIONThe study examined social accounting disclosure for a three-year period from 2005 to 2007. The type of social accounting disclosure, form and location were identified in the annual reports of 40 companies. This covers eight sectors of the Nigerian Stock Exchange. The study found that 82.5% of Nigerian Companies disclose one type or the other of social accountinginformation in their annual reports. These disclosures were voluntary in nature and largely qualitative; contrary to the developed and some developing countries. The most favoured places of disclosure are in the Directors Report, Chairman’s Statement and Notes to the account. The most popular theme that most companies disclose is human resources followed by community involvement and environment. Analysis done by industry found that the petroleum marketing, food/beverages and tobacco, chemicals and paints sectors provides a higher percentage of social accounting disclosure in Nigeria. Therefore, on the basis of the conclusion above, the following suggestions are provided by the researcher to improve the social accounting practice in Nigeria:﹒Companies should take social accounting disclosure as their moral duty; mere legislation would not solve the problem.﹒The government should provide some incentives like differentials in tax treatment, subsidies, rebates etc. so that companies can take social programmes.﹒Researchers should provide the basis and means of social accounting quantification as far as possible.﹒The government should put in place suitable legislation for all companies to compel them to make adequate disclosure of their activities to the society.﹒Professional institutes in the country like the Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria should work together for developing social accounting and reporting techniques.﹒Social indicators should be developed at the national level in the areas of employment opportunities, environmental control, energy conservation, health education etc.译文会计信息披露，尼日利亚公司年度报告的实证研究阿帕·艾比莫泊威摘要：会计信息披露关系到对社会绩效监督的评估系统的发展。
论文翻译-会计信息披露与企业财务属性证据来自英国股市Accounting disclosure...
外文参考文献译文及原文会计信息披露与企业财务属性：证据来自英国股票市场学院XXX学院专业XXXXX年级班别20XX级（X）班学号XXXXXXXX学生姓名谢兵兵指导教师XXX XXXXXX2018年5月目录1 会计信息披露与企业财务属性：证据来自英国股票市场 (1)1.1 外文文献译文 (1)1.2 外文文献原文 (28)会计信息披露与企业财务属性：证据来自英国股票市场乔治·亚西里斯摘要本文重点介绍了英国企业财务报表的会计信息披露问题。
本次研究主要目的在于分析提供广泛会计信息披露的公司的财务特征，并评估其动机对财务的影响，例如需要筹集股权融资。
该研究调查了对于披露包含主要会计问题的会计信息的公司的财务特征，包括风险敞口、会计政策变化、国际财务报告标准的使用与对冲做法。
公司倾向于通过会计信息披露以确保市场参与者的会计政策与会计监管一致，并满足其利益相关者的信息需求。
研究表明，出于在资本市场和债务市场筹集资金的目的，企业往往会提供广泛的会计披露；并且提供信息性会计披露的公司似乎表现出更大的规模，更快的增长和和更强的杠杆措施。
调查结果还表明，敏感性会计信息的披露并未对公司的盈利能力产生不利影响。
事实上，提供详细会计披露的公司往往表现出较高的盈利能力。
国际财务报告准则的实施提高了财务报表的质量和可比性，同时也提高财务了报告的一致性和可靠性，有助于公司在国际市场筹集资金。
1 介绍会计政策的选择和激励因素会对会计信息披露质量和企业与会计信息使用者之间的沟通产生影响。
某些情况下，管理者通过影响所要报告的收益，来达到自身利益最大化目的，例如提高他们的声誉、加强股票回报与自身补偿计划（Fields, Lys, & Vincent, 2001; Hand & Skantz, 1998）。
同时，管理者也倾向于通过影响会计数字，以满足其财务义务，并遵守债权人设定的债务契约（Lambert, 2001）。
环境会计信息披露外文文献翻译中英文.pdf
外文文献翻译原文及译文(本文档归max118 网hh2018 所有，仅供下载使用)中文标题：印度环境会计披露实践的影响因素：来自NIFTY 公司的经验证据文献出处：The IUP Journal of Accounting Research & Audit Practices, Vol. 15, No. 1, 2016译文字数：3900 多字原文Factors Influencing Environmental Accounting and Disclosure Practices in India: Empirical Evidence from NIFTY CompaniesB Omnamasivaya* and M S V PrasadThe study examines the factors determining the level of environmental disclosure information by taking a sample of NIFTY 50 companies from National Stock Exchange (NSE). The environmental information disclosure is measured by using an Environmental Accounting Disclosure Index (EADI) and the variables used in the study are profitability, corporate size, age, financial leverage, industry type, legal ownership and foreign operations. The relationship is tested using multiple regression analysis. The results show that there is a positive relationship between EADI and profitability, financial leverage, industry type and legal ownership, and a negative relationship between EADI and corporate size, age and foreign operations.IntroductionClimate change is one of the greatest challenges that the world is facing today. Climate change is the variation in the global climate over time. The climate change creates manifold problems like global warming, glacier meltdown, soil erosion, land degradation, deforestation, loss of biodiversity and all kinds of pollution. Human influence on the nature is one of the major causes of such problems. Indiscriminate use of resourcesand undue influence on nature in the name of development can be identified as the prime causes of climate change. As a result, in the last few decades, the adverse effect of environmental pollution on economic development has become a public concern all over the world (Goswami, 2014).The state of world‘s environment and the impact of mankind on the ecology of the world have led to increased public concern and scrutiny of the operations and performance of organizations. Globally, corporations are expected to include environmental concerns in business operations and interaction with stakeholders. As a result, firms can no longer ignore the problems of the society in which they operate. This has thus instituted a social contract between organizations and the environment, thereby making environmental responsibility a corporate dictate (Olayinka and Oluwamayowa, 2014).Every business has responsibility to use the resources at judiciously. Every enterprise needs to behave like a good corporate citizen, and the corporate behavior is judged by its actions related to the community, the steps taken to protect the environment or pollution control. In the context of the Indian corporate sector, companies are not performing as good citizens. Due to this reason many laws have been laid down by the government for making the companies good corporate citizens and fulfill their social responsibility (Chauhan, 2005).In India, the economic reforms initiated in the 1990s have unwittingly contributed to a rise in environmental problems. The awareness level of stakeholders and public regarding the environmental issues has increased the pressure on companies to disclose environmental information. As a result, the companies have started disclosing the environmental information in annual reports and sustainability reports to satisfy all their stakeholders.The Indian government has taken several steps to protect the environment. It has set up the Ministry of Environment, Forest and Climate Change (MoEFCC) with the aim to coordinate, among the states and the various ministries, the issues relating to environmental protection and antipollution measures. Necessary legislation has also been passed. In India, Central Pollution Control Board (CPCB) and State Pollution Control Board (SPCB) were established under the Water Act. The CPCB has identified 17 categories of industries which are highly polluting (Joshi et al., 2011).In India, specific environmental accounting rules or environmental disclosure guidelines for communication to different stakeholder groups are not available for Indian companies. There is no mandatory requirement for quantitative disclosure of (financial) environmental information in annual reports either under the Companies Act or as per the Indian Accounting Standards. Furthermore there are 23 stockexchanges in India which are controlled by the Securities Exchange Board of India (SEBI) Act, 1992. Each of these stock exchanges has different listing requirement for Indian companies to disclose environmental information. Therefore, any environmental disclosure by Indian companies is purely voluntary (Makori and Jagongo, 2013). Against this backdrop, the present study examines the factors determining the level of environmental disclosure information in India.Legitimacy TheoryIn order to explain the reasons for environmental disclosure, we use legitimacy theory. There are many theories which explain the various reasons for social and environmental accounting disclosures, but legitimacy theory is the most suitable theory to explain the environmental disclosure. Organizations cannot survive without meeting the societal expectations. The society expects that the organizations should be proactive in protecting the environment and minimizing the environmental hazards. In case organizations fail to meet the societal expectations, there is a severe threat to their existence. Nowadays Indian companies are legitimizing because of the awareness about environmental disclosure practices in the society. Therefore, Indian companies are taking several steps to protect the environment and are disclosing the relevant environmental information in their annual reports and company websites.Legitimacy relates to the environmental issues which are disclosedin the companies’ annual reports. This indicates the management concerns towards the community. Therefore, the management of different companies or managers have different ideas or thoughts about what the society expects and managers will adapt different strategies to show the society that the organization is meeting the expectations of the community (Zain, 2006).The theory of legitimacy is based on two fundamental ideas: companies need to legitimize their activities, and the process of legitimacy that confers benefits to businesses. Thus, the first element is compatible with the idea that environmental disclosure is related to the social pressure. In this context, the need for legitimacy is not the same for all companies due to the degree of social pressure the company is exposed to, and the level of response to this pressure. There are a number of factors which determine the degree of social pressure on companies and their responses to the pressure. These factors are potential determinants of corporate social disclosure. The second component is based on the idea that companies can expect to benefit by a legitimate behavior based on the social responsibility activity. In addition to that, the legitimacy theory provides a comprehensive framework to explain both the determinants and consequences of social disclosure (Mohamed et al., 2014).Literature ReviewKokubu et al. (2001) examined the annual reports of 1,203 companies to investigate the determinants of environmental disclosure. Environmental disclosure was measured by using an environmental disclosure index and the six independent variables used in the study were company size, financial performance, strength of consumer relations, dependence on debt, dependence on the capital market and type of industry. The study found that company size and industry type influence environmental disclosure.Elijido-Ten (2004) conducted a study on the determinants of environmental disclosures by using 40 Malaysian companies by applying stakeholder theory. The environmental disclosure was measured by using an environmental disclosure index. The study used three determinants: stakeholder power, strategic posture and economic performance. The study found that both top management and government power were the determinants of environmental disclosure, and it was also found that there was no relationship between economic performance and environmental disclosure.Yuen et al. (2009) examined 200 companies to investigate the relationship between firm characteristics and voluntary disclosure. Voluntary disclosure practices were measured by using a disclosure index and the independent variables used in the study were concentration of ownership, ownership by state, individual ownership, firm size, leverage,profitability and type of industry. The study found that individual ownership, audit