浅谈关联方交易信息披露规范【外文翻译】.doc

1、外文翻译原文DISCUSSIONOFRELATEDPARTYTRANSACTIONINFORMATIONDISCLOSURENORMSATPRESENT,THERELATEDPARTYTRANSACTIONSOFLISTEDCOMPANIESISWIDESPREAD,MANYLISTEDCOMPANYHASBECOMEANIMPORTANTPARTOFBUSINESSACTIVITIESINTHEORY,RELATEDPARTYTRANSACTIONSARENEUTRALAREASOFTHEECONOMY,MARKETBEHAVIORISNEITHERSIMPLE,NOR“BLACKBOX“T

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40、NAJJOURNALOFACCOUNTINGANDECONOMICS,200652634译文浅谈关联方交易信息披露规范目前，上市公司的关联交易十分普遍，很多上市公司关联交易已成为企业活动的重要组成部分。从理论上讲，关联方交易是中立的经济，市场行为既不简单也不是“黑箱”交易。其主要作用是能充分利用内部资源，降低交易成本，提高运营效率，实现公司资本运作的目标。然而,由于关联方交易由各种形式微观经济的主体构成。在实践中,在自由竞争在市场状况的影响下，许多上市公司关联交易不是,而是受大股东控制。特别是在法律法规不健全，评估和审计中介机构的作用没有得到充分发挥，会计从业人员素质不高的情况下，关联方交易更

41、容易成为一部分上市公司的利润调整和避税手段。这导致了不同的会计信息，误导投资者投资决策。首先，关联方交易存在的问题虽然某些关联方交易是公开进行，但在很多情况下关联方交易不是在公平公正的基础，掩饰其财务状况和经营成果，达到树立良好的企业形象、安抚债权人以及获得投资者的奖励的目的。显失公平的关联交易，主要有以下几个方面1、调整利润。转移定价和虚假销售及虚增利润。如果上市公司向关联方购买库存商品原材料远低于市场上的价格，那么上市公司的经营业绩逐渐“辉煌“起来。通过资产置换调节利润。关联方之间的资产进行不等价交换关联方来低价购买上市公司优质资产或不等价交换不良资产；去除两种不良资产的上市公司关联方债务

42、，降低财务成本，提高盈利能力上市公司的不良资产以远高于市场价格出售给关联方，获得更高的显著出售收益。2、转移债务和费用负担。关联方之间承担债务和费用，主要有以下几种形式偿还对方债务；支付对方货款；支付另一方费用；为另一方承担义务和成本。3、转移资金。上市公司往往以高于或低于市场价格，向关联方销售货物或提供服务，以实现资金转移的目的。此外，上市公司及关联方资金往来和贷款相当普遍。虽然各企业之间的借贷行为，由其他法规允许的，但关联方交易及贷款资金往来是很难严格区分的，且该方法不对公众负责。4、减轻税收负担。利用关联方交易减少税收负担，主要有两种情况第一，盈利企业的利润将被转移到亏损企业，尽量减少对

43、整个集团的税收负担。二是不同的企业使用不同的地区的税收优惠规定，对关联方的利润实行低税甚至更优惠的税收政策。其次，有关法律法规的限制1、难以控制非关联方关系行为。为了真正反映关联方交易的经济实质，颁布了“关联方之间对资产出售会计处理暂行规定”。核心内容是上市公司关联方交易如果没有确凿的证据证明交易价格是公平的，对部分明显不公平的交易价格应允许被确认为当期损益，作为资本公积处理的存在，这部分差额不得用于增加资本或弥补损失。由于非关联方交易的暂行规定是不完善的。上市公司通过各种途径如通过非关联方关系使从原来的关联方收入转到非关联方，实现利润操纵的目的。此外，上市公司将非关联方关系的非货币性资产和货

44、币性交易更换。2、关联方关系的规定范围太小。判断关联方之间的关系标准直接或间接控制，共同控制或有直接的重大影响；两个或多方控制。但间接共同控制，重大的间接影响，共同控制下的两个或两个以上当事人不作为关联方的会计标准。上市公司利用关联方关系定义的范围窄操纵利润。3、关联方交易的披露要求的定价政策太简单。要求上市公司在财务报表附注，关联方交易的定价政策予以披露。然而，对定价政策的范围、不同的定价政策适用于哪些类型的交易等不作规定。目前，对定价政策的选择也极不规范，并没有解释定价。4、信息披露缺乏有效的监督。目前，上市公司披露关联方关系及其交易有很多的问题第一，不完整披露关联方关系。许多上市公司都没

45、有对他们的公司或有重大影响的控股股东进行披露。主要投资者个人，关键管理人员及与其关系密切的家庭成员及其他关联方披露很少。二是关联方交易的类型披露是不够的。如保证、抵押、对许可协议的或有负债、关键管理人员报酬、转让和其他应收款，有关关联方的信息基本不披露。对关联交易的披露陈述过于笼统，现行披露很大程度上注重关联交易形式上的披露，而对它的经济实质，背后的缘由，对交易各方生产经营及当期业绩的影响程度等实质性内容没有做出披露规定。第三，关联方交易的披露内容不完整，如不明确的交易类型，在信息披露中轻描淡写，使财务报表使用者不能清晰准确判断。第四、存在欺骗行为，缺乏相关的规则和条例来规范和控制。第三，对关

46、联方交易披露的规范性建议1、证券交易所的监管作用。证交所对上市公司披露关联方交易的内容，应该有相关的法律法规来规范检查。确立政府监管、行业自律和社会监督三位一体的监管框架。在证券市场信息披露的监管方面，在提高政府监管能力的同时应确立政府监管、行业自律和社会监督三位一体的监管框架。2、建立和完善法律法规，保障中小投资者的利益。关联方交易中由于不公平竞争造成的股东利益受到侵害时，有关法律法规应当适当保护受害者。应逐步建立一整套包括民事、刑事和行政责任在内的多层次的信息公开监管体制，逐步改变目前过多依赖行政监管来规范证券市场信息披露行为的做法。从立法的角度来看，给中小投资者特别是小投资者的某些特殊权

47、力，如要求法院驳回股东大会和董事会决议的权力。3、扩大关联方关系的范围。是否联营各方关系、间接共同控制、双方共同控制或多方直接控制都被视为关联方。“国际会计准则第24号揭示关联方”在两个或两个以上当事人共同控制的间接共同控制或间接重大影响被视为关联方。4、提高对关联交易内容披露。对上市公司经营业绩产生重大影响的关联交易除现有的披露要求的内容。涉及资产、共同基金和抵押担保等信息无论其数额的大小应充分披露。对已经解除的关联方之间的关系应当充分披露。5、标准关联方交易定价政策。资源或转让价格之间的关联方义务的关键是了解关联方交易。然而关联方交易定价政策没有规定，导致上市公司的定价政策披露极不规范。我

48、认为，可以广泛使用的国际可比非受控价格、转售价格、成本加利润的价格。6、增加关联方交易的披露要求。要求上市公司披露关联方交易的未偿还总额的结算期限和高级职员或合资企业应收账款和应收票据的方式、董事及其他关联方应收款项和应付款项、董事和首席执行官的赔偿及相关事项。有些国家还要求上市公司的关联方交易在资产负债表和收益表中披露大量的交易金额。7、增加关联方交易披露违规处罚。对于关联方交易操纵、会计报表粉饰或掩盖它的某些关联方交易、拒绝透露或扭曲了重要信息应当制定相应处罚规则，提高上市公司的处罚。此外，对于上市公司违规行为，不仅要惩罚上市公司，而且董事及公司董事会负责相关的民事和刑事法律责任。SOURCEKCJOHNWEITUNNELINGORPROPPINGEVIDENCEFROMCONNECTEDTRANSACTIONSINCHINAJJOURNALOFACCOUNTINGANDECONOMICS,200652634