財(cái)務(wù)報(bào)告透明度外文翻譯文獻(xiàn)

財(cái)務(wù)報(bào)告透明度外文翻譯文獻(xiàn)財(cái)務(wù)報(bào)告透明度外文翻譯文獻(xiàn)(文檔含英文原文和中文翻譯)財(cái)務(wù)報(bào)告的透明度財(cái)務(wù)分析者對(duì)某公司進(jìn)行基本分析進(jìn)而作出投資決策需要經(jīng)過(guò)具體步驟，一般包括:了解公司所在行業(yè)近期及未來(lái)的發(fā)展?fàn)顩r；了解公司在該行業(yè)中的地位及所面臨的機(jī)會(huì)和風(fēng)險(xiǎn)；判斷該公司財(cái)務(wù)報(bào)告的透明度,對(duì)其會(huì)計(jì)政策進(jìn)行全面調(diào)整；分析財(cái)務(wù)報(bào)告,判斷公司的盈利性和風(fēng)險(xiǎn)；預(yù)測(cè)公司未來(lái)的盈利性和風(fēng)險(xiǎn),對(duì)公司及其股票價(jià)值進(jìn)行評(píng)估。在這些步驟中,分析者必須在第三步中確定財(cái)務(wù)報(bào)告是否對(duì)公司的經(jīng)濟(jì)實(shí)質(zhì)進(jìn)行了正確反映,才能決定是否進(jìn)行下面的財(cái)務(wù)分析步驟,因此其必須對(duì)財(cái)務(wù)報(bào)告的透明度進(jìn)行確認(rèn)。文中將財(cái)務(wù)報(bào)告透明度作為一個(gè)多層次的概念,從財(cái)務(wù)分析角度出發(fā),構(gòu)造一個(gè)透明度分析模型，以幫助財(cái)務(wù)分析人員全面、有效地確認(rèn)財(cái)務(wù)報(bào)告的透明度。為了使模型清晰簡(jiǎn)練,將不考慮財(cái)務(wù)報(bào)告的其他方面,而集中分析財(cái)務(wù)報(bào)告的信息。透明度分析模型具有六個(gè)等級(jí),是一個(gè)層級(jí)分析體系，該體系的最終目標(biāo)是恰當(dāng)反映公司的經(jīng)營(yíng)成果和財(cái)務(wù)狀況。在此體系中,等級(jí)越高,其透明度對(duì)分析者越重要,并且高等級(jí)透明度的缺失，將會(huì)降低所有低等級(jí)層級(jí)的透明度。第一層:交易和事項(xiàng)透明度。該層透明度反映的是財(cái)務(wù)報(bào)告對(duì)該公司在本期中所有影響財(cái)務(wù)狀況和經(jīng)營(yíng)成果的交易和事項(xiàng)的反應(yīng)程度。這是最重要的透明度，因?yàn)椴还芷渌麑哟蔚耐该鞫热绾?任何虛假的交易和事項(xiàng)以及對(duì)會(huì)計(jì)數(shù)據(jù)所屬賬戶的錯(cuò)誤歸類,將導(dǎo)致該模型中其他層次的信息閉塞,而這一層次上任何程度的閉塞都將導(dǎo)致對(duì)公司經(jīng)濟(jì)狀況實(shí)質(zhì)的曲解。一般來(lái)說(shuō),財(cái)務(wù)分析者主要通過(guò)國(guó)際注冊(cè)會(huì)計(jì)師（ACCA）的審計(jì)來(lái)判斷這一層的透明度。然而,實(shí)證研究表明,公司治理結(jié)構(gòu)和企業(yè)關(guān)聯(lián)方關(guān)系對(duì)財(cái)務(wù)報(bào)告的透明度也有重大影響。合理的公司治理結(jié)構(gòu)能夠促使公司財(cái)務(wù)信息更加透明,分析者也可以從對(duì)關(guān)聯(lián)方關(guān)系的解釋以及對(duì)關(guān)聯(lián)方交易的披露中得出有用的信息。第二層:確認(rèn)與計(jì)量透明度。該層透明度反映的是在確認(rèn)和計(jì)量交易和事項(xiàng)的經(jīng)濟(jì)影響時(shí),企業(yè)是否對(duì)相關(guān)的會(huì)計(jì)準(zhǔn)則提供了足夠的信息。這一層次的透明度要求分析者判斷公司所使用的確認(rèn)計(jì)量方法是否恰當(dāng),與同行業(yè)中的其他企業(yè)是否具有可比性。即使外部審計(jì)機(jī)構(gòu)認(rèn)可公司所使用的會(huì)計(jì)政策，財(cái)務(wù)分析者也需要進(jìn)行獨(dú)立判斷。例如國(guó)際注冊(cè)會(huì)計(jì)師（ACCA）根據(jù)會(huì)計(jì)準(zhǔn)則的具體規(guī)定，認(rèn)可企業(yè)將一項(xiàng)長(zhǎng)期租賃確認(rèn)為融資租賃，但這不一定意味著這種處理遵守了實(shí)質(zhì)重于形式原則。分析者不僅要了解企業(yè)所使用的會(huì)計(jì)政策，還要清楚企業(yè)如何使用這些會(huì)計(jì)原則和方法。如果對(duì)該層次的信息了解閉塞,則會(huì)導(dǎo)致分析者無(wú)法判斷公司所使用的會(huì)計(jì)政策是否在恰當(dāng)?shù)钠陂g恰當(dāng)?shù)胤从沉私灰缀褪马?xiàng)。第三層:職業(yè)判斷透明度。會(huì)計(jì)政策的運(yùn)用經(jīng)常需要管理層對(duì)交易事項(xiàng)的經(jīng)濟(jì)影響數(shù)量、時(shí)間和不確定性進(jìn)行估計(jì)和判斷本層是關(guān)于管理層進(jìn)行職業(yè)判斷和會(huì)計(jì)估計(jì)的透明度,它反映了會(huì)計(jì)確認(rèn)和計(jì)量的另一個(gè)方面。分析者必須了解管理層在編制財(cái)務(wù)報(bào)告時(shí)的基本假設(shè)，及進(jìn)行重要會(huì)計(jì)估計(jì)的程序。如了解公司有關(guān)租賃的會(huì)計(jì)信息,理解企業(yè)在計(jì)算最低租賃付款額的現(xiàn)值和殘值時(shí)如何選擇折現(xiàn)率等。