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1、外文文献翻译译文原文：Thetrendsoftransparency,lawsandregulationsoncorporategovernance1、ThegeneralsituationanddevelopmenttrendabouttransparencyofthemarketMarkettransparencyreflectstheinformationdisclosureoflistedcompanies.Itisoneofthemostimportantappraisalstandardsofqualityandinform
2、ationefficiencyincapitalmarket.Itisalsothemainpoliticalobjectiveofregulationauthorities.Informationdisclosureisthelegalobligationoflistedcompanies,butlistedcompaniesusuallyhasoptionsintermsofdisclosurecontent,pattern,time,objectandsoon.Generally,listedcompaniescanbenefit
3、fromvoluntaryandabundantinformationdisclosurebythefollowingaspects:enhancingthereliabilityoffinancialreport,improvingtheinvestors’relationship,increasingtheliquidityofstocks,improvingdecision-makingabilityofinvestors,reducingthelitigationriskandsoon.Sincethe1990s’,withco
4、nstantdevelopmentofthecapitalmarket,theinformationdisclosureissuehasbeenattractingmoreandmoreattentionfromsociety.Asthetransparencyoflistedcompaniesisstillunsatisfactory,theinformationdisclosuresystemisprioritytocompulsorydisclosure,withvoluntarydisclosureasassistant.1.1
5、CompulsoryinformationdisclosureoflistedcompanyCompulsorydisclosurestemsfrompolicyenvironment.Forlistedcompanies,informationdisclosureisnotonlyavoluntarybehavior,butalsoalegalobligation,whichisregulatedbythecompulsoryinformationdisclosuresystem.Duringthepastdecade,hasdeve
6、lopedaomprehensiveinformationdisclosuresystem,whichiscomposedoftheSecuritiesLaw,aswellasrelatedadministrativeregulationsandinstitutionalrules.Theinformationdisclosuresystemcontainsfourlayers:basiclaws,administrativeregulations,institutionalrulesandmarketcriteria.1.2Theef
7、fectivenessofinformationdisclosuresystemFollowingthedevelopmentofthestockmarket,informationdisclosuresystemhasestablishedabasicframework.However,withdeceptiveandlaggedinformation,currentinformationdisclosureofpubliccorporationsisineffective,thusrenderingthewholesystemlac
8、kofeffectiveness.Thelackofpubliccorporation’sinformationdisclosureit’sdemonstratedinthefollowingfourasp