committee, firm size, and leverage positively related to voluntary disclosure.Galani et al. (2011) examined the relationship between environmental disclosure and firm size by using 100 Greek companies. Environmental disclosure was measured by using environmental disclosure index and the independent variables tested in the study were profitability, size and listing status. The study found that there was a positive significant relationship between environmental disclosure and size of the firm and it was also found that there was no relationship between environmental disclosure and profitability listing requirements.Joshi et al. (2011) analyzed as ma ny as 45 Indian companies’ annual reports to investigate the factors influencing environmental disclosure. The environmental disclosure was measured using environmental disclosure index and the independent variables used in the study were profitability, size, accounting firm, industry, foreign operations, age, ownership and financial leverage. The study found that size and industry were significant determinants for environmental disclosure.Rouf (2011) examined the relationship between firm-specific characteristics and Corporate Social Responsibility Disclosure (CSRD) by taking 176 Bangladesh companies. CSRD was measured by using the CSRD index and the variables in the study were independent directorsand firm size. The study found that there was a positive relationship between CSRD and independent directors and firm size did not affect CSRD.Abdo and Al-Drugi (2012) studied whether any company characteristics influenced environmental disclosures by using 43 Libyan oil and gas companies. Environmental disclosures were measured using content analysis through word count and four characteristics were selected: company’s size, privatization, age, and nationality. The study found that there was a positive association between environmental disclosure and company’s size, company’s privatization, and company’s nationality; and it was also found that the age of the company was significant and negatively related to the level of environmental disclosure.Oba and Fodio (2012) examined the relationship between board characteristics and quality of environmental disclosure by taking 21 companies in Nigeria. Environmental disclosure was measured by using an environmental disclosure index and the independent variables used in the study were board size, foreign directors, gender mix, and board independence. The study found that there was no relationship between board size and environmental disclosure.Suttipun and Stanton (2012) conducted a study on the determinants of environmental disclosure by using 75 Thai companies. The environmental disclosure was measured by word count and the fiveindependent variables used in the study were size of the company, type of industry, ownership status, profitability and country of origin of the company. The study found that there was a positive relationship between environmental disclosure and size of the company.Development of HypothesesCorporate SizeMany of the researchers found a positive relationship between environmental disclosure and size, and many studies supported that large- sized firms disclose more on environment (e.g., Kokubu et al. 2001; Joshi et al., 2011; Suttipun and Stanton, 2012; Makori and Jagongo, 2013; Akbaş , 2014; and Sulaimana et al., 2014).There is a contrast between small enterprises and large enterprises. Large companies require more funds and for that they raise funds through external sources. For attracting the investors and to reduce the agency cost, large companies disclose more information and therefore get public support (Joshi et al., 2011).ProfitabilityThe profitability of a firm is an important factor in determining the environmental disclosure practices. As for whether environmental issues are important or not, it is argued that when the profit is low, the importance of environmental issues is low (Joshi et al., 2011). Many studies have reported that there is a positive relationship betweenprofitability and environmental disclosure (e.g., Nurhayati et al., 2015). A very few studies did not support that (e.g., Galani et al. 2011; Rouf, 2011; Akbaş , 2014; and Sulaimana et al., 2014).Many studies have used the profitability ratios like Return on Assets (ROA), Return on Investment (ROI), Return on Equity (ROE), Net Profit Margin and Dividend Per Share (DPS) to measure the firm profitability. This study uses ROE to measure profitability.Financial LeverageThe agency theory states that with the increase of debt proportion in capital structure, the greater is likely to be the conflict of interest between shareholders, creditors and managers; and the higher the agency cost, the greater is the incentive for managers to disclose more information. From the perspective of social and environmental responsibilities, companies with higher financial leverage are willing to disclose more environmental information to maintain good relationship with stakeholders (Joshi et al., 2011).Many studies have supported the association between financial leverage and environmental disclosure (Joshi et al., 2011; and Sulaimana et al., 2014). They reported that financial leverage has no impact on the disclosure level in India. Kokubu et al. (2001) stated that debt did not significantly influence the corporate environmental reports in Japan. However, this study uses debt-equity ratio for measuring financialleverage.Industry TypeMany studies have examined whether the industry influences the disclosure of environmental information, and many studies have supported strongly that environmental-sensitive companies disclose more environmental information than non-environmental-sensitive companies. Joshi et al. (2011) stated that environmental-sensitive companies in India are likely to disclose more environmental protection information than others. Akbaş (2014) reported that t here is a significant positive relationship between industry membership and the extent of environmental disclosure.ConclusionThe study examined the factors influencing EADI by taking a sample of 50 companies listed on NSE. The environmental accounting disclosure is measured by EADI, and the independent variables used in the study are corporate size, age, profitability, financial leverage, legal ownership, industry and foreign operations. The relationship is tested using multiple regression analysis. The R2 under the model is 0.6033, which indicates that the model is capable of explaining 60.33% of variability in the disclosure of environmental information in the sample companies. The adjusted R2 indicates that 53.72% of variation in the dependent variable is explained by the variations in the independentvariables. The results of multiple regression reveal that there is a positive relationship between EADI and profitability, financial leverage, industry type, and legal ownership, and a negative relationship between EADI and corporate size, age and foreign operations.Limitations: The main limitation of the study is that the data was selected only for one year. The sample size was also limited. Another limitation of the study is that there are many variables which may influence environmental disclosure like board of directors, CEO’s role, audit firm size, etc., but we have selected very few variables.Future Scope: There is huge scope for further research on environmental accounting disclosure in the Indian context, as there is less amount of research on this subject. Further research can focus on the relationship between environmental accounting disclosure practices and financial performance of the companies.译文印度环境会计披露实践的影响因素：来自NIFTY 公司的经验证据B Omnamasivaya，M S V Prasad该研究通过从国家证券交易所（NSE）获取NIFTY 50 公司的样本来分析环境披露信息水平的影响因素。
外文翻译--强制性会计信息披露
英文原文Mandatory Accounting DisclosureMaterial Source: Mandatory Accounting Disclosure by Small Private CompaniesAuthor: Benito ArrunadaThere are substantial differences in the regulation in differeni couniries on financial disclosure by private companies and, in particular, on publication of their accounts.In the USA, Japan and some other countries, most private companies, whatever [heir size, arc not obliged to disclose financial information.In contrast, in the European Union all companies arc required to file their accounts with a public register. Most other countries also require many of their private companies to publicly file their accounts.Discussions of these disclosure and publication requirements have led to disparate recommendations to slightly expand publication requirements, maintain them and reduce them, Singapore. More recently, as pari of its initiative to simplify the business environment and lessen administrative burdens, the European Commission(2007)has also proposed to exempt small companies so that they would not necessarily be required by national law to publish their accounts. The Commission grounds its proposal on the argument that for such companies publishing the accounts causes considerable cost with no significant benefit. On the one hand, according to the Commission, the requirement constitutes a major adminisirative burden. On the other，it is inconsequential if~when given freedom to disclose or not一small firms choose not to disclose because iheir accounts are only"used by a limited number of stakeholders,such as credit institutions and suppliers that have the possibility lo require financial information dircctly from the company".Mandatory publication of accounts by private companies relates to several strands of the economic, accounting and financial litcraturcs:dcregulation of business formalities, mandatory financial disclosure, and investors protection and crcdit information. Findings in all these areas thus provide complementary insights on【he issue under discussion.Since the 1960s, there has been substantial controversy on the balance of costs and benefits and the optimal conteni of mandatory financial disclosure. In the current regulatory framework of the USA, however,mast of these discussions have focused on mandatory disclosure by public companies~that is, companies selling shares or bonds to individual investors in stock exchanges. These public companies arc required by law to not only file financial information publicly on a periodic basis but also【o disclosc oihcr information on the company, provide detailed data on new issues of securities and report any trade by insiders.Even though the European Commission's proposal refers to the mandatory publication of annual accounts by small private companies, part of the discussion on mandatory disclosure bypublic companies is applicable. Other parts of the analysis are substantially different, however, because of differences in the governance structure, size and availability of information of both types of companies, as well as differences in the contents of the information being mandatorily disclosed.In particular, previous research has focused on how mandatory disclosure for public companies affects the value of their equity by facilitating or not transactions on such equity. But the main interest for private companies lies in knowing how publishing their accounts could help their trading parties(mainly banks and suppliers)estimate their credit risk, thus expanding their access to credit and lowering its cost. The main effect should be lo reduce information asymmetry in credit(inc]uding trade credit)transaciions instead of in equily transactions.In addition, given that the shares of public companies are traded in the stock market, it is