所有重要的職業(yè)判斷和會(huì)計(jì)估計(jì)的信息，以及所使用的基本假設(shè)和會(huì)計(jì)程序,能幫助分析者判斷公司所采用的會(huì)計(jì)政策是激進(jìn)型、保守型還是中庸型。第四層:經(jīng)濟(jì)實(shí)質(zhì)透明度。第二層和第三層透明度有助于分析者判斷第四層的透明度，即反映企業(yè)經(jīng)濟(jì)實(shí)質(zhì)的透明度。管理層通過(guò)職業(yè)判斷、選擇會(huì)計(jì)政策、進(jìn)行會(huì)計(jì)估計(jì)后,最終的財(cái)務(wù)報(bào)表數(shù)字能否恰當(dāng)?shù)胤从彻井?dāng)期的經(jīng)營(yíng)成果,能否正確反映公司現(xiàn)在和將來(lái)的現(xiàn)金流量,是否多計(jì)了收入和資產(chǎn),少計(jì)了負(fù)債,管理層是否操縱會(huì)計(jì)政策,進(jìn)行了盈余管理？這些問(wèn)題直接關(guān)系到企業(yè)經(jīng)濟(jì)實(shí)質(zhì)的綜合反映是否恰當(dāng)。如果第二層和第三層透明度對(duì)會(huì)計(jì)核算方法的披露足夠透明,分析者就可以單獨(dú)評(píng)價(jià)每項(xiàng)業(yè)務(wù)和事項(xiàng)的會(huì)計(jì)核算信息質(zhì)量，從而確定財(cái)務(wù)報(bào)告在多大程度上反映了公司的經(jīng)濟(jì)實(shí)質(zhì)。分析者還可將該企業(yè)的會(huì)計(jì)政策與同行業(yè)中的其他企業(yè)進(jìn)行比較，如果有必要,還可作適當(dāng)?shù)恼{(diào)整。在這兩項(xiàng)活動(dòng)中,如果能深入理解公司會(huì)計(jì)政策和會(huì)計(jì)估計(jì),則有利于分析者對(duì)公司整體會(huì)計(jì)信息進(jìn)行職業(yè)判斷和恰當(dāng)調(diào)整。第五層:預(yù)測(cè)透明度。分析者一旦認(rèn)可公司會(huì)計(jì)信息恰當(dāng)反映了經(jīng)濟(jì)實(shí)質(zhì),就會(huì)進(jìn)一步預(yù)測(cè)企業(yè)未來(lái)的經(jīng)營(yíng)成果。對(duì)分析者來(lái)說(shuō),財(cái)務(wù)報(bào)告的預(yù)測(cè)透明度表現(xiàn)為公司在會(huì)計(jì)政策、會(huì)計(jì)估計(jì)、會(huì)計(jì)確認(rèn)、會(huì)計(jì)計(jì)量有重大變化時(shí)，是否及時(shí)、恰當(dāng)?shù)嘏读诉@些變化以及該變化對(duì)財(cái)務(wù)報(bào)告的影響。此外還可以通過(guò)披露收入、費(fèi)用的永久性或暫時(shí)性因素來(lái)提高預(yù)測(cè)透明度。該層次的透明度為分析者提供了一個(gè)了解企業(yè)長(zhǎng)期業(yè)績(jī)的角度,為預(yù)測(cè)公司未來(lái)現(xiàn)金流量的數(shù)量、時(shí)間和不確定性提供了基礎(chǔ)。第六層:使用透明度。第六層透明度反映了財(cái)務(wù)報(bào)告的組織與披露方式,反映公司是否為使用者提供便了捷的方式獲得前五層所討論的信息,是否有檢索,能否有效地指引分析者找到財(cái)務(wù)報(bào)告中的相關(guān)材料。該層級(jí)不涉及會(huì)計(jì)信息的確認(rèn)和計(jì)量,其透明度對(duì)理解財(cái)務(wù)報(bào)告的重要程度最低。然而在現(xiàn)實(shí)中,第六層透明度的缺失會(huì)增加分析者的信息搜索成本,增加分析者錯(cuò)過(guò)重要信息的風(fēng)險(xiǎn)。財(cái)務(wù)報(bào)告透明度可以理解為上市公司通過(guò)財(cái)務(wù)報(bào)告這一工具向外部信息使用者傳遞公司真實(shí)經(jīng)濟(jì)狀況的能力高低，是在上市公司面向外部信息使用者的信息傳遞過(guò)程中形成的。作為一個(gè)動(dòng)態(tài)的概念，財(cái)務(wù)報(bào)告透明度不局限于財(cái)務(wù)報(bào)告所具有的某些靜態(tài)特征，而是把公司對(duì)外披露信息與以投資者為主體的外部信息使用者接收、理解信息聯(lián)系起來(lái)，是公司真實(shí)、完整“圖像”對(duì)外部信息使用者的“透明”程度，也就是外部信息使用者通過(guò)財(cái)務(wù)報(bào)告能夠了解公司當(dāng)前財(cái)務(wù)狀況、經(jīng)營(yíng)成果及風(fēng)險(xiǎn)等真實(shí)、全面情況的程度。透明度最終是由信息的生產(chǎn)、傳遞、傳播等一系列復(fù)雜因素所共同決定的，是這一系統(tǒng)過(guò)程中各個(gè)元素共同作用的結(jié)果。本文把財(cái)務(wù)報(bào)告透明度的形成劃分為五個(gè)環(huán)節(jié)：1.上市公司作為財(cái)務(wù)報(bào)告的生產(chǎn)者和發(fā)布主體，構(gòu)成了財(cái)務(wù)報(bào)告的生成基礎(chǔ)；2.財(cái)務(wù)報(bào)告是信息傳遞的載體，其自身的相關(guān)特征對(duì)透明度起著決定性的作用；3.為了維護(hù)市場(chǎng)正常運(yùn)轉(zhuǎn)，監(jiān)管部門會(huì)對(duì)財(cái)務(wù)報(bào)告進(jìn)行多種形式的監(jiān)督制約；4.財(cái)務(wù)報(bào)告的傳播途徑和方法，對(duì)于投資者接收、理解信息有著重要影響；5.財(cái)務(wù)報(bào)告的可理解性和反饋的便利程度是影響信息傳遞效果的直接因素。財(cái)務(wù)報(bào)告的生成基礎(chǔ)是指上市公司作為財(cái)務(wù)報(bào)告的生產(chǎn)者和發(fā)布主體，在報(bào)告的內(nèi)容組成、結(jié)構(gòu)安排、渠道選擇等方面有著天然的決定權(quán)，對(duì)財(cái)務(wù)報(bào)告透明度會(huì)產(chǎn)生基礎(chǔ)性的影響。在這一環(huán)節(jié)中，內(nèi)控監(jiān)督和公司治理兩方面因素發(fā)揮著重要作用。強(qiáng)有力的內(nèi)控監(jiān)督能保證財(cái)務(wù)報(bào)告所提供信息的準(zhǔn)確可靠，而良好的公司治理則有助于上市公司進(jìn)行財(cái)務(wù)報(bào)告的相關(guān)決策，使投資者的合法權(quán)益更有可能得到有效保障。財(cái)務(wù)報(bào)告的相關(guān)特征對(duì)財(cái)務(wù)報(bào)告透明度的形成影響重大。除了財(cái)務(wù)報(bào)告的內(nèi)容構(gòu)成對(duì)投資者獲取信息有直接影響外，報(bào)告的及時(shí)性和預(yù)測(cè)性財(cái)務(wù)信息也對(duì)投資者決策發(fā)揮著重要作用。因此，這一環(huán)節(jié)應(yīng)該包括以下五個(gè)方面：投資者所關(guān)心的關(guān)鍵財(cái)務(wù)信息是否充分披露，如擔(dān)保狀況、大額營(yíng)業(yè)外收支的解釋等；是否有充分、詳實(shí)的管理層討論與分析；定期報(bào)告是否及時(shí)；當(dāng)發(fā)生重大財(cái)務(wù)事項(xiàng)時(shí)，是否進(jìn)行了充分披露；預(yù)測(cè)性財(cái)務(wù)信息及其準(zhǔn)確程度。為維護(hù)投資者利益，在財(cái)務(wù)報(bào)告編制完成后，需要實(shí)施嚴(yán)格的監(jiān)督制約，以此來(lái)提高財(cái)務(wù)報(bào)告在信息傳遞方面的作用。當(dāng)前，基本的監(jiān)督制約方式有獨(dú)立審計(jì)師的外部審計(jì)和監(jiān)管部門的行政監(jiān)管兩類。因此，這一環(huán)節(jié)包括公司所受到的行政監(jiān)管記錄和外部審計(jì)意見(jiàn)兩方面內(nèi)容。顯然，良好的行政監(jiān)管記錄和清潔的審計(jì)意見(jiàn)對(duì)于保證投資者通過(guò)財(cái)務(wù)報(bào)告了解公司信息是非常必要的。原文:FinancialReportingTransparencyFinancialanalysistoperformbasicanalysisofacompanyandthenmakeinvestmentdecisionsneedtogothroughspecificstepsgenerallyinclude:understandingtherecentandfuturedevelopmentofthecompany’sindustry;aboutthecompany’spositionintheindustryandtheopportunitiesandrisks;determinethetransparencyofcorporatefinancialreporting,accountingpoliciestomakesweepingchanges;analysisoffinancialreportstodeterminethecompany’sprofitandrisk;forecastthecompany’sfutureprofitabilityandriskassessmentofthecompanyanditsstockvalue.Inthesesteps,theanalystmustdeterminewhetherthefinancialstatementscorrectlyreflecttheeconomicsubstanceofthecompanyinthethirdstep,inordertodecidewhethertoconductafinancialanalysisofthefollowingsteps,soitmustconfirmthetransparencyoffinancialreporting.Thisarticleaimstotransparencyinfinancialreportingasamulti-layeredconcept,fromtheperspectiveoffinancialanalysis,constructatransparencyoftheanalysismodeltohelpfinancialanalyststofullyandeffectivelyconfirmthetransparencyoffinancialreporting.Tomakethemodelclearandconcise,Iwillnotconsiderotheraspectsoffinancialreporting,andfocusontheanalysisoffinancialreportinginformation.Transparencyoftheanalysismodelhassixlevels,alevelofanalysissystem,thesystem’sultimategoalistoproperlyreflectthecompany’soperatingresultsandfinancialposition.Inthissystem,thehighertheleveloftransparencyismoreimportanttoanalysts,andthelackofhigh-gradetransparencywillreducethetransparencyofalllow-gradelevel.Firstfloor:transactionsandissuesoftransparency.Thelayertransparencyreflectsthedegreeofresponseofthefinancialreportofthecompanyintheissueaffectingthefinancialconditionandoperatingresults,transactionsandmatters.Thisisthemostimportanttransparency,becausenomatterhowtheotherlevelsoftransparency,anyfalsetransactionsandeventsaswellastheaccountsoftheaccountingdatamisclassified,willleadtolackofinformationoftheotherlevelsofthemodel,thislevelwithanydegreeocclusionwillleadtosubstantialmisinterpretationofthecompany’seconomicsituation.Ingeneral,thefinancialanalysisbyacertifiedpublicaccountantaudittodeterminetheleveloftransparency.However,empiricalstudiesshowthatthecorporategovernancestructureandcorporaterelatedpartyrelationshipshaveasignificantimpactontransparencyinfinancialreporting.Reasonablecorporategovernancestructuretopromotethecompany’sfinancialinformationmoretransparent,theanalysiscanalsobederivedfromtheinterpretationoftherelatedpartyrelationshipsandrelatedpartytransactionsdisclosureofusefulinformation.Thesecondlayer:RecognitionandMeasurementtransparency.Thelayertransparencytoreflecttheeconomicimpactoftherecognitionandmeasurementoftransactionsandevents,whethertherelevantaccountingstandardstoprovideenoughinformation.Thisleveloftransparencyrequiresanalysisoftheconfirmationofmeasurementmethodsusedbythosewhojudgethecompanywhetheritisappropriate,comparablewiththeotherbusinessesinthesameindustry.Eveniftheaccountingpoliciesusedbytheexternalauditinstitutionrecognizedcompanies,financialanalysisalsoneedtoexerciseindependentjudgment.SuchascertifiedpublicaccountantaccordingtothespecificprovisionsoftheAccountingStandards,Accreditationofbusinesswillbealong-termleasesarerecognizedasafinancelease,butdoesnotnecessarilymeanthatthistreatmenttocomplywiththesubstanceoverformprinciple.Theanalysisnotonlytounderstandtheaccountingpoliciesusedbytheenterprises,butalsoclearhowtousetheseaccountingprinciplesandmethods.Ifthelevelofinformationtounderstandtheocclusionwillresultintheanalystcannotdeterminewhethertheaccountingpoliciesusedbythecompanyattherightperiodtoproperlyreflectthetransactionsandevents.Thethirdlayer:thetransparencyofprofessionaljudgment.Theuseofaccountingpoliciesoftenneedanumberoftheeconomicimpactofmanagementtransactions,time,andtheuncertaintyofestimatesandjudgmentsofthislayeronthemanagementofprofessionaljudgmentandthetransparencyoftheaccountingestimates,whichreflectstheaccountingrecognitionandmeasurementofanotheraspects.Theanalystmustunderstandthebasicassumptionsofthemanagementinthepreparationoffinancialreports,andproceduresforcriticalaccountingestimates.Suchasunderstandingthecompany’sleaseaccountinginformation,andunderstandhowtochoosethediscountrateincomputingthepresentvalueofminimumleasepaymentsandresidualvalue.Allimportantprofessionaljudgmentsandaccountingestimatesoftheinformation,andusingthebasicassumptionsandaccountingprocedures,accountingpoliciesusedtohelptheanalysttojudgethecompanyisaradicaltype,conservativeormoderatetype.Thefourthlayer:therealeconomictransparency.Thesecondandthirdtiersoftransparencyhelpstheanalysttodeterminethefourthleveloftransparency,thatreflectthetransparencyofthesubstanceoftheenterpriseeconomy.Throughtheprofessionaljudgmentofthemanagementtoselectaccountingpolicies,accountingestimates,thefinalnumberoffinancialstatementsabilitytoappropriatelyreflectthecompany’scurrentoperatingresultscorrectlyreflectthecurrentandfuturecashflowsofthecompany,whethertocounttheincomeandassetslessaboutthedebtmanagementtomanipulateaccountingpolicy,earningsmanagement?Comprehensivereflectionoftheseissuesdirectlyrelatedtotheenterpriseeconomyinrealtermsisappropriate.Ifthesecondandthirdtiersofthetransparencyofdisclosureofaccountingmethodstransparentenough,theanalyzercanbeusedalonetoevaluatethequalityoftheinformationofeverybusinessandaccountingmatters,todeterminethefinancialreportreflectedtheextenttowhichtheeconomicsubstanceofthecompany.Analystscancomparewithotherenterprisesinthesameindustryoftheenterprise’saccountingpolicies,ifnecessary,canalsomakeappropriateadjustments.Inthesetwoactivities,iftheycan-depthunderstandingofthecompany’saccountingpoliciesandaccountingestimates,itwillhelptheanalysisofaccountinginformationonthecompany’soverallprofessionaljudgmentandanappropriateadjustment.Thefifthlayer:predictiontransparency.Analystsrecognizedthecompany’saccountinginformationtoproperlyreflecttheeconomicsubstancewillbefurtherpredictedthatthefutureresultsofoperationsoftheenterprise.Analystforecasttransparencyoffinancialreportingperformanceinaccountingpolicies,accountingestimates,accountingrecognition,therearesignificantchangesintheaccountingmeasurement,timelyandappropriatedisclosureoftheimpactofthesechangesandthechangesinfinancialreporting.Inaddition,disclosureofincome,expenses,permanentortemporaryfactorstoimprovethetransparencyofforecast.Theleveloftransparencyfortheanalysisprovidesanunderstandingofthelong-termperformanceoftheenterprisepointofview,toprovideabasisfortheforecastthecompany’sfuturecashflownumber,timeanduncertainty.Thesixthfloor:transparency.Thesixthflooroftransparencyreflectstheorganizationoffinancialreportinganddisclosureofthecompanyprovidedfortheuseraconvenientwaytoobtaintheinformationdiscussedbytheformerfive-story,whetherthereisretrieval,abilitytoeffectivelyguidetheanalyststofindthefinancialreportrelatedmaterials.Theleveldoesnotinvolvetherecognitionandmeasurementofaccountinginformation,thetransparencyofthelowestdegreeofimportanceoftheunderstandingofthefinancialreports.However,inreality,thesixthfloorofthelackoftransparencywillincreasetheanalysisofinformationsearchcosts,increaseanalyzetheriskofmissingimportantinformation.Transparencyinfinancialreportingcanbeunderstoodforlistedcompaniesbytheleveloffinancialreportingtoolstotherealeconomicsituationoftheabilityofexternalusersofinformationtransfercompanyformedbylistedcompaniesfortheexternalusersofinformationtransferprocess.Asadynamicconcept,thetransparencyoffinancialreportingisnotconfinedtothefinancialreporthassomestaticcharacteristics,butthecompanydisclosedinformationandtheinvestorasthemainexternalinformationusersreceive,understandtheinformationlinkedtothecompany’strue,acompleteimageofthedegreeofexternalinformationusers“transparent”,thatis,externalinformationusersbeabletounderstandthecompany’scurrentfinancialposition,operatingresultsandrisksthroughthefinancialreportistrue,theextentoftheoverallsituation.Transparencyisultimatelyacomplexseriesoffactorsofproduction,transmission,anddisseminationofinformationsharedbythedecision,theresultsofthevariouselementstogetherintheprocessofthissystem.Basedonthis,thetransparencyoffinancialreportingisdividedintofiveparts:alistedcompanyasafinancialreportingproducersandreleasedthemain,constitutesagenerationbasisforfinancialreporting;financialreportisthecarrierofthetransmissionofinformation,itstherelevantcharacteristicsoftransparencyplaysadecisiverole;inordertomaintainthenormaloperationofthemarket,regulatorswouldbefinancialreportingvariousformsofsupervisionandcontrol;therouteoftransmissionandmethodsoffinancialreportingforinvestorstoreceiveandunderstandinformationhasanimportantinfluence;easeofunderstandabilityoffinancialreportingandfeedbackistheeffectofthetransmissionofinformationdirectly.Thefinancialreportsgeneratedbasedonthelistedcompaniesasproducersoffinancialreportingandpublishingthemain,thecontentsofthereport,structuralarrangements,suchaschannelselectionhasanaturalrighttodecideonthetransparencyoffinancialreportingwillproducebasic.Inthispartoftheinternalcontroloversightandcorporategovernancefactorsplayanimportantrole.Stronginternalcontrolandsupervisiontoensurethefinancialreportingoftheinformationprovidedisaccurateandreliable,andgoodcorporategovernancewouldhelplistedcompaniesfinancialreportingdecisions,andmorelikelytobeeffectiveinprotectinginvest