Emily ChasanSenior Editor.Chinese companies continue running into trouble with U.S. investors concerned about opaque or in some cases, incorrect financial disclosures.

　　中國企業(yè)依然面臨著美國投資者對其財務(wù)數(shù)據(jù)不透明（在某些情況下甚至是不真實）的擔(dān)憂。

　　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:

　　現(xiàn)在的情況是：據(jù)《華爾街日報》報道，在中國，隨著投資者、銀行和各類私募股權(quán)投資公司想方設(shè)法獲取真實數(shù)據(jù)，盡職調(diào)查已經(jīng)成為一個新興產(chǎn)業(yè)。但中國的監(jiān)管機(jī)構(gòu)卻似乎認(rèn)為，這一問題主要是由文化差異導(dǎo)致的，與誠信沒有多大關(guān)系。中國證券監(jiān)督管理委員會（簡稱：證監(jiān)會）研究中心副主任王歐不久前在北京的一場會議上說：

　　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，我們必須承認(rèn)，我們的某些企業(yè)或許存在問題。第二，我們企業(yè)對美國市場的理解，以及在美的危機(jī)應(yīng)對舉措或許不夠。”

　　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.

　　哈佛商學(xué)院（Harvard Business School）教授塔倫·卡納（Tarun Khanna）專門研究新興市場國家，他認(rèn)同以下看法，即由于語言障礙以及資本主義在中國崛起得相對較晚，美國投資者在投資中國企業(yè)時可能過于依賴美國的概念，而中國企業(yè)則可能有點過于快地變得有些過于自信了。他注意到，盡管有關(guān)各方試圖協(xié)調(diào)全球會計準(zhǔn)則，但即便是企業(yè)應(yīng)該如何運作以及如何同股東交流這類最基本的概念，中美兩國間也存在差異。

　　'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.

　　卡納對《華爾街日報》的CFO Journal欄目說，包括美國在內(nèi)的全球投資者似乎都在陷入一個圈套，即存在一個放之四海而皆準(zhǔn)的“最佳做法”（best practice），但世界各國的實踐經(jīng)驗已經(jīng)證明，這一看法其實靠不住。