possible to estimate the impact of mandatory disclosure on the value of the public companies.However, even if the reduction in the transaction costs of credit causcd by mandatory publication of accounts also increases firm value, wc cannot measure this effcct bccausc wc lack market prices for equity shares in private companies. Therefore, without a comprehensive inctric for evaluating ihc impact of mandatory publication of accounts,wc can only aspire to building an enlightened qualitative inventory of costs and benefits. The volume of credit contracted in an economy depends on two factors:informacian available on debtors quality, and the rights that the legal system grants to creditors in case of default. For the availability of information, the factor on which we are most interested, empirical evidence shows that the volume of credit grows when banks share more information on debtors and when the quality of credit registries improves. It seems that the better the creditors know the quality and record of potential debtors, the lower the transaction costs of credit, probably because of both improved debtors incentives and easier avoidance of adverse selection. As we will see, the main reason for thepublication of accounts is that ic allows improved assessment of crcdit risk for both individual transactions and bank and macrocconomic regulation.Distortion of competitionPublication of accounts might also cause private costs to the disclosing firm by informing its competitors, which might also distort competition. However, this effect seems unlikely to be substantial when small companies are involved. At least, these costs are clearly smaller than those of the disclosure now commonly required from public companies. A useful comparison would be that between the impact of publicly filing the annual accounts with that of announcing, for instance, the cancellation of a research programme. Doubt remains on this point, however, not for the micro and small companies considered by the European Commission but for medium-sized or even large private companies, for which disclosure may be quite sensitive,given their size and presence in concentrated and difTerentiated markets.Mapping appropriable benefitsPublication of company accounts also provides benefits to the companies involved, to their trading partners and to third parlies. This section examines those which are appropriable by the disclosing company.Benefits for disclosers and their partnersBenefits for disclosing companies and their trading partners arise from reducing 【he information asymmetry between【hem: publishing the accounts grants acccss to potential and current trading partners to the historical record, current financial position and profitability of the disclosing firm. This reduction in information asymmetry is especially valuable in transactions that embody future obligations for the firm:clients purchasing durable goods, all parties investing in firm-specific assets, minority shareholders and, especially, trade and financial creditors. Understandably, more transparent firms have been found to incur lower costs of debt and equity capital.Furthermore, publishing the accounts may be more credible and less costly than communicating them individually to contractual parties or handing them only to those parties who request them explicitly. Credibility is gained because filing the accounts with an independent third party(the register)commits the firm, as accounts already filed cannot be modified and future accounts will have to be consisleni wilh ihose filed in the pasl.Costs are reduced because it is no longer necessary to deliver them to a high number of trade creditors, and prospective creditors or third parties will no longer have lo ask for the accounts lo be delivered to iheni.Individual disclosure as an alternative to public disclosureThe alternative solution proposed by the European Commission is for the creditor to ask for the borrowers financial statements. This solution is problematic, not least because there are often more than two parties to the transaction.Information provided to a party in a one-to-one interaction is often less credible than that provided to all potential parties by filing it in a public registry. Some evidence on this is given by the common practice in banking of, as a first step, checking loan applications!which often include specifically adapted financial statements)against reports prepared by rmation agencies. 19 One may assume that if some credit applicants make up their accounts when dealing with banks, they are even more likely to do so when dealing with suppliers, given (hat suppliers are not experts in crcdii evaluation, do not have such ready acccss to additional information and arc less likely to be a party in future transactions.In addition, asking contractual parties for sensitive information is not always a sensible negotiating strategy, bccausc it may destroy trust, which might he needed to adapt the transaction in the future. It may force the transaction to be more formal and legalistic. This seems especially imponani when making credit decisions as by-products of commercial transactions,many of which need futureadaptation. On the other hand，explicit contracting for safeguards is relatively more common and accepted for credit than for commercial transactions, and fewer adaptations are needed.Mapping externalitiesEvery time a company publishes its accounts, it benefits third parties in ways that could hardly compensate the disclosing company in any practical way. Aggregated information on individual firms, even if very small, is valuable for credit information agencies, to improve the accuracy and predictive power of their credit rating models; for analysts and investors, as it allows them to do comparative analysis when allocating capital among firms and industries; for competitors and competitors' investors, when analysing the industr>'； for regulators and policymakers, when making decisions; for ccntral banks, when evaluating the level of indebtness of the economy and the soundness of banks; and even for researchers doing empirical work.One may cxpect that these cffects would also indircctly benefit other economic agents, both at the micro and macrocconomic levels. This is the ease,in particular, of credit information, bank regulation and national accounting.Externalities in credit informationFinancial information agencies produce reports containing all sorts of information thai is. of use for evaluating companies' creditworthiness. These reports，which may be customised depending on the needs of the client, often include several years of accounts as filed at ihe Company Register and the identity of the companies' shareholders and legal representatives. In addition, not only for companies bul also for individual firms, reports might also include, if available, negative information about previous defaults, as filed by trade and financial creditors and courts, as well as contact information and news clips on the firm.As a summary, they may also offer a crcdit rating or even an estimated probability of default.The accounts filed with the Company Register arc a major componcni of crcdit reports，because of the problems plaguing alternative sources of information. Exclusive reliance on negative information about credit defaults worsens the quality of credit assessment, and financial institutions are often unwilling to share positive information on debtors.Furthennore,even sharing arrangements depend on the cooperation of established financial institutions, which poses serious risks to competition.Externalities in national accountingWhen building the financial accounts of national economies, many central banks rely partly on the financial statements of non-financial firms, mainly to produce information on【heir financial operations. Some countries have developed specific databases of accounts, lo which firms send their accounts voluntarily,getting in return privileged access to aggregate inforination on their industry and the economv.Participation, however, tends to be low and suffers from several biases~e.g. large firms are more inclined lo participate. This makes it necessary lo complement the analysis of their own databases with the accounts of small companies.Do firms balance costs and benefits well?Voluntary decisions by rational decision makers may deviate from the optimal trade-off of costs and benefits for two main reasons: the asymmetric structure of the information available and the prcscncc of externalities. In addition, this balancing of costs and benefits may also be hindered when the decision maker deviates from rationality.Information asymmetry constraintsIn situations of information asymmetry, parties who are better informed may lend to voluntarily disclose their information to uninformed parties to avoid their inferring the worst and reading accordingly, withdrawing their cooperation or taking precautionary measures. Some evidence on the presence of incentives for voluntary disclosure by private firms is provided,for instance, by the common practice of credit rating agencies, of using as an indicator of creditworthiness the fact that a company keeps all sorts of registrations up to date:from its listing in the telephone directory to its file in the company register.Informed parties may not disclose the information,however, when one of rhe following assumptions does not hold: (I)When disclosure is costly,the possibility that uninformed trading parties will infer the worst from nondisclosure does not necessarily provide enough incentives to disclose. (2)For the same reason, a similar outcome arises when it is not publicly known if the informed party is wel】 informed or not.(3)When noi all uninformed parlies understand the information, their lack of understanding may limit the benefits of disclosure for good firms and finns may end up in a nondisclosure equilibrium. (4)When ihe informed party cannot disclose all information(for instance, because it would have to prepare several sets of financial statements using different principles, which would be prohibitively expensive), a rule constraining disclosure choice will increase the value of【he disclosed infonnation.For disclosure of financial statements by private small companies, three of these assumptions do not hold, hindering voluntary disclosure. First, disclosure is costly, which may deter voluntary disclosure and cause confusion in the signal sent by non-disclosure. Second, it is public knowledge that companies have financial statements, which they use for their own management, so the second assumption does not hold. Third，a substantial proportion of market participants probably do not fully understand the accounts. Fourth, mandatory accounting principles are needed to increase the value of the information by limiting discretion.Difficulties for internalising externalitiesThe most important reason for subaptimal disclosure is the presence of externalities: firms lack incentives to voluntarily disclose the optimal amount of information，given that they internalise some bur not all the social benefits of disclosure. Furthermore, the use of computers and the Iniernet has increased the value of these externalities by making ii possible to aggregate the information in the accounts and 10 distribute the information lo millions of users more cheaply and promptly.译文强制性会计信息披露资料来源：小型私人公司强制性会计信息披跞作者：贝尼托不同W家在金融监管私背公司和披跞，特别足关干他们的帐户披露，大差异。
会计专业外文文献翻译原文及译文
企业的社会责任：一种趋势和运动，但社会责任是什么，是为了什么？1企业社会责任（CSR ）已成为一个全球趋势，涉及企业，国家，国际组织和民间社会组织。
