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中国概念股背后的文化问题（双语）
Emily ChasanSenior Editor.Chinese companies continue running into trouble with U.S. investors concerned about opaque or in some cases, incorrect financial disclosures.
中国企业依然面临着美国投资者对其财务数据不透明（在某些情况下甚至是不真实）的担忧。
And now it's come to this: the WSJ reports that due diligence has become a growth industry in China, as investors, banks, and private equity firms of all stripes look for ways to get at the truth. Chinese regulators, however, seem to think the issue is driven more by cultural differences rather than dishonesty. Wang Ou, vice head of research at the China Securities Regulatory Commission, said at conference this week in Beijing:
现在的情况是：据《华尔街日报》报道，在中国，随着投资者、银行和各类私募股权投资公司想方设法获取真实数据，尽职调查已经成为一个新兴产业。但中国的监管机构却似乎认为，这一问题主要是由文化差异导致的，与诚信没有多大关系。中国证券监督管理委员会（简称：证监会）研究中心副主任王欧不久前在北京的一场会议上说：
First, we have to admit that some of our companies may have flaws. Second, our (companies') understanding of the U.S. market and the measures to tackle risk there may be inadequate.
“首先，我们必须承认，我们的某些企业或许存在问题。第二，我们企业对美国市场的理解，以及在美的危机应对举措或许不够。”
Tarun Khanna, a Harvard Business School professor who specializes in emerging markets, agrees that U.S. investors may be relying too heavily on their U.S. constructs for Chinese investments, while Chinese companies may be growing a little too confident a little too quickly, given the language barriers and the relatively recent rise of capitalism in China. He notes that even basic concepts about how companies operate and communicate with stakeholders are different in the U.S. and China, despite attempts to harmonize global accounting.
哈佛商学院（Harvard Business School）教授塔伦·卡纳（Tarun Khanna）专门研究新兴市场国家，他认同以下看法，即由于语言障碍以及资本主义在中国崛起得相对较晚，美国投资者在投资中国企业时可能过于依赖美国的概念，而中国企业则可能有点过于快地变得有些过于自信了。他注意到，尽管有关各方试图协调全球会计准则，但即便是企业应该如何运作以及如何同股东交流这类最基本的概念，中美两国间也存在差异。
'Investors everywhere, including in the United States, seem to be falling into the trap that what is best practice here is likely best practice elsewhere, and that's been proven around the world to be a very tenuous proposition,' Khanna told CFO Journal.
卡纳对《华尔街日报》的CFO Journal栏目说，包括美国在内的全球投资者似乎都在陷入一个圈套，即存在一个放之四海而皆准的“最佳做法”（best practice），但世界各国的实践经验已经证明，这一看法其实靠不住。
【我要纠错】 责任编辑：梓墨
上一篇：美国人的住房梦破灭了（双语）
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