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一年前,美国参议员卢比奥:你不能相信中国的审计,应立法要求中国上市公司进行信息披露

原创 博士陈 修昔底德的回声 昨天

卢比奥(Marco Rubio) 美国参议员

译者注:昨天翻译了一篇摩根士丹利的报告(摩根士丹利:美国或立法加强海外上市公司监管,或引发中概股退市(附名单)),文中提到的参议员卢比奥在华尔街日报(WSJ)上发表的文章。后台有读者说想读这篇文章,所以笔者就翻译如下,供各位参考。

译者的看法是,在当下的这个背景下,这些措施都在情理之中,如何提高上市公司财务信息质量,提高信息透明度,本就是中国资本市场建设的一项内容。

A new bill would ensure that U.S.-listed companies comply with American financial reporting rules.
一项新的法案将确保在美国上市的公司遵守美国的财务报告规则。

Two decades after its accession to the World Trade Organization, China still uses its intertwined public and private sectors to serve the Communist Party’s mercantilist goals. Many Chinese businesses are listed on U.S. stock exchanges, but Beijing’s intransigence ensures that American investors often don’t get a true picture of those companies’ financial health.

在加入世界贸易组织(WTO)20年后,中国仍在利用其相互交织的公共部门和私营部门为***的重商主义目标服务。许多中国企业在美国证券交易所上市,但北京方面的不妥协态度使美国投资者往往无法真正了解这些公司的财务状况。

In December 2018, the Securities and Exchange Commission and the Public Company Accounting Oversight Board issued ajoint warning to investors about the challenges American regulators face when attempting to conduct oversight of U.S.-listed companies based in China and Hong Kong. While the PCAOB regularly inspects audits of U.S.-listed firms,Beijing consistently challenges their efforts. Chinese law requires that financial records remain in China, and Beijing restricts access to accountingi nformation, citing national security and state secrecy.

2018年12月,美国证券交易委员会(SEC)和上市公司会计监督委员会(PCAOB)联合向投资者发出警告,称美国监管机构在试图对来自中国内地和香港的上市公司进行监管时面临挑战。在会计监督委员会定期检查上市公司审计报告的工作中,北京一直在阻挠。中国的法律规定,财务记录必须保留在中国。北京方面以国家安全和国家机密为由,限制美国获取会计信息。

Chinese practices raise real risks of fraud. They also undermine the fair and transparent financial reporting at the heart of American capital markets. In their December 2018 joint statement, theSEC and PCAOB acknowledged that “for investors—both U.S. and non-U.S.investors—a U.S. listing carries with it the assumption that U.S. rules and regulatory oversight apply.” When it comes to Chinese companies, that simplyisn’t true.

中国的做法带来了真实的欺诈风险,它们还破坏了美国资本市场核心的公平和透明的财务报告原则。在2018年12月的联合声明中,SEC和PCAOB承认,“对于美国和非美国的投资者来说,在美国上市的公司都假定美国的规则和监管适用。”然而,对于中国企业来说,该条件不适用。

The U.S.-China Economic and Security Review Commission identified 156 Chinese companies, including 11 state-owned-enterprises, that are listed on America’s three largest exchanges.Their combined market capitalization of $1.2 trillion means that significant American capital is exposed to the risk created by China’s lack of economic transparency.

美国美中经济与安全审查委员会确认了156家在美国三大交易所上市的中国公司的名单,其中包括11家国有企业。它们的总市值为1.2万亿美元,这意味着大量美国资本面临着风险,这些风险是由于中国(上市公司)缺乏财务透明度所带来的。

  2018去年6月,CYW过境迈阿密时,与卢比奥见面

The U.S. can no longer accept a two-tiered system, which is why I’m introducing the Equitable Act—an acronym for Ensuring Quality Information and Transparency for Abroad-Based Listings on ourExchanges—to ensure that all companies on American stock exchanges are subjectto the same standards and regulations. When the Equitable Act becomes law,foreign companies that don’t make their audits available for PCAOB review will be subject to increased disclosure requirements. If they don’t comply within three years they’ll be delisted from American stock exchanges.

美国不能再接受双重体系了,这就是为什么我要引入“公平法案”的原因——保证海外上市公司信息质量和透明度——确保所有在美国证券交易所上市的公司都遵守同样的标准和规定。当“公平法案”成为法律时,不让PCAOB审查其审计报告的外国公司将面临更高的披露要求。如果他们在三年内还没有遵守规定,他们将被美国证券交易所除名。

Ignoring China’s financial misbehavior won’t solve the problem, just as two decades of hoping for economic liberalization and political reform hasn’t stopped the Chinese government from engaging in Orwellian levels of mass surveillance and systemic human-rights abuses. President Trump has created an unprecedented opportunity for the U.S.to use its leverage to extract fair, sustainable and enforceable trade reforms from China. SEC and PCAOB negotiators should use this opening to engage with their Chinese counterparts to bring China into line with international norms.

忽视中国的金融不当行为并不能解决问题,就像20年来对经济自由化和政治改革的期望并没有阻止中国Z*F进行奥*威*尔*式的大规模监*控和系统性human-rights abuses的行为。特朗普总统为美国创造了一个前所未有的机会,美国可以利用其杠杆,推动中国进行公平、可持续和可执行的贸易改革。SEC和PCAOB的谈判代表应利用这一机会与中国有关方面进行接触,使中国符合国际准则。

China has reaped enormous economic rewards while exploiting the freedom and openness of the U.S.-led global order. Now,the U.S. and its allies must send a clear message: If Chinese companies want tobe listed on U.S. exchanges, they must comply with American laws and regulations for financial transparency and accountability.

中国利用美国领导的自由和开放的全球秩序,攫取了巨大的经济回报。现在,美国及其盟友必须发出一个明确的信息:如果中国企业想要在美国交易所上市,它们必须遵守美国有关金融透明度和问责制的法律法规。

Mr. Rubio, a Republican, is a U.S. senator from Florida.
共和党人卢比奥是来自佛罗里达州的联邦参议员。