人力資源信息在首次公開發(fā)行招股章程中的披露【外文翻譯】

1、外文翻譯原文：DeterminantsofintellectualcapitaldisclosureinprospectusesofinitialpublicofferingsInderpalSinghJL.W.MitchellVanderZahn1.IntroductionBusinessdynamicsofthe21stcenturyareincreasinglydetermineddrivenbyintellectualcapit

2、alknowledgebasedelements.Numerouscpateexecutivespractitionersbusinessprofessionalspolicymakersscholarsalikeacknowledgefactsofproductionproductsservicesmarketplacedynamicswillberadicallydifferentthanpreviously.Thecomingce

3、nturywillbynecessitybeanintegratedtechnologicallywkedglobaleconomyrecastingcomparativeadvantagesdiscriminatingpricingfgoodsservices.Inthefuturebusinesseconomiclscaperawmaterialstheirprocessingwilldeclineinvaluewhilstthat

4、ofintellectualcapitalresourceswillincrease.Thisclearlycallsfarefreshed–ifnotalternativeunderstingofbusinessprinciplesinfmationreptingdecisionmakingprocesses.Marketparticipantspractitionersregulatsalikearguethereisanimpta

5、ntneedfgreaterinvestigationunderstingofintellectualcapitaldisclosureastheusefulnessoffinancialinfmationinexplainingfirmprofitabilitycontinuestodeteriate(LevZarowin1999).Bukh(2003)fexampleassertsthattraditionalreptingmech

6、anismsarenotabletocopeadequatelywiththereptingrequirementsofneweconomyfirms.Bozzolanetal.(2003)meanwhileobserveanincreasingdissatisfactionwithtraditionalfinancialreptingitsabilitytoconveytoinveststhewealthcreationpotenti

7、aloffirms.Despitegrowinginterestdemfintellectualcapitalinfmationpriresearch(e.g.Williams2001Beaulieuetal.2002GarciaMecaetal.2005)suggestsapersistentsignificantvariationinthequantityqualityofretentionassociationwillbesupp

8、ressedbytheextentofproprietarycostsfacedbyanIPO.Previousresearcherssuggestcpategovernancestructurecanreduceafirm’scostofcapital(e.g.Certoetal.2001).Consequentlyourfinalconjectureisthatstrongercpategovernancestructuresmit

9、igatenegativeinfluencesofhigherproprietarycostsontheassociationbetweenintellectualcapitaldisclosurelevelsownershipretention.SingapeisavibrantenvironmentfinvestigatingissuesrelatedtointellectualcapitalIPOs.Firstwithaverys

10、malllmassSingape’srapideconomicgrowthisprimarilydrivenbydevelopmentofkeyintellectualcapitalresources.SecondSingapeisrankedoneofthewld’smostbusinessfriendlyeconomies(WldBank2007).AlsoSingapehasawellestablishedcpatelawgove

11、rnancesystem(PoliticalEconomicRiskConsultancy(PERC)2006TheFrasterInstitute2007).Similaritieswithregulatypracticesinmajcapitalmarketswillenableresultsfromourstudytobegeneralisedmebroadly.FexamplethecpateregulatysysteminSi

12、ngapewasadaptedfromtheBritishstillbearscloseresemblancetoday.AlsothelegalgovernanceframewkishighlyalignedwiththeCommonwealthmodelsuchthatSingapeisrecognisedasacpategovernanceleaderinAsia(MakChng2000).AccountingstardsinSi

13、ngapehavelongbeenhighlyconsistentwithIASIFRSrequirementswithaccountingpracticesregulatedbyprofessionalinstitutions(e.g.InstituteofCertifiedPublicAccountantofSingape(ICPAS)StockExchangeofSingape(SGX))governmentbodies(e.g.

14、AccountingStardsCouncil())(ACGA2007).TheauditingmarketinSingapeisdominatedbyBigFouraccountingfirms(Rusminetal.2006)whilsttherearesophisticatedintermediariessuchassecurityanalystscreditratingagenciesinvestsactingasmarketm

15、onits(MakChng2000).FinallySingape’scapitalIPOmarketsarematurehighlyactiveinternationalised.Comprisingtwoprimaryboards(SGXMainBoardSGXSESDAQ)theSGXhasgrownsignificantlysincethelate1990swiththenumberoffirmslistedbytheendof