Pay reference arbitration and the disclosure of information

This is the second of two articles which bring together two aspects of industrial relations: the practice of arbitration and the disclosure of financial information at general pay claim references. This article reports and discusses the findings of a mailed questionnaire survey of ACAS arbitrators and offers some general conclusions.     

Rivalry information acquisition and disclosure

In the recent past, there have been numerous scandals around poor product qualities in various industries. Although it can be easily rationalized why bad practices have not been reported by the inflictors themselves, it is more difficult to understand why the non‐inflicting competitors did not report their rivals' acts. In this paper, we study these competitors' incentives to acquire and to disclose information on the quality of their rivals' products and question when we can leave the information disclosure process to the competitive pressure of markets and when there is a need for governmental intervention. We find that low quality levels can be disclosed in markets that exhibit negative spill‐over effects, but should not be expected to be disclosed in markets that exhibit a positive spill‐over effect. A regulatory policy on quality testing and disclosure may be more effective in the latter type of market.     

Optimal auctions and information disclosure

We characterise properties of optimal auctions if the seller may disclose information about the quality of the object for sale. We show that the seller maximizes his expected revenue by revelation of all information to all bidders and implementing a second price auction with appropriate reservation price.     

环境信息披露制度的国际经验及启示

工业革命以来,科学技术和全球经济取得了飞速发展,同时,环境恶化也愈演愈烈,企业环境信息披露问题逐渐成为各国关注的重点。2020年12月30日,中央全面深化改革委员会第十七次会议明确提出,环境信息依法披露是重要的企业环境管理制度,是生态文明制度体系的基础性内容。本文选取美国、欧洲、日本和澳大利亚等发达经济体系统阐释环境信息披露制度的国际经验,重点介绍了各个国家与环境信息披露有关的制度发展历程及法律法规体系,并结合我国环境信息披露制度存在的主要问题,从完善有关环境信息披露的法律法规、加强政府和第三方的监督作用、发挥企业的主观能动性、分阶段有步骤充实披露内容等方面提出了相关的启示和借鉴。     

上市公司信息披露研究综述

本文从上市公司信息披露动机、信息披露方式、信息披露质量及其经济后果三个角度对国内外有关上市公司信息披露的文献进行了回顾和评析,并针对我国信息披露研究的不足,提出了信息披露的研究方向。     

内部控制信息披露的理论分析

本文对公司内部控制信息披露进行了理论分析，阐述了基本概念以及与之相关的理论，委托代理理论、信息不对称理论和信号传递理论，并从不同角度分析内部控制信息披露的重要意义。     

浅析会计信息披露问题

文章对当前会计信息披露中存在的问题进行分析,提出只有加强内部会计管理,强化社会会计监督,完善会计法律法规建设,才能提高会计信息披露质量。     

我国衍生金融工具信息披露制度的思考

国内外接连续发生了多起衍生金融工具交易巨亏事件,衍生金融工具的风险信息披露成为眼前迫切的研究课题。     

我国衍生金融工具信息披露制度的思考

国内外接连续发生了多起衍生金融工具交易巨亏事件,衍生金融工具的风险信息披露成为眼前迫切的研究课题.     

Interactive information disclosure and non-penalty regulatory review risk

Using monthly data from the Shenzhen Stock Exchange's ‘Hudongyi’ platform and comment letters from December 2014 to December 2018, this study investigates the influence of interactive information disclosure on non-penalty regulatory review risk. The findings reveal that the richness and activeness of interactive information disclosure are positively associated with regulatory review risk. Moreover, the non-penalty regulatory review is effective as it significantly reduces the probability of receiving a comment letter in the subsequent three periods. The timeliness of interactive information disclosure is negatively associated with regulatory review risks. Additionally, we find that newspaper media coverage partially mediates the relationship between interactive information disclosure and regulatory review risk. For companies with low levels of internal governance, in low-competitive industries, and state-owned companies, the positive relationship between the number of investor questions and regulatory review risk is strengthened. These findings enrich the literature on the determinants of regulatory review risk and the economic consequences of interactive information disclosure in emerging markets.     

商业银行会计信息披露问题研究

本文对目前我国商业银行信息披露存在的问题及成因作了论述,并对如何规范我国商业银行信息披露提出了若干建议.     

On the informed seller problem: optimal information disclosure

We consider a revenue-maximizing seller who, before proposing a mechanism to sell her object(s), observes a vector of signals correlated with buyers’ valuations. Each buyer knows only the signal that the seller observes about him, but not the signals she observes about other buyers. The seller first chooses how to disclose her information and then chooses a revenue-maximizing mechanism. We allow for very general disclosure policies, that can be random, public, private, or any mixture of these possibilities. Through the disclosure of information privately, the seller can create correlation in buyers’ private information, which then consist of valuations plus beliefs. For the standard independent private values model, we show that information revelation is irrelevant: irrespective of the disclosure policy an optimal mechanism for this informed seller generates expected revenue that is equal to her maximal revenue under full information disclosure. For more general allocation environments that allow also for interdependent, for common values, and for multiple items, disclosure policies may matter, and the best the seller can do is to disclose no information at all.     

上市公司信息披露制度研究

作为证券法律制度之一的信息(本文专指会计信息)披露制度,它是维系证券市场健康发展的基本制度,也是证券监管部门实施监管的核心制度.一方面,它必须不折不扣地保障投资者的合法权益;另一方面,它又不能过分严苛地强制要求披露,以免抑制了企业通过证券市场筹资的兴趣.这种微妙的平衡是我国这个没有太多证券市场有效监督经验的国家不得不面对的问题,也是相关学者研究探讨的原因.     

追溯调整法与上市公司信息披露

会计政策变更和会计差错更正通常均采用追溯调整法进行处理。这一方法对企业当期及前期的会计信息均可能产生较大的影响,正确理解追溯调整法对信息披露的影响,将直接关系到会计信息分析的正确性。     

Study on the environmental information disclosure of Chinese forestry enterprises

Environmental accounting is a kind of accounting which focuses on the compensation for the resources spending. It combines the theories of environmental economics and traditional accounting and uses scientific as well as systematic ways to coordinate the development of economics and the protection of environment. It is just in the primary process for forestry enterprises in China to introduce the research and practice of environmental accounting. Based on discussion about the principle of environmental information disclosure and analysis on the current situation of the environmental information disclosure of the forestry enterprises, this paper attempted to propose that the supplementary report mode of information disclosure should be appropriate for the forestry enterprises, which provide the balance sheet of environment, the income statement of environment besides the original three financial report to reflect the general environmental information of the enterprise.     

Optimal disclosure of costly information packages in auctions

In an independent, private values, second-price auction with entry fees we discuss the way in which a seller should optimally spread costly information among the bidders. We find that marginal gross revenues do not generally behave monotonically in total information release. In the two bidder case, essentially, any asymmetric allocation of information dominates the symmetric information allocation. Even the bidder who gets less information is willing to pay a higher entry fee for asymmetric information allocations than for the symmetric one. His entry fee coincides with that of the better informed bidder. Losses from allocating an amount of information non-optimally can be substantial.     

信息技术行业上市公司研发费用披露探讨

本文对我国信息技术行业上市公司2003-2005年年报中所披露的研发费用信息进行分析，揭示出我国上市公司在研发费用披露方面存在的不足，并结合新会计准则就我国上市公司研发费用的披露提出一些建议。     

试论资本市场中自愿性信息披露

在资本市场中,信息不对称问题的广泛存在,严重影响了资源的配置效率。本文从信息披露机制中自愿性信息披露的角度出发,分析了自愿性信息披露的动机、主要内容、可信性以及当前我国自愿性信息披露的现状和存在的问题,以期为解决信息不对称问题提供一个思路。     

我国企业环境信息披露的现状分析

伴随着科技现代化和经济全球化的步伐,人类的物质生活得到了极大改善,然而自然生态环境所遭受的破坏也不容小觑。如何应对当前的环境危机,突破遏止人类发展的"瓶颈",已成为亟待解决的问题。企业作为社会的基本单元,既是社会财富的直接创造者,又是环境污染的主要制造者。作为环境的重要影响者之一,企业理应积极践行可持续发展观,主动对外披露环境信息,切实承担起自身的环境责任。随着国家对环境问题的日益重视,环保立法不断加强,我国企业的环境信息披露状况也有了明显改善。但与西方发达国家相比,无论是在披露内容、披露形式还是披露效果方面,情况仍不容乐观。