张延芳的外文资料及中文译文 yida.doc

外文资料及中文译文 作 者 姓 名 张延芳 专 业 财务管理 指导教师姓名 苏卫东 专业技术职务 教 授 Information Disclosure Policy Implementation Plan I. Background Information disclosure is essential for the effective operation of the securities market .In a market where resources are not fully allocated, capital providers (investors below) need to seek good opportunities to realize added values on their capital while capital operators (management below) hopes to attract enough capital for operation so as to make profits. Once the two strike a deal and there is the problem of information asymmetry. The solution to the problem of information asymmetry is likely to lead to reverse options and ethical risks. In the constantly evolving and improving securities market, information disclosure has become a necessary tool to reduce information asymmetry between investors and the management. Developed Western countries have a long history of capital market and it is quite fruitful in the study of information disclosure on the capital market. In 2001, Journal of Accounting and Economics published a comprehensive study on information disclosure on the capital market written by the two professors, Paul M. Healy and Krishna G., Palepu, which reviews, in an all-round manner, in depth and systematically the theories and empirical studies in the area of information disclosure on the capital market and looks forward to the prospects for the study in the area. This paper first borrows the two professors’ framework of study on information disclosure on the capital market and, in tandem with the information disclosure on China’s securities market, and through a case study, puts forward some problems existing in the information disclosure on China’s securities market. II. Roles and Responsibilities From the early stages of drafting of the new Information Disclosure Policy, there has been an explicit understanding among Departments of the Bank that whil