但这远远不能清楚CSR的主张，有什么真正的趋势，是从哪里开始，在哪里发展，谁是项目的主要行动者。
如果把它作为一种社会运动，我们必须要问：什么运动和谁执行？讨论有助于我们反思形成的趋势和如何管理某些特点来迅速和广泛地在全球各地进行扩展，并增加了以下体制变革,特别是对变化中国家之间、企业法人和民间社会组织关系之间的界限的作用。
企业社会责任的趋势在三个方面：作为一个管理框架，新的要求，地方企业;作为动员企业行为，以协助国家的发展援助;和作为管理趋势。
每一个这些画像表明，中心的某些行为，关系，驾驭团队和利益。
我的例子表明，没有人对这些意见似乎比别人更准确，而是，活动包括规范的不同利益、作用因素、起源和轨迹。
这些多重身份的趋势可以部分描述其成功以及它的争论，脆弱性和流动性。
许多公司现在有具体的计划和小节在其网站上处理企业社会责任。
在过去，软条例和指导网络，国际公认的规则一直是一种重要机制，作用在公司、国家和国家间组织的需求，例如，发布指导方针和条例的公司。
在这背景下，国际组织仍然是重要的行动者，他们正在寻求与跨国公司进行对话，而不是试图通过国家控制企业社会责任。
各国际组织不是对企业的社会责任监管机构;而他们却是监管和自我约束的倡议之间的经纪人的最合适人选。
对社会负责行为和监测这些行为的需求越来越多地以国家以外的这些组织为渠道，并强调赞成高比例的自律。
因此，我们看到了软法律(Morth, 2004)的出现，或者是Knill 和Lehmkuhl (2002) 所说的“被规管的自律”，和Moran (2002)所归纳的“精细”或“非正式”规章。
我更喜欢“软法律”和“软规章”的说法，因为他们并不总是非正式的。
软规章常常包括正式报告和统筹程序。
还有，从统筹和行政的观点来看，那些规章和精细还是相去甚远的。
会计信息披露外文文献翻译
文献出处：Ebimobowei A. A Study of Social Accounting Disclosures in the Annual Reports of Nigerian Companies [J]. Asian Journal of Business Management, 2011, 3(3): 145-151.原文A Study of Social Accounting Disclosures in theAnnual Reports of Nigerian CompaniesAppah EbimoboweiAbstract: Social accounting is concerned with the development of measurement system to monitor social performance. It is rational assessment of and disclosure on some meaningful domain of companies’ activities that have social impact. Thi s study examines the practice of social accounting disclosure in Nigerian companies. Forty companies from eight sectors quoted in the Nigerian Stock Exchange were randomly sampled. Data were collected from the annual reports of the companies’ for the perio d 2005 to 2007 and the level of disclosure is measured using content analysis and descriptive analysis. The paper found that 82.5% of the companies sampled present social accounting information in their annual reports. The results show that Nigerian companies prefer to disclose social accounting information in the Directors Report, Chairman’s Statement and Notes to the Accounts in the form of short qualitative information. Human resources, community involvement and environment were identified as the most popular themes. Hence, the paper recommends among others that companies should take social accounting as a moral duty; legislation for all companies to disclose social accounting information in Nigeria; social indicators to be developed at the national level in the area of employment opportunities, environmental control, energy conservation, health care etc and professional accounting bodies in the country should collaborate to expand research in social accounting.Key words: Annual reports, social accounting, social disclosure, NigeriaINTRODUCTIONThe increasing need for every organization to disclose in their annual reports the various activities that affect the society is becoming a very fundamental issue all over the world mostly in developed economies, but this is not the case in developing countries like Nigeria. This is because organizations are particularly more interested in the profit maximization objective to the detriment of the society. According to Iyoha (2010), in developing countries, the concern is about how efficient organizations are in terms of how much profits are made and how much dividends are paid. No serious thoughts are given to social issues in the annual reports of organizations such as environmental protection, energy savings, fair business practice, and community involvements etc. Asechemie (1996) stress that the absence of financial data relating to actions and arrangements for social concern in Nigeria is not in accord with the trend in the USA, Europe and Canada where companies are required to report on the effect of compliance with laws governing corporate social conduct on capital expenditures, earnings and competitive position.The objective of this paper is to examine the social accounting disclosures in the annual reports of Nigerian companies. Therefore, the content of annual reports must provide information to users relating to social factors. As Mathews (2002) suggested in his study, documenting and analyzing what is disclosed in the area of social accounting should be one of the feature of corporate social reporting. Hence, this study attempts to answer two main questions: (i) what are the most popular types of social accounting and how is social accounting disclosed in the annual reports of companies in Nigeria and (ii) where is the location of presentation of social accounting in the annual reports of companies in Nigeria. To achieve this objective, the paper is divided into five sections. The next section discusses the theoretical and empirical literatures adopted for the study. Section three examines the methodology of the study; section four examines the findings and discussions while the last section deals with the conclusion and recommendations.Theories on corporate social accounting disclosure behavior:Gray et al. (1995) in Orij (2007) provided a much cited categorization of social accountingdisclosure studies. They talked about three broad classifications of decision usefulness studies, economic theory and social and political theory. The decision usefulness generally relates to the usefulness of accounting information, which is social accounting in this case. These studies are of two types, ranking of information on its perceived decision-usefulness in the financial community and investigations of information on effects on share prices. The economic theory studies are a periphery of agency theory and Positive Accounting Theory (PAT) research. The social and political theory focuses on legitimacy theory (LEGT) and stakeholder theory (STAKT). LEGT and STAKT are theories developed out of political economies. They are overlapping perspectives in a political-economic framework. In theoretical term, Guthrie and Parker (1990) also analyse their empirical evidence in relation to a socio-political economy theory of social disclosure and suggest that:a political economy theory of social disclosure is both viable and may contribute toward our understanding of observed developments in national reporting practices. Corporate social disclosures have appeared to reflect public social priorities, respond to government pressures, accommodate environmental pressures and sectional interests, and protect corporate prerogatives and projected corporate image.Prior empirical studies: A number of studies have been published on the subject of social accounting disclosure. A number of these rely on content analysis of annual reports. There are several different methods to the analysis of narratives in annual reports. Bettie et al. (2004) distinguish two categories: subjective (analyst ratings) and semi-objective (disclosure index studies, content analysis, readability studies and linguistic analysis). Content analysis has been selected for this study because it has been widely used in the accounting research, particularly in social accounting disclosure studies. Since this is the method of analysis in the present study, we limit our review to these studies. Table 1 summary the methodology, sample and main results of these studies.RESULTS AND DISCUSSIONLevel of social accounting disclosure: Table 2 shows that 33 companies (82.5%) from various industry groupings made social accounting disclosures at least for oneyear in their annual reports. Analysis based on industry, showed that chemical and paints, construction and petroleum marketing had 100 percent disclosure of social accounting information. The lowest level of social accounting information was 66.7% contributed by Breweries and conglomerate while companies in the building materials (75%), food/beverages and tobacco (80%), and healthcare (83.3%) level of disclosure from year 2005 to 2007. Therefore, it can be deduced that there is a growing concern for companies reporting social performance in their financial statements.Form of social accounting disclosure: Table 3 shows that in 2005 75% of the companies disclose social accounting information using narrative/pictures and 25% disclose with monetary formats. The year 2006 81% used narrative and 19% used monetary format while in 2007 84% used narrative and 16% monetary format. However, there were also companies that used both narrative and monetary formats of disclosure. Many companies were also found to have used the monetary format to disclose human resource information and environmental contribution primarily related to retirement benefit, training and development and some community based projects such as adopting school, scholarships and donations.Location of social accounting disclosure: Table 4 shows that 4(12.12%) of the sampled companies (Appendix) disclose social accounting information in the chairman’s statement; 17(51.52%) disclose social accounting information in the directors report; 2(6.06%) in the statement of accounting policy; 10(30.30%) in the notes to the accounts. The paper discovers that Directors report is the most popular location where social accounting information is disclosed by companies in Nigeria and also the “notes to the accounts”. This result is also consistent with Mamman (2004) study that Directors report is the most preferred location of social accounting information.Quantification of amount of social accounting disclosure:This study used only number of disclosure as the approach of capturing data through content analysis. Almost all companies disclosed social accounting information in short qualitative discussion and some have extended qualitative discussion where they have sections to disclose the social accounting information especially on human resources andcommunity based projects.Trend of social accounting disclosure: Table 5 shows the trend of social accounting disclosures in Nigeria. Twelve (12) companies representing (36.36%) reveals that human resources is the trend of social accounting disclosure in the annual report; two companies representing (6.06%) says the trend is fair business practice; nine (9) companies representing (27.27%) suggests community development; three (3) companies representing (9.09%) reveals that the trend of social accounting is energy; five (5) companies representing (15.16%) in their annual reports disclosed that the trend is on the environment; and two (2) companies representing (6.06%) disclosed in their annual reports that the trends is on the organization’s products. The analysis therefore reveals that disclosure of social and environmental activities is specifically on the discretion of the companies.CONCLUSION AND RECOMMENDATIONThe study examined social accounting disclosure for a three-year period from 2005 to 2007. The type of social accounting disclosure, form and location were identified in the annual reports of 40 companies. This covers eight sectors of the Nigerian Stock Exchange. The study found that 82.5% of Nigerian Companies disclose one type or the other of social accounting information in their annual reports. These disclosures were voluntary in nature and largely qualitative; contrary to the developed and some developing countries. The most favoured places of disclosure are in the Directors Report, Chairman’s Statement and Notes to the account. The most popular theme that most companies disclose is human resources followed by community involvement and environment. Analysis done by industry found that the petroleum marketing, food/beverages and tobacco, chemicals and paints sectors provides a higher percentage of social accounting disclosure in Nigeria. Therefore, on the basis of the conclusion above, the following suggestions are provided by the researcher to improve the social accounting practice in Nigeria:﹒Companies should take social accounting disclosure as their moral duty; mere legislation would not solve the problem.﹒The government should provide some incentives like differentials in tax treatment, subsidies, rebates etc. so that companies can take social programmes.﹒Researchers should provide the basis and means of social accounting quantification as far as possible.﹒The government should put in place suitable legislation for all companies to compel them to make adequate disclosure of their activities to the society.﹒Professional institutes in the country like the Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria should work together for developing social accounting and reporting techniques.﹒Social indicators should be developed at the national level in the areas of employment opportunities, environmental control, energy conservation, health education etc.译文会计信息披露，尼日利亚公司年度报告的实证研究阿帕·艾比莫泊威摘要：会计信息披露关系到对社会绩效监督的评估系统的发展。
56中英文双语会计信息披露外文文献翻译成品：债券市场参与者对信息披露质量的关注：来自中国上市公司的证据
外文标题：Are Participants in Bond Market Concerned about the Quality of Information Disclosure: Evidence from Chinese Listed Companies外文作者：Huan Luo, Changhai Yu, Ran Su文献出处: Modern Economy,2018,5,1031-1045 (如觉得年份太老，可改为近2年，毕竟很多毕业生都这样做)英文2089单词， 11789字符(字符就是印刷符)，中文3608汉字。
此文档是毕业设计外文翻译成品（含英文原文+中文翻译），无需调整复杂的格式！下载之后直接可用，方便快捷！本文价格不贵,也就几十块钱！一辈子也就一次的事！原文：Are Participants in Bond Market Concerned about the Quality of Information Disclosure: Evidence from Chinese Listed CompaniesIntroductionAlthoug h the bond market develops rapidly in recent years, China’s bond market is still far behind the stock market (Bottelier, 2003) [1]. As a comprehensive measure of corporate credit risk, the quality of corporate disclosure should be important for corporate credit rating. However, due to the ineffectiveness of China’s bond market, credit ratings have always been questioned. There is no conclusion about whether the information disclosure quality would affect the level of bond credit rating and whether credit rating agencies are concerned about the disclosure quality. Moreover, there is also no research on whether bond investors are concerned about the information disclosure quality.High quality of information disclosure can help to solve the problem of asymmetric information and reduce the moral and speculation risk. This plays a very important role in protecting the investors’ interests and promoting the development of capital market. However, as China’s bond market development is relatively lagged, Chinese academics tend to study stock market rather than bond market. Whether improving the quality of in- formation disclosure could reduce the bond financing cost is inconclusive. This article explores whether the China’s bond market participants are concerned about the information disclosure quality, trying to make up for the lack of related research and making some policy suggestions for the development of China’s bond market.Literature ReviewThe most two important theories studying information disclosure are the efficient market theory and signaling theory. Both of the two theories agree that the disclosure of information plays a very important role in the capital market. About the relationship between the information disclosure quality and credit rating, there are some theories and empirical literature show that the high information disclosure quality will bring a high credit rating. Currently there’s no direct literature in china studying such relationship, related researches focus on information disclosure status of the bond market, and whether credit rating could reflect the corporate’s financial condition. There’s also no direct literature studying the relationship between the information disclosure quality and bond financing cost. Relevant research focuses on the relationship betweeninformation disclosure quality and the cost of equity financing, and relationship between corporate’s financial condition and bond financing cost.Information disclosure plays a very important role in corporate governance. For internal governance, the information disclosure quality may reflect the level of management control; for external governance, improving the disclosure quality helps to protect investors and maintain a healthy development of the market. High quality of information disclosure can solve the information asymmetry problem to a certain extent, which is very important to the effective operation of the capital market. Bond credit rating, as a comprehensive measure of corporate credit risk, should consider a lot of factors such as the bond issuing company’s economic environment, industry characteristics, competitive situation, management capabilities and financial conditions, etc. That’s why the corporate disclosed information should be an important source for bond credit rating. Barry, Brown (1985) [2], Coles and Loewenstein (1988) [3], and Clarkson et al. (1996) [4] find that high information disclosure quality can reduce the chance of mistake when investors estimating corporate credit risk. Heflin et al. (2011) [5] did an empirical research with the U.S. bond market data to test the relationship between information disclosure quality and credit rating, they found that the higher quality of information disclosed in the annual report, the higher credit rating.Improving the quality of information disclosure will help to reduce the capital cost. The first reason is high information disclosure quality will increase the corporate stock and bond liquidity (Diamond and Verrecchia,1991) [6]. The Second reason is the high information disclosure quality is good for reducing the investors’ estimating risk of future earnings (Handa and Linn, 1993) [7]. Heflin et al. (2011) [5] did an empirical research on the relationship between the information disclosure quality and credit rating with the U.S. bond market data, they found the higher quality of information disclosed in the annual report, the lower the bond financing cost.HypothesisIn recent years, as the China’s bond market continues to mature and develop, the bond market re gulation is more stringent and the investors become more rational, the China’s credit rating system is gradually improving. Several Chinese major rating agencies started to cooperate with foreign rating authorities, such as Moody’s acquisition of China Che ngxin Credit Rating Group with absolute control in 2006. Also in 2006, Xinhua Finance (con- trolled by U.S.) acquired Shanghai Far East. In 2007, Standard & Poor’s cooperated with Shanghai New Century, the two sides also took joint venture into consideration. By cooperating with foreign rating agency authorities, China’s credit rating agencies improved their rating techniques and reputation. Zhu (2013) [8] found that credit ratings after 2005 reflect differences on corporates’ profitability, debt levels, sc ale factors, and ownership structures. Moreover, the signal theory also works in China’s bond market. The quality of information disclosure as another signal that reflects corporate governance and future risk should be able to get the investors’ recognitio n.Due to the information asymmetry, the quality of accounting information and disclosure is often seen as the signal of corporate condition and performance. Wiedman (2000) [9] studied the relationship between voluntary disclosures and issuing stock and found voluntary disclosure canreduce information asymmetry between investors and companies. Barry and Brown (1985) [2], Coles and Loewenstein (1988) [3] and Clarkson et al. (1996) [4] found high information disclosure quality can reduce mistake when investors estimating credit risk. Heflin et al. (2011) [5] found the higher information quality corporate disclose, the higher credit rating it will get.Based on above analysis, we believe that credit rating agencies in the bond market are concerned about the information disclosure quality. Therefore, we come up with Hypotheses 1.Hypotheses 1: The corporate information disclosure quality has a positive impact on the credit rating, the higher information disclosure quality, the higher credit rating.Hypotheses 2: The corporate information disclosure quality has a negative impact on corporate bond financing cost, the higher information disclosure quality, the lower bond financing cost.Research DesignModels and VariablesSince rating agencies sequence the corporate credit ratings in order, we use sequencing logic model (Ordered Logit) in our empirical analysis. Based on previous research on credit rating (Elton et al., 2004; Perraudin and Taylor, 2004) [10] [11], our model to test Hypotheses 1 is as follows:When credit rating agencies are rating a corporate’s credit, they also give a rating of the bond issued by the corporate. But in the practice of credit rating in China, the rating standards of short-term financing bond are different from other types of bond, thus research often uses the corporate credit rating directly, namely the credit rating for issuing corporates. This article also directly uses the corporate credit rating, and in order to make the results more robust, we also use the bond rating1 as the robustness test by eliminating the sample of short-term financing bond.Empirical ResultsDescriptive StatisticsQuality of information disclosure’s (DisSz, Shenzhen Stock Exchange score) mean is 3.0932, median is 3, the minimum value is 2, indicating information disclosure quality of listed companies which issued bonds in the bond market is higher than the overall average. The interest rate spread’s (Spread) mean is −0.3215, median is −0.5, showing bond financing cost is lower than bank loan. The mean of bond issuing corporate credit rating (Credit) is 3.9492, and the median is 4, showing the average credit rating in the sample is AA. Rating is the bond rating (due to various rating standards, this data does not include short-term bond), its mean is 3.4358, median is 3, indicating the average bond rating is AA.AccQuality is characterized by three variables: Big 4, Conserv, VarRoe. We noticed only 11.30% companies in the sample choose Big 4 to do the financial report audit. Conserv has a mean with 0.0420 and median with −0.0152, which means the reports are robust in general, but the 0.2601deviation shows huge differences among companies. VarRoe, earnings volatility, is relatively small; its standard deviation also shows big differences. We can also see big difference among samples in Roe, Size, Lev, CFO, CR, QR, and LLR. About the company type, the 48.02% of the samples were state-owned. From the bond features, 23.73% of the sample has guarantee. The average bond duration is 3.9442 years, the median is 0.4932, and standard deviation is 2.2444, which shows huge differences in bond durations.Regression AnalysisCredit Rating and Information Disclosure QualityFrom Model 1’s result, we can see the coefficients of Roe and Size (7.206, 2.725) are significa ntly positive at 1% level, indicating high profitability and big size can lead to high credit rating. The coefficient of Lev (−8.192) is significantly negative at 1% level, showing high liability-asset ratio will bring low credit rating. All these prove th at the signal effect does exist in the China’s bond market, corporate’s financial condition will affect its credit rating. The coefficient of GDPgrow (−0.455) is significantly negative at 1% level, indicating the credit rating agencies tend to give higher credit rating at the time of macroeconomic recession, known as the “counter- cyclical” phenomenon, which is consistent with previous studies. The State’s coefficient is 0.935 and significantly positive, indicating state-owned corporate gets a higher credit rating. The coefficients of accounting in- formation quality variables (Big4, Conserv and VarRoe) are not significant, indicating credit rating agencies are not concerned about the accounting information quality, this collides with previous studies. The coefficient of DisSz is not significant, indicating the information disclosure quality doesn’t has significant impact on the corporate credit rating, and this doesn’t support Hypothesis 1. There might be 2 explanations: One is DisSz may not be a proper indicator; the other is as credit rating agencies often collect information from various kinds of channels, they don’t pay much attention on the corporate’s information disclosure quality. We’ll find out in the robustness test. Model 2’s result is almost the s ame with Model 1, except it has more variables. However, Model 2 also doesn’t support Hypothesis 1.Robustness TestSelection of the Information Disclosure Quality IndicatorConsidering the Shenzhen Stock Exchange’s data is simply divided into four level s, it does not distinguish between voluntary disclosure and mandatory disclosure, and the evaluation index system is also not announced. More importantly, the data doesn’t cover companies listed on the Shanghai Stock Exchange, so there might be some problem. In order to make the results more robust, we use the Chinese listed companies information disclosure index (Gao Minghua, Beijing Normal University, 2010, 2012) [17] [18] as the indicator to do another test. CCDI measures the integrity of the information disclosure (including mandatory and voluntary), although it only has 2 years data, but it covered more listed companies.The regression results of CCDI partly supported the hypothesis of this paper, but there are some differences. The reason for this result might be that although investors are concerned about the quality of corporate information disclosure, usually they cannot assess the disclosure quality themselves, so they often use the authorities’ evaluation result. Clearly, Shenzhen Stock Exchange data has much more influence than CCDI.ConclusionAs a signal, information disclosure plays an important role in the capital market, although many studies sup- ported the signal theory from the theoretical and empirical level, but researchers in China found only participants of the stock market are concerned about information disclosure quality. This article assumes signal theory also applied in China and participants of the bond market should be concerned about information disclosure quality. But our empirical results only support Hypothesis 2: investors and corporates who have issued bonds are concerned about information disclosure quality and credit rating agencies are not. The reason for this result may be that credit rating agencies have a lot of channels to access information and the disclosed information doesn’t gain enough attention. The main contribution of this article is to make up for the lack of research of the information disclosure quality in China’s bond market.债券市场参与者对信息披露质量的关注：来自中国上市公司的证据引言尽管近几年债券市场发展迅速，但中国债券市场仍远远落后于股市（波特利尔，2003）[1]。
会计信息披露外文文献
本科毕业论文外文文献及译文文献、资料题目：Study on the Supervision System withV oluntary Information Disclosure文献、资料来源：Journal of Accounting&Economics文献、资料发表（出版）日期：2008年9月院（部）：商学院专业：会计学辅修专业班级：会计辅修专业09级姓名：学号：指导教师：翻译日期：2017年9月17日A Study on the Supervision System with V oluntary Information Disclosurein Chinese Listed CompaniesAbstractThe 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, V oluntaryinformation disclosure, SupervisionSystem1.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 V oluntary 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.2. Motivation of Compulsory information disclosureInformation, the V oluntary 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 superintende nt’s decision-making is also based on the cost benefit analysis, if the voluntary information disclosure brings the benefit is larger than the cost, then the superintendent can carry on voluntarily disclosed, otherwise, thesuperintendent rather does not carry on the voluntary information to disclose, their manners will change with the cost income relations changing. (Kai Xiang, 2004)With the China capital market gradually development, the business management authority can reduce the average capital cost, enhance the financial analyst and investor's interest, enhance company confidence level, improve investment relations, stand out company competitive advantages, enhance company stocks market fluidity, but also may reduce the company’s lawsuit risk ,bec ause the disclosure is not enough and so on, by disclosing voluntary information besides the compulsory information disclosure. The China capital market information disclosure also can gradually move to the stage of paying equal attention to voluntary and compulsory disclosure, not the simply regarding of the compulsory disclosure, the voluntary information disclosure will certainly to be the effective way,by which listed companies can demonstrate the core competitive ability, communicate with the stakeholders, and describe the company future. (Xianzhong Song, 2006)3. Content of Compulsory information disclosureListed companies, with voluntary to disclose the information is refers to corporate image, the investor relates, avoid lawsuit risk except for the compulsory information disclosure. Learning from foreign listed companies’ experience of disclosing information voluntarily , and according to the situation in China, the listed companies voluntary disclosure of information include:The forward-looking information, based on the company's “core competence”. It contains the operation,the business plan, strategic planning, business environment and so on. All of information can help investors to make rational investment judgments and decision-making;Information communicated with the market intermediaries and investors or the evaluation information from them;Information of human resources. Under the conditions of the knowledge economy society, human capitalbecomes more and more important. Particularly in the high tech, high-growth companies, employees are the company's most valuable asset. Research shows that these companies were significantly better than other companies,in the above-mentioned 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 investmentdecision-making, such as fair value;Corporate governance, environmental protection and social responsibility do not have mandatory disclosure information, because of complexity from the measurement and disclosure (Derong Zhang, 2004).4. Main problems exist in Compulsory information disclosure4.1 Low Voluntary Disclosure Rate and low initiativeA number of listed companies 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 companies in a passive response. The main reason is that the listed company 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.4.2 Lack of integrity of Voluntary information disclosureToday, Chinese listed companies’ practice of disclosing information voluntarily is not satisfactory. Many listed companies are reluctant to disclose, and some listed companies only disclose the company's financial information;but the "bad news" or involved matters with a certain risk, or other seriously matters, the companies are kept silent.Moreover, many listed companies 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 company through the signal transferred by the company.4.3 The voluntary disclosure of false informationGenerally speaking, the voluntary information disclosure has high credibility. To the non-mandatory 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 high-quality enterprises disclosing the information to the investors is to convey the signal quality of enterprises, so as to reduce monitoring costs. V oluntary information disclosure generally has higher quality. However, the absence of mandatory disclosure is as strict guidelines as regulate, and authorities have the tendency ofopportunism, prone to the problem of moral hazard.What’s more, the poor quality of the enterprises are based o n 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.4.4 Content of voluntary information disclosure is not standardAt present, mainly Chinese listed companies are the compulsory disclosure of information, and voluntary disclosure of information in some documents are scattered, in reality, Chinese listed companies ,disclosing voluntarily information, can not meet regulators, securities analysts and investors demand regardless of content or quality.Chinese listed companies 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 1-6 in the annotated "Open-here," 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 companies to disclose information voluntarily is low. Therefore, Chinese voluntary disclosure of information is worthy of paying attention and needs to be solved.5. Improve Supervision System of Voluntary information Disclosure in listed companiesAs growing competition of capital in the market and the gradually standardization of legal system, there will be a growing trend of voluntary information disclosure for adapt with the complex and ever-changing and highly uncertain economic environment. For the problems existing in Chinese listed companies voluntary information disclosure, and learning from the practical experience on foreign listed companies, the author makes the following recommendations:5.1 Actively encourage and protect listed companies voluntarily disclose informationWith the gradually maturation of Chinese capital market, on the basis of the management company completing the mandatory disclosure of information provided voluntary disclosure of information. Therefore, the regulatorydepartments should encourage listed companies to voluntary disclosure of information, add clauses in the policies and regulations, encourage listed companies to disclose the voluntary information besides existing laws, regulations and rules, meet the investors’ growing demands. At the same time, in order to avoid some of thecompany's management should not be faced litigation risk and other problems, regulators need to study and formulate relevant policies for the company's voluntary disclosure of information act to protect them. "Deliberate manipulation" and"accidental factors" belong to different nature of the situations and treat them differently. It should investigate the law liability to parties in the first case. Otherwise, only the listed companies have adequate evidences and can explain reasonably, don’t look into their liability.5.2 Strengthen supervising and managing prevent to disclose the false information at will and protect the market orderOnce the voluntary disclosure information published, it must accept the essential surveillance and the restraint equally with the compulsory disclosure information. But voluntary information disclosure is still lack essential surveillance rules currently, should establish a set of voluntary information disclosure supervising and managing system, standard voluntary information quality. For example: to establish voluntary information assurance and compensation system, to perform the heavy fine to the enterprise which misleads the investor and so on. The negotiable securities supervising and managing department and the Exchanges should strengthen supervising and managing to voluntary information disclosure market, prevent to disclose the false information at will, protects the market order. The voluntary information disclosure supervising and managing should contain following several aspects: First, integrity, listed companies voluntarily disclose of the information are both "positive" information, also includes the "negative" information;Second, systemic, whether listed companies from different angles, through various information disclosure to reveal the same, whether formed a distinctive pattern of voluntary disclosure of information;Third, dynamic, long-term voluntary listed companies to disclose certain information, and constantly adjusted to improve the reliability of information;Fourth, widespread, as long as all investors equal access to all listed companies to voluntarily disclose information;Fifth, the comparative, whether the compulsory information disclosure is mandatory or not, it can be the standards of judgment for the quality of reference standards.5.3 Giving full attention to the role of market intermediaries to establish the authority of the disclosure of company information quality evaluation systemListed companies should strengthen communication with institutional investors, brokers, securities analysts and other market intermediaries. Understanding the company's external information needs to reduce the company's asymmetric information through voluntary disclosure of information. Giving full attention to the role of market ntermediaries, establish the listed company disclosure information quality evaluation system by market intermediaries. Acts according to the specialized knowledge and after the company interior information full understanding and the analysis by the market facilitating agency which it has makes the omni-directional appraisal opinion, regularly promotes voluntary information disclosure quality rating results, provides certain authority to information disclosure quality appraisal opinion for the investor, shows the risk by the police which the ordinary investor possibly can face. (HongYin, 2004).5.4 Strengthen CP A audit to voluntary disclosure of informationCPA audit is an independent, objective and impartial system, it can ensure the credibility of the accounting information. V oluntary Information is provided by the authorities. With speculative risks, the authenticity and reliability of voluntary information should be tested by certified public accountant. Although the audit of voluntary information is not as strict as the mandatory information, it should also have forensic capabilities by registered accountants carrying out the necessary scrutiny, to improve and guarantee the credibility of its information. Therefore, it is necessary to formulate and improve audit rules on voluntary disclosure of information, and to increase violation of professional ethics or legal responsibility for the responsibility of a certified public accountant.5.5 Introduction of voluntary disclosure of information regulatory documentsOn a global scale, the voluntary disclosure of information is an irresistible trend of development. With the increasing speed of the change of the economic environment, the requirement for the accounting information relevant are higher and higher, by the extraneous user, the existing compulsory disclosure information will be inevitably difficult to satisfy their information need. Therefore, the extraneous information user on the existence to the businessmanagement authority disclosed voluntarily some information help policy-making the demand. We believed that,every the one which does not fall in the scope of the compulsory information disclosure content stipulation, and be helpful to the benefit counterparts to the policy-making information, all may be defined as the voluntary information disclosure.United States Financial Accounting Standards Board (FASB) in 2001 on the voluntary disclosure of the contents of information provides as follows: "operational data, the analysis of the data management, and forward-looking information, relating to the management and shareholders of the information, not be confirmed in statements of intangible assets". Therefore, China should and must make a comprehensive and in-depth investigation for stakeholder information needs, and model the frame which the Stering committee proposed in FASB, namely confirmed some information is whether useful, by this to decide to provide the information or not, and standardize the content of the information disclosure. When the accounting standard setters sector and the securities regulatory departments are in the formulation of policies and programs should take into account that how to guide enterprises to carry out some of the disclosure of private information, and the securities regulatory departments should be introduced listed companies to disclose information voluntarily charter guidelines as soon as possible, to encourage and regulate listed companies voluntarily information disclosure.References[1]Kai Xiang. (2004). Listed companies to disclose information voluntarily Cause ofEconomic Analysis of the. Accounting Communications, (5).[2]Xianzhong Song. (2006). Enterprise core competencies of the voluntary disclosure ofinformation. Accounting Research, (2)[3]Derong Zhang. (2004). Enterprise voluntary disclosure of information.AccountingDigest, (1)[4]HongYin. (2004). Optimization of China's listed companies Opinion on voluntarydisclosure of information.Accounting Digest, (6)中文译文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摘要:上市公司自愿性信息是企业形象的基础上，投资者有关，这是为了避免诉讼，除强制信息披露的风险。
会计信息质量中英文对照外文翻译文献
中英文对照外文翻译(文档含英文原文和中文翻译)会计信息质量在投资中的决策作用对私人信息和监测的影响一、简介管理者与外部资本的供应商信息是不对称的，在这种情况下企业是如何影响金融资本的投资的呢？越来越多的证据表明，会计质量越好，越可以减少信息的不对称和对融资成本的约束。
与此相一致的可能性是，减少了具有更高敏感性的会计质量的公司的投资对内部产生的现金流量。
威尔第和希拉里发现，对企业投资和与投资相关的会计质量容易不足，是容易引发过度投资的原因。
当投资效率低下时，会计的质量重要性可以减轻外部资本的影响，供应商有可能获得私人信息或可直接监测管理人员。
通过访问个人信息与控制管理行为，外部资本的供应商可以直接影响企业的投资，降低了会计质量的重要性。
符合这个想法的还有比德尔和希拉里的比较会计对不同国家的投资质量效益的影响。
他们发现，会计品质的影响在于美国投资效益，而不是在日本。
他们认为，一个可能的解释是不同的是债务和股权的美国版本的资本结构混合了SUS的日本企业。
我们研究如何通过会计质量灵敏度的重要性来延长不同资金来源对企业的投资现金流量的不同影响。
直接测试如何影响不同的融资来源会计，通过最近获得了债务融资的公司来投资敏感性现金流的质量的效果，债务融资的比较说明了对那些不能够通过他们的能力获得融资的没有影响。
为了缓解这一问题，我们限制我们的样本公司有所有最近获得的债务融资和利用访问的差异信息和监测通过公共私人债务获得连续贷款的建议。
我们承认，投资内部现金流敏感性可能较低获得债务融资的可能性。
然而，这种可能性偏见拒绝了我们的假设。
具体来说，我们确定的数据样本证券公司有1163个采样公司（议会），通过发行资本公共债务或银团债务。
我们限制我们的样本公司最近获得的债务融资持有该公司不断融资与借款。
然而，在样本最近获得的债务融资的公司，也有可能是信号，在资本提供进入私人信息差异和约束他们放在管理中的行为。
相关理论意味着减少公共债务持有人获取私人信息，因而减少借款有效的监测。
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中英文对照外文翻译文献(文档含英文原文和中文翻译)Analysis of Accounting Disclosure Mode for StrengtheningCorporate Social ResponsibilityAbstract:Corporate Social Responsibility (CSR) has become the social focus with the pressure of social problems. As we all know, accounting report and analysis have become an important instrument of strengthening CSR. The current situation and problems of Corporate Social Responsibility Accounting(CSRA)disclosure in China were analyzed firstly. Then，in the light of foreign feasible practice，the content, ways and future development of CSRA disclosure were pres- ented. Finally，a mode of CSRA disclosure that fits Chinese enterprises was constructed. This mode attempts to strengthen CSR and promote the value of enterprises in China ultimately. Keywords:Corporate Social Responsibility;Accounting Disclosure;Disclosure Mode1 Current Situation and Problems of CSRA Disclosure in ChinaAlong with the rapid development of economy in China，the social problems，such as unfair income distribution，the increasing employment pressure，severe resource waste，and environmental deterioration, etc are getting obviously. Especially in recent years，some multinational corporations ask Chinese corporations in their supply chain to implement Social Accountability 8000 (SA8000 ) to strengthen CSR in China .And accounting disclosure is oneof the important instruments of strengthening CSR.In China, the relevant studies about CSRA disclosure began with 1990，but there was still no comparatively perfect disclosure mode and systematic disclosure system. In practice，some corporations have attempted to disclose CSR information. But their content that disclosed is a little and their ways of disclosure are non一standard.The purpose of strengthening CSR couldn't be achieved through CSRA disclosure.We can see that，at present，the stage of studying on CSRA disclosure mode in our country is in primary moment. And there are still many problems in CSRA disclosure for most enterprises in China. Then this situation would be illustrated in detail.At first，the content of disclosure in China's corporation is and is different greatly in various enterprises，evenly in the same industry. Nowadays，there are few corporations that disclose CSR information comprehensively. Many corporations just disclose their contributions to society but not the adverse effect on society. Besides，because of the lack of uniform standards，there is a great difference in the content of CSR disclosure. Then CSR disclosure becomes a camouflage for enterprises in China in order to deal with some policies in some degree.Then，the way of CSRA disclosure is single. At present，most corporations still use written narrative but not the quantifiable accounting method to disclose CSR information. In other words，the qualitative disclosure is more than the quantitative disclosure，and the non-accounting ways are in the leading position .Finally，corporations lack the consciousness of CSRA disclosure respectively. In practice，CSR information usually was reflected by traditional accounting subjects but not the corresponding accounting subjects based on social responsibility. There are few corporates compile “CSR Report" separately expect some multinational corporations in the last several years Due to the situation such as discussed above，Chinese CSRA disclosure couldn't achieve the goal of strengthening CSR. In order to realize this and to promote the value of enterprises，a mode of CSRA disclosure that can be practiced in Chinese corporates should be constructed.2 Construction of a Mode of CSRA Disclosure for Chinese Corporations2. 1 Goal of disclosure2. 1. 1 Goal of CSRWhy do corporations put CSR on their shoulders energetically now that high cost should be paid to bear the social responsibility?On the one hand，performance of CSR could create social value. From the perspective of the sociology，corporate is more than an“Economic Man"，but is a“Social Man”.If corporatescould exceed the traditional goals of maximizing microcosmic interests，care about people's value in process of reproduction and emphasize the contribution to environment，consumer and society，the“negative externalities" that issue from the process of operation could be solved and the social welfare maximization could be achieved.On the other hand，performance of CSR could promote the value of corporates. CSR is more than a kind of restriction for corporations，but is a necessary way of getting free in market economy. Indeed，bearing the social responsibility cost corporations a lot，but it is also a perfect way of showing corporate qualities and generating free advertising. By taking on social responsibility voluntarily，corporations could gain the public trust. At last continuous development can be achieved easily than before for Chinese enterprises.2. 1. 2 Goal of CSR disclosureNow CSR not only could create social value but also promote the value of corporates，so corporates carry responsibility and accountability to perform and disclose CSR actively. Along with the social problems getting obviously，corporations should come to realize that CSR should be the natural effect derived from business operation in the society but not an obligation imposed by external force. So corporations should strengthen the performance of CSR constantly. Effective accounting disclosure mode is one of the important instruments to realize this aim. Disclosure information on income as well as the information on performance of CSR in environment，human resources，product service，social welfare and so on should be presented fully and clearly.2. 2 Content of disclosureIn order to construct a mode of CSRA disclosure for Chinese corporations, the content of this mode must be made clear firstly.2. 2. 1 Relevant foreign practiceNowadays there is no unified standard in the content of CSRA disclosure internationally. Though the developed countries are involved early in the research on CSR，the content of disclosure is still different greatly between countries because of their different national conditions. For example，in France，disclosure of employee benefit ismore concerned and“social balance sheet" is required to submit In America, disclose information on environment，especially the soil contamination problem is emphasized. Britain pays more attention to the disclosure of human resources. Germany gives greater emphasis on corporate contribution to environmental protection and so on.The representative aspects is the study of Social Investment Organization(SIO)in international studies. Many researchers pointed out that the text of CSR reporting should discloseinformation on the following ten projects. They are Environmental Performance，Labor Rights，Health and Safety Practices，Human Rights，Community Economic Development and Social Impacts，Corporate Governance，Corporate Payments to Governments，Stakeholder Engagement，Supply Chain Management，Corporate Planning and Policies.Meanwhile，they also figured that the following problems should be considered while composing the content. These problems include Metrics and Materiality of Information，Timeliness and Usefulness of Information，Incentives to Disclose，Supply Chain Monitoring, Costs to Information Producers and Users，Analyzing and Translating Information for End Users.Though there is no unified standard，international studies and practices provide foundation for the content of CSRA disclosure. According to relevant international studies，some illumination can be figured out. First，the content of disclosure should seek to increase the quality of CSR disclosed. Second，the content of disclosure should work to increase the uses of the information and the benefits to users of the information. Third，the content of disclosure should create mechanisms for learning and continuously improving disclosure systems. Only in this way，CSR could be strengthened really.2. 2. 2 Practice choice of ChinaIt need utilize the relevant foreign practices to make clear the content of Chinese CSRA disclosure，in the meantime the actual circumstances of China should be concerned. Based on summarizing the related researches in this area, we think that at least the content of CSR disclosure for China enterprises should include such five parts.(1)The contribution made to income. Income is the important precondition for the performance of other CSR. Only the level of earning exceeds social average level，corporations could make certain financial resources to perform CSR. Therefore, the information on income is not only the content of traditional financial disclosure but also the prime content of CSRA disclosure.(2)The contribution made to improvement of environment. The environment discussed here includes two types. One is the ecological environment. Generally corporations operate to maximize their interests，but their operating activities often neglect public interests and damage the ecological environment. So it is necessary for corporations to be responsible for making effective measures to control environmental pollution and maintain ecological balances. The other is the social economic environment. Corporate development relies on their social economic environment. So corporates should comply with commercial morality strictly to disclose CSR.(3)The contribution made to human resources. Knowledge economy makes humanresources be the significant factor. Investment to Human resources can bring great economical benefit not only to corporations but also to human being which derived from the improvement of employee's diathesis and their living conditions. Therefore，the contribution made to human resources is necessary to perform CSR. Corporations should disclose information on development，utilization and protection of human resources.(4) The contribution made to product service. The quality of product/service is the critical weapon which corporates take advantage of to be successful in the intense market competition. So corporates should disclose their contribution to product/service to increase brand awareness and establish a good corporate image.(5)The contribution made to social welfare. Because the social resources possessed and consumed by corporates are limited，corporates have obligations to supply necessary donation and help to society. This is corporate obligation as well as the important mean of establish good corporate image. Therefore，corporates should disclose their contribution to social welfare. For example，developing public transport，medical and health services，social insurance，municipal buildings，landscape works and other public utilities，subsidizing cultural education，PE and charity;giving the equal employment opportunities，especially giving employment to social vulnerable groups such as the unemployed，minorities，women，the handicapped;paying tax and other social charges in time and so on.3. 2 Ways of disclosure3. 2. 1 Relevant foreign practiceIn the west，different countries and corporations disclose CSR in different ways. Even if the same corporate，it perhaps would use different ways when the content of disclosure is different. Usually，there are three ways used to disclose CSR.(1)The way of written narrative. As the simplest way，it mostly makes use of written record to describe the positive and passive influences on society. For example，in America，there are some corporates disclose CSR in Written Narrative that presented in their annual report.(2)The way of cost outlay. This is the way that uses cost outlay items to reflect the cost outlay of CSR. It usually adds expenditure items that could get cost data into the report，and it is the most wildly used way in environmental liability.(3)The way of making independent report. This way could reflect the content of CSR well and could be quantized in money. But this way also bring a series of problems，sometimes it maybe mismatch the“cost-benefit principle".2. 3. 2 Practice choice of ChinaIn light of foreign practice and China's conditions，Chinese corporations should use differentways according to different corporate scale in order to strengthen CSR.(1)Small and partial medium-sized enterprises(SME ) could use written narrative to disclose their content. It is unrealistic to require SME to disclose too much for surviving and developing are their principal problems. There are two reasons for SME to use this way to illustrate their CSR disclosure. One is that they bear limited CSR，and the other is the professional qualities of their accounting personnel have difficulty to meet high disclosure requirement. Therefore，SME should use some simple ways to disclose corporate influences on society. Some informal styles or words can be used to illustrate the influence of enterprises' operation activities on society such as environmental statement, human resource inventory report and other specialized written report.(2)Medium-sized and partial large enterprises could add some items of CSR into traditional financial reporting. For example, facilities used to environmental control can be listed in the assets section and future expenditure on pollution treatment can be listed in liabilities section of Balance Sheet(B. S.).In Income Statement，some items can be set up separately such as “environmental control expense"，"environmental greening expense，”public welfare and donation expenditure" and so on[8].Regarding to the unquantifiable information，corporations still need use the way of written narrative to disclose.(3)Large business, especially the listed company, should make independent CSR Report. For example，“CSR Balance Sheet" can be used to reflect the quantity and composition of assets and liabilities on CSR.“CSR Income Statement" can be used to reflect accounts balance and profits on CSR;“CSR cash flow statement" can be used to dynamically reflect the changes of cash and cash equivalents on CSR. Besides，corporates could make supplementary statement, such as "Social Influence Report"，“Added V alue Statement”，“Ratio Analysis Statement"，and could design the architecture of statement according to their own characteristics.2. 4 Innovation of future modeConstruction of CSRA disclosure mode is a dynamic process and is a process of continuous improvement. Along with the continuous innovation of Internet and computer technology, the future mode of CSRA disclosure should develop towards eletronicalization and networking.At present，many corporations begin to disclose electronic CSR information by Internet. This technology provide new instrument of strengthening CSR.Firstly，the ways of disclosure have been informative. With the help of Internet and IT, corporations could provide CSR information more easily and quickly. For example，by inserting searching function into networking CSR Report，users just need input relevant words to search related CSR information. Secondly, disclosure should be in time. Corporates needn't disclose CSR at the end of the year in the networking mode of information disclosure. They coulddisclose well-timed CSR according to own conditions and users' requirements. Lastly，diversified ways of disclosure can be presented. For example，corporates could make use of computer module to achieve man-machine interactive CSR disclosure，or make use of all kinds of diagrams to reflect more intuitive CSR, or make use of image and sound to introduce their CSR achievement and so on，thus make the interface of CSR disclosure more beautiful and humanistic.3 ConclusionsFaced the large pressure from international market , dilemma of eco-environment , and the requirement about self-directed innovation，a mode of CSRA disclosure for China enterprises must be constructed to strengthen CSR and promote corporations to survive and develop.Firstly in the content of disclosure, corporations should fully disclose the information on traditional income as well as the information on improvement of environment，human resources, product service , social welfare and so on. Secondly in the ways of disclosure，corporations should use different ways according to respective scale.SME could use simple ways such as written narrative, adding CSR items into traditional statement and so on. Large business should make independent CSR Report to disclose CSR in detail. Lastly，a point should be noticed that the construction of CSRA disclosure mode is a dynamic process that needs to be improved continuously. As the development of modern science and technology, the mode of CSR disclosure should be continue to innovate. Only gradually promoting and improving the mode in practice, could CSR of China be strengthened really and could corporate value be promoted ultimately.分析会计信息披露模式加强企业社会责任1摘要：企业社会责任(CSR)已经成为社会各界关注的焦点与压力的社会问题，因为我们都知道,会计报告和分析已成为加强企业社会责任的重要手段。