在公司規(guī)?；A(chǔ)上的會計信息披露法規(guī)和資本市場的證據(jù)【外文翻譯】

1、外文文獻(xiàn)翻譯外文文獻(xiàn)翻譯AccountingDisclosuresBasedonCompanySize:RegulationsCapitalMarketsEvidenceTheFASBSEChaveadopteddifferentialdisclosurerequirementsthattypicallyexemptsmallcompaniesfromcertaindisclosures.Theseexemptionsarepresum

2、ablybasedontheargumentthatsmallcompaniesincurdisproptionatecostsincomplyingwithcomplexaccountingregulations.Againstsuchcostspolicymakersweighpotentialbenefitstoinvestsotherusers.Recentresearchsuggeststhatinvestsaremedepe

3、ndentonsmallcompaniesdisclosuresthanonthoseoflargercompanies.Specificallysmallcompaniesearningsannouncementsgeneratemeintensesustainedpricevolumereactionsthandolargecompaniesannouncements.Thispaperrelatesthatevidencetoth

4、eroleoffirmsizeinsettingfinancialreptingstards.DifferentialDisclosureRulesFinancialreptingregulationscontaindifferentialdisclosurerequirementsbasedoncompanysize—i.e.“tieredregulations.“Differentialdisclosurerulesarepresc

5、ribedwhentheFASBSECconcludesthatthebenefitsofaparticulardisclosureoutweighthecostsofthatdisclosurefed(butnotall)companies.Companysizeisacommoncriterionfpartitioningfirms:smallcompaniesareexemptfromsomerequirementsthatapp

6、lytolargecompaniesviceversa.TheAppendixlistsrecentsizerelateddifferentialdisclosurerequirements.TypicallytheFASBtheSECcitecostbenefitargumentstojustifymeextensivedisclosurerequirementsflargepubliclyheldcompaniesthanfpriv

7、atesmallpubliccompanies.TheSEC’sAdvisyCommitteeonCpateDisclosureconcludedthatcompliancewithfinancialreptingrequirementsismecostlyinarelativesensefsmallcompaniesthanflargeonesthattheinvestmentcommunityislessinterestedinsm

8、allcompanies.AccdinglytheSECexemptssmallcompaniesfromsomedisclosurerequirements.Fexample79)whichexemptsnonpublicenterprisesfromtherequirementtodiscloseprofmaresultsofoperationsfbusinesscombinationsaccountedfbythepurchase

9、method.Furthermeinparagraphs2049ofSFAS87theBoardexplicitlydiscussesbutdoesnotadoptsimplifiedpensionaccountingfsmallcompanies.SecurityPriceTradingVolumeReactionstoAccountingDisclosuresInassessingbenefitstoinveststheFASBco

10、nsiderssecuritypricetradingvolumereactionstoaccountingdisclosuresasanindicatofusebyinvests.Suchreactionssummarizetheaggregateeffectsofrevisedexpectations.Ifanannouncementisinfmativeinvestsrevisetheircashflowexpectations(

11、resultinginapricechange)realigntheirptfolios(resultinginincreasedtradingvolume).Henceifanaccountingdisclosureisassociatedwithanabnmalchangeineitherpricestradingvolumethedisclosure“infmationcontent.“Thatisthedisclosuresee

12、mstobeusefulrelevantinmakinginvestmentdecisions.Anextensiveliteratureofempiricalresearchdocumentsvariousaccountingdisclosuresasinfmative—fexampleannualearningsannouncementsquarterlyearningsannouncementsmanagementearnings

13、fecastsannualrepts.Recentresearchhasprogressedastepfurtherbytestingfdifferentialreactionsbetweenlargeversussmallcompaniesearningsannouncements.Theremainderofthispapersynthesizesevidencefromthosestudiesexplainswhytheresul

14、tsindicatethatpolicymakersconsiderationofdifferentialcostargumentsinsettingsizebasedreptingrequirementsshouldbetemperedbydifferentialbenefitarguments.SomeCaveatsRegardingEvidenceConclusionsThroughoutourdiscussiontwoimpta

15、ntlimitationsshouldbekeptinmind.FirstevidenceofstronginvestreactionstosmallfirmsearningsannouncementswouldnotnecessarilybeinconsistentwiththeSECstheAICPAcommitteesconclusionsthatsmallcompaniesprovideinfmationthatuserseit

16、herdonotneeddonotunderst.Whilesmallcompaniesearningsdisclosuresmaybeinfmativeotherdisclosurescouldstillbeunnecessaryconfusing.Secondweconsiderdifferentialregulationsfsmallversuslargepubliclyheldcompaniestheevidencereview