《报告和披露》PPT课件.ppt

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1、1 第五章 报告和披露Reporting and Disclosure 2 公司报告披露包括：财务披露，指那些可用货币单位计量反映的信息项目。非财务披露，指那些无法以货币单位计量反映的叙述性说明、事实或意见以及不以货币而以其他方式计量的信息项目。 Much of our discussion addresses disclosure related to financial reporting for external users. 3 Development of disclosureThe development of disclosure systems closely parallel

2、s the development of accounting systems discussed in Chapter 2. Disclosure standards and practices are influenced by sources of finance, legal systems, political and economic ties, level of economy development, education level, culture, another factors.National differences in disclosure are driven l

3、argely by differences in corporate governance and finance. 4 The Reasons of Reporting and DisclosureThe relative importance of equity markets in national economies is growing and individual investors are becoming more active in those markets.As result, public disclosure, investor protection, shareho

4、lder value, and stock market-driven forms of corporate governance are becoming increasingly important.Thus, although disclosure practices vary substantially from country to country, they are converging. 5 Hundreds of companies have increased their disclosures by (1)vountarily adopting IFRS or U.S. G

5、AAP(2)complying with domestic and overseas stock exchange and regulatory requirements; or(3)responding to various demands for information from investors and analysts. 6 1实行有效的投资者保护，提高资本市场质量股票交易的持续增加和成功要依靠高质量的资本市场和有效的投资者保护。 借助于会计披露，有利于投资者联系各个可选择投资项目的风险来权衡预期收益，以便将资本提供者的风险减到最少，从而实现对投资者的保护。 会计披露的意义 7 在跨

6、国公司筹集资金的过程中，由于国外投资者很难通过其他的途径来了解企业的情况，他们更多地依赖于财务报告所提供的信息来保护自身的利益。由于不同国家的公司治理结构和筹资来源不同，出于保护投资者的披露要求也有很大差别。 8 2.降低外部资本市场成本基于不确定性下的投资报酬率具有不确定性，它们实际上可以由主观概率分布的期望值来代表。因此，如果跨国公司扩大披露将改善其证券报酬率的主观分布，进而有利于减小证券风险。如果跨国公司的业绩高于行业平均水平，改进和扩大披露将有利与改善公司的形象，提高公司在投资者心目中的地位。 9 而无论出现上述哪一种结果，都会吸引投资者对跨国公司的证券进行更大量的投资，从而相应降低外

7、部资本市场的筹资成本，对跨国公司的经营活动有利。 10 3向利益相关者（stakeholder) 通报信息公司对这些团体负有如下的会计责任：社会委托公司经营稀缺资源，公司因此对社会负有会计责任，也就是说有义务向社会报告对稀缺资源管理经营受托责任的履行情况。 公司的经营有可能对既非投资人也不是债权人的其它社会成员的居住环境和生活质量产生影响。这些成员应该能够了解会计信息以便于他们观察、评价、并且影响公司的各项活动。 11 Voluntary DisclosureManagement have better information about their firms current and fut

8、ure performance than do external parties. Several studies show that managers have incentives to disclose such information voluntarily.Benefits of enhanced disclosure may include lower transaction costs in the trading of the firms securities, greater interest in the company by financial analysts and

9、investors, increased share liquidity, and lower cost of capital. 12 公司管理人员有自愿披露这方面信息的动机：公司对资本市场的依赖性越来越强， 通过有效披露，可以减少信息不对称所导致的高筹资成本和交易费用。对跨国公司而言，一些重要的披露可以消除各国政府对公司的疑虑。 可以构建良好的企业形象，以获得社会各界的支持和帮助，从而形成创造未来经济收益的商誉。 13 As investors around the world demand more detailed and timely information, voluntary di

10、sclosure levels are increasing in both highly developed and emerging market countries. It is widely recognized, however, that financial reporting can be an imperfect mechanism for communicating with outside investors when managers incentives are not perfectly aligned with the interests of all shareh

11、olders. 14 Regulatory disclosure requirementsTo protect investors, most securities exchanges (together with professional or government regulatory bodies such as the U.S. SEC and Ministry of Finance in Japan) impose reporting and disclosure requirements on domestic and foreign companies that seek acc

12、ess to their markets. These exchanges want to make sure that investors have enough information to allow them to evaluate a companys performance and prospects. 15 Shareholder protection varies substantially among countries. Anglo-American countries such as Canada, the United Kingdom, and the United S

13、tates provide extensive and strictly enforced shareholder protection.In contrast, share holder protection receives less emphasis in other parts of the world. For example, while China prohibits insider trading, its weak judiciary makes enforcement almost nonexistent. 16 强制性披露的理论分析（1）会计信息不对称公司经营管理人员与投

14、资者相比具有信息优势，他们比投资者更了解公司的实际情况。由于经理人员的有限理性和机会主义倾向，可能会粉饰会计信息甚至提供虚假的会计信息，因此对会计信息进行管制是十分必要的。这是实现资本市场公平性的内在要求。 17 资本市场的公正性是一种基于公众利益的观点，这种观点假定只有当所有的投资者拥有获取相同信息的同等机会时，股票市场才是公正的。市场存在着大量的“信息不对称”，由“信息不对称”形成的逆向选择和道德风险最终会导致市场的缺陷。而进行强制性披露就是“信息对称”理念的应用，起目的在于防止那些掌握了不对外公开信息的人们利用信息优势谋取私利，因为这种行为有损于投资者对资本市场公正性的信心。 18 （2

15、）财务报告的公共物品特性 财务报告具有公共物品的两个特性：无排他性，即一个人使用财务报告并不排除其他人的使用权利；无竞争性，即一个人使用了财务报告并不降低其他人对使用财务报告获得的效用。 会计信息的生产和披露需要成本。而信息提供者的成本不能通过市场得到弥补，他就没有动力去提供信息，从而导致信息供给小于真正的市场需求。为了确保对会计信息的真正需求得以满足，政府应强制性地要求公司披露符合一定质量要求、最低信息含量的财务报告。 19 （3）公司是会计信息的垄断提供者 在非管制的会计信息市场中，公司是会计信息的垄断供给者，它不仅限制会计信息的产出，而且能够以以垄断价格出售会计信息。 如果不对市场进行管

16、制，这种情况就为压缩信息的生产并进行垄断性定价创造机会。因此，实施强制性报告要比让每个信息使用者相互竞争最后以垄断价格购买信息更好一些。强制性公开化的信息可以大大地节约成本。如果所有的人都去购买相同的、不对外公开的企业信息，其实是对社会资源的一种极大的浪费。 20 Reporting and disclosure practiceAnnual report disclosure practices are reflect managers responses to regulatory disclosure requirements and their incentives to provid

17、e information to financial statement users voluntarily. In many parts of the world, disclosure rules mean little and monitoring and enforcement are largely absent.It is important to clearly distinguish between disclosure that are “required”and disclosures that actually are made. 21 披露实务既反映了经理人员自愿向财务

18、报表使用者提供信息的意愿，也反映了经理人员对规范性披露要求的反应。 如果披露者感觉不到信息披露形成的收益，或不进行披露的机会成本非常小，经理人员就没有披露的动机。在这种情况下，如果没有强制性要求，公司经理人员必然倾向于选择不遵循披露规则。因此，披露规则的关键是“必须”而不是希望。 22 In this section we focus on (1)disclosures of forward-look; (2)segment disclosures;(3)social responsibility disclosures;(4)corporate governance disclosures;

19、 and (5)Internet business reporting and XBRL.These disclosure and reporting items are selected because of their importance to financial statement users. 23 1前景信息（1）对收入、收益、每股收益额、资本性支出和其他财务活动的预测；（2）对于确定性比预测低的未来经济业绩或情况，按预期项目、会计期间和预期金额的预期信息；（3）管理当局对未来经营的计划和目标的阐述。在世界范围内的股票市场范围内，都认为前景信息的披露与股票投资决策高度相关。 24

20、随着经济的发展，尤其是国际资本市场的发达，证券交易所作为影响披露内容的重要因素，其作用越来越突出，因此对会计行业披露产生了明显的影响。从目前的情况看，欧洲跨国公司的披露同美国的跨国公司比较起来，具有较好的传统和较大的发展。如果仅从披露方面进行比较，美国会计并不位于世界最前沿的位置。 25 2分部信息披露 跨国公司编制的合并报表，反映的是整个公司集团的综合信息，但是同时会掩盖一些分部的重要信息。 世界各地的经营风险和商业机会不同，不同产品的风险和报酬也存在着差异。缺乏这方面的信息，投资者就很难准确预测其投资的风险和报酬，不易掌握公司的局部经营活动对整个公司的影响。 26 Investor and

21、 analyst demand for information about firms industry and geographic segment operation and financial result is significant and growing.Segment disclosures help financial statement users better understand how the parts of a company make up the whole. After all, product lines and areas of the world var

22、y in terms of risks, returns, and opportunities. A desegregation by lines of business and geographic area should make for more informed judgments about the overall company. 27 分部报告决定因素:企业风险和回报的主要来源和性质决定其主要分部报告形式是业务分部还是地区分部 Dominant source and nature of an enterprise risks and returnsStart Primary se

23、gment reporting format : business segment Secondary segment reporting format : geographical segmentproducts and services provided Primary segment reporting format : geographical segment Secondary segment reporting format : business segmentBusiness areas End 28 3.社会责任披露 Increasingly, companies are be

24、ing called upon to answer to wide range of “stakeholders”-employees, customers, suppliers, governments, activist groups, and the general public-who have areas of concern other than a companys ability to create economic value.Social responsibility reporting refers to the measurement and communication

25、 of information about a companys effects on employee welfare, the local community, and the environment. 29 It reflects a belief that companies owe stakeholders an annual accounting of their social and environmental performance, just like the financial information they provide shareholders. Informati

26、on on employee welfare has long been of interest to labor groups;Information disclosure regarding number of employees has been of great interest to national governments;Environmental issues include the impact of production processes, products, and services on air, water, land, biodiversity, and huma

27、n health. 30 4.公司治理情况的披露Corporate governance relates to the internal means by which a corporation is operated and controlledthe responsibilities, accountability, and relationships among shareholders, board members, and managers designed to meet corporate objectives.P.149-150 31 5.网络商务报告和XBRLElectron

28、ic information dissemination offers the advantage of often being less expensive than use of print media, and offers instantaneous communication.The Web also allows interactive information dissemination in a manner not possible in print form.Securities trading using the Internet has increased the dem

29、and for Web-based business and financial reporting. Individual investors are increasingly using the Web to trade and make investment decisions and use the Web as an important information source. 32 Annual report Disclosures in Emerging Market CountriesDisclosures in annual reports of companies in em

30、erging market countries are generally less extensive and less credible than those of companies in developed countries.Low disclosure level in emerging market countries are consistent with systems of corporate governance and finance in those countries. 33 Equity markets are not well developed, banks

31、and insiders such as family groups supply most of the financing, and so in general there has been less demand for credible, timely public disclosure than in more developed economies. 34 However, investor demand for timely and credible information about companies in emerging market countries has been growing. As these countries stock markets and listed companies seek to increase their presence, researchers are developing more evidence on what these practices are and how they differ from those in developed countries. P. 158