浅谈关联方交易信息披露规范【外文翻译】 .doc
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1、外文翻译原文:Discussion of related party transaction information disclosure normsAt present, the related party transactions of listed companies is widespread, many listed company has become an important part of business activities. In theory, related party transactions are neutral areas of the economy, ma
2、rket behavior is neither simple, nor black box trading. Its main role is to make full use of internal resources, lower transaction costs, improve operational efficiency and achieve the company goal of capital operation. However, because the purpose of related party transactions and forms the main bo
3、dy by the micro-economic control, so in practice, many listed companies, related party transactions not in the free competition under market conditions, but controlled by large shareholders. Particularly in the laws and regulations are not perfect, assessment and auditing role of intermediaries has
4、not been fully played, accounting practitioners are not high quality case, related party transactions even easier to become part of the adjustment of profits of listed companies, the means to evade tax . This resulted in varying degrees of distortion of accounting information and misleading investor
5、s investment decisions. First, the existence of related party transactions in question While certain related party transactions are conducted in public, but in many cases, related party transactions is not based on a fair and impartial, but to gloss over the partys financial position and operating r
6、esults, to achieve set a good corporate image, to appease the creditors, incentives of investors. Obviously unfair related party transactions, mainly the following aspects: 1. Adjustment of profits. The favorable transfer pricing and false sales to the inflated profits. If listed companies well belo
7、w the market price of raw materials purchased from related parties or stock merchandise on, he is far above the market price of the sale to related parties, the low prices, then the operating results of listed companies to gradually brilliant get up. profits through asset replacement regulation. Ass
8、ets between related parties, the performance in the form of unequal exchange: one related party to purchase quality assets at low prices to listed companies and listed companies or non-performing assets of unequal exchange; two non-performing assets of listed companies and related debt equal to the
9、related party stripped to reduce the financial costs, enhance profitability; three listed companies the market price much higher than the sale of bad assets to related parties in order to obtain significant disposal gains. 2. Shift the burden of debt and costs. Between related parties bear the debt
10、and costs, mainly in the following several forms: the other party to repay the debt; the other party to pay the purchase price; pay the other party; otherwise the other party to incur obligations and costs. 3. Transfer of funds. By listed companies are often higher or lower than the market price, se
11、lling goods to related parties or to provide services to achieve the purpose of transfer of funds. In addition, listed companies and financial exchanges between related parties and lending are quite common, although business lending to each other between the acts not permitted by the regulations, bu
12、t the related party transactions and the lending of funds between the two is difficult to strictly distinguish between , and the method was not responsible for the public.4. Reduce the tax burden. Reduce the tax burden through related party transactions, the main two things: First, the profits of pr
13、ofit-making enterprises will be transferred to the loss-making enterprises, to minimize the tax burden on the whole group; second is the use of different enterprises in different regions and tax incentives tax provisions of the difference , the profits to low tax or even more preferential tax polici
14、es related party. Second, the limitations of the relevant laws and regulations binding 1. Difficult to control the related party relationship between the behavior of non-associated. In order to truly reflect the economic substance of related party transactions, promulgated the sale of assets between
15、 related parties, such as the Provisional Regulations on Accounting Treatment. The central element is: listed companies and transactions between related parties, if there is no conclusive evidence that the transaction price is fair, on the obviously unfair trading price of parts, shall be allowed to
16、 be recognized as current period profit as a capital surplus shall be dealt with and This part of the difference may not be used to increase the capital, or make up the losses. As the Interim Provisions on non-related party transactions is not to regulate, resulting in a number of listed companies b
17、y various means, the association of non-related party relationship, so that the original revenue from related parties into from non-affiliated parties, to achieve the manipulation of profit purposes. In addition, listed companies will be non-association of related party relationships since then repl
18、acement of non-monetary assets, monetary transactions: the first non-correlation of related party relationship, then a non-monetary asset exchange transactions, as the two document monetary transaction processing, asset replacement soon had a business into a sale of assets and acquired assets of the
19、 two document-monetary transactions to evade the Accounting Standards for Enterprises - Non-monetary transactions constraints, to increase the companys profits with . 2. Relationship between related parties narrow the scope of the provisions. Enterprise Accounting Standards - related party relations
20、hips and transactions disclosed in, the not give a clear definition of related parties, gave only a standard to judge the relationship between related parties, namely: direct or indirect control, joint control or direct significant impact; two or more parties with the subjects control. But indirect
21、common control, significant indirect effects, with the under common control between two or more parties, not as a related party accounting standards; on the form is not in fact belong to the relationship between related parties, accounting standards only in principle requirements, but no specific re
22、quirements. Define the scope of related party relationships too narrow for the listed companies manipulated profits through related party transaction has left more space.3. Pricing policies on related party transaction disclosure requirements is too simple. Accounting Standards for Enterprises - rel
23、ated party relationships and transactions disclosure requires listed companies in the notes to financial statements, the related party transactions pricing policy as one element of their transactions to be disclosed. However, the scope of the pricing policy, to which pricing policies can be used, di
24、fferent pricing policies apply to which types of transactions, etc., not to make provision. Currently, listed companies to disclose the related party transaction pricing policies varied, such as the ex-factory price, price agreements, plans price, contract price, the wholesale price so the choice of
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