小型私營企業(yè)的強(qiáng)制性會(huì)計(jì)信息披露失真[外文翻譯]

1、外文翻譯MatyAccountingDisclosurebySmallPrivateCompaniesMaterialSource:FthcomingEuropeanJournalofLawEconomicsAuth:BenitoArruadaThisarticleanalyzeshowmatyaccountingdisclosureisgroundedondifferentrationalesfprivatepubliccompani

2、es.ItalsoexplestechnologicalchangessuchascomputeriseddatabasestheInterwhichhaverecentlymadedisclosureofcompanyaccountsbysmallcompaniespotentiallylesscostlymevaluablethankstoelectronicfilinguniversalonlineaccesstocreditin

3、fmationsystems.Theserecentdevelopmentsfavourpoliciesthatwouldexpthescopeofmatypublicationfsmallcompaniesincountrieswhereitisvoluntary.Theyalsoencouragepoliciestoreducethecostsenhancethevalueofdisclosurethroughadministrat

4、iverefmsoffilingarchiveretrievalsystems.Surveyregistryevidenceonhowtheinfmationintheaccountsisvaluedusedbycompaniesisconsistentwiththeseclaimsabouttheevolutionofthetradeoffofcostsbenefitsthatