1、中文 2890字 Information Disclosure Policy Implementation Plan I. Background Information disclosure is essential for the effective operation of the securities market .In a market where resources are not fully allocated, capital providers (investors below) need to seek good opportunities to realize added
2、 values on their capital while capital operators (management below) hopes to attract enough capital for operation so as to make profits. Once the two strike a deal and there is the problem of information asymmetry. The solution to the problem of information asymmetry is likely to lead to reverse opt
3、ions and ethical risks. In the constantly evolving and improving securities market, information disclosure has become a necessary tool to reduce information asymmetry between investors and the management. Developed Western countries have a long history of capital market and it is quite fruitful in t
4、he study of information disclosure on the capital market. In 2001, Journal of Accounting and Economics published a comprehensive study on information disclosure on the capital market written by the two professors, Paul M. Healy and Krishna G., Palepu, which reviews, in an all-round manner, in depth
5、and systematically the theories and empirical studies in the area of information disclosure on the capital market and looks forward to the prospects for the study in the area. This paper first borrows the two professors framework of study on information disclosure on the capital market and, in tande
6、m with the information disclosure on Chinas securities market, and through a case study, puts forward some problems existing in the information disclosure on Chinas securities market. II. Roles and Responsibilities From the early stages of drafting of the new Information Disclosure Policy, there has
7、 been an explicit understanding among Departments of the Bank that while the Policy document itself would not speak to questions of its eventual implementation, all aspects of execution would be entrusted to EXR, with implications in terms of timing, logistics, budget and other resources. . Coordina
8、tion EXR will be responsible for coordination of a series of training, publication/information-dissemination and outreach activities related to the implementation of the new Policy, working in conjunction with several other Departments, including the Regional Operations Departments, Private Sector D
9、epartment, the Regional Technical Cooperation Division of the Integration and Regional Programs Department, the Multilateral Investment Fund and the Office of Learning (LRN). A second imperative for the successful implementation of the Policy will be close coordination with the staffs of those Bank
10、units managing databases and other systems serving as repositories of information required to be disclosed to the public. These units include the Information Technology for Operations Division (ITS/ITC) of the Information Technology and General Services Department and the Information Resource Manage
11、ment and Support Services Unit and Loan and Technical Cooperation Management Section (FIN/IRM and FIN/LTM, respectively) of the Finance Department. In particular, EXR looks forward to working with ITS and SEC during 2003-04 on ways to automate further, through initiatives such as use of the IDBDocs
12、system and the Data Warehouse that promise to enhance the connectivity of different systems so as to deliver documents more efficiently to the PIC. IV. Instructions and Publications EXR will develop a series of written instructions to staff for implementation of the Policy, with an emphasis on the r
13、oles of the project teams in the Regional Operations Departments and PRI； sector specialists in the Country Offices； and the Public Information Center at headquarters. These instructions will serve as the basis for training sessions, described below, and will be complemented by preparation of 1) an
14、Information Disclosure Handbook, 2) a short brochure and 3) with specific reference to operations-related information, a “flow chart” depicting what products/documents are available to the public at each stage of the project cycle, ranging from the Country Programming/Country Strategy/Project Identi
15、fication phase and extending through execution to evaluation and repayment. Each of these publications will be geared toward the general public and will be published in hard copy and the Internet in each of the Banks four official languages. EXR will draft the instructions for implementation of the
16、new Policy immediately following Board approval of the proposed policy. The instructions will be translated and circulated to staff no later than December 31, 2003. . Staff Training A key element in the successful implementation of the new Policy will be the Banks Country Offices. Accordingly, EXR w
17、ill focus attention on training Country Office staff effective immediately, beginning with a session on implementation of the Policy during the visit of the 26 Representatives for an internal seminar on Transparency to be held at Bank headquarters on October 22-23, 2003. Subsequent steps, as outline
18、d below, will focus on events scheduled in collaboration with LRN and the front offices of the Regional Operations Departments and PRI. Training of Country Office and headquarters staff on the contents of the new policy and on institutional arrangements necessary to implement it will begin in the fi
19、rst quarter of 2004 and will be based on the instructions referred to above. At a minimum, EXR anticipates the convening of three videoconferences, one per Region, and four missions during 2004. When advisable, EXR will collaborate with LRN in the design and facilitation of both the videoconferences
20、 and the missions so as to maximize their impact and minimize costs. As recommended in a report prepared by an independent consultant for Region 1 in November 2002, EXR will seek to provide training for the Banks Country Offices in matters that complement Information Disclosure policy, as well, incl
21、uding attempts to use the Public Information Center “function” in those offices as a tool in the work being carried out by the Civil Society liaisons designated in each of the Country Offices, and where they exist, the Civil Society Advisory Councils. VI. Follow-up Mechanisms and Timing The instruct
22、ions to staff referred to in Section above will specify that digital files containing the full, final texts of documents specifically listed as available to the public under the proposed new Policy must be delivered to the PIC within five (5) working days of the approval of the corresponding documen
23、t by the relevant Bank unit, Bank Management Committee or the Board of Executive Directors. In cases where the relevant Committee or the Board has approved a document contingent upon the introduction of changes to the text, the author of the document shall inform the PIC in writing if the document w
24、ill not be available within five (5) working days after the meeting of the Committee or the Board, and to provide the final text within twenty (20) working days of the Committee or Board decision, unless an exception is granted in writing by the PIC. . Specific products and initiatives In several in
25、stances, the proposed new policy provides for automatic release of classes of information that have either been considered heretofore as confidential by definition, or which have not been produced and disclosed in any regular format. Accordingly, in anticipation of the entry into effect of the new policy, the Office of External Relations has begun planning for a series of new procedures (and in one case, improvements to procedures currently in effect) to facilitate timely release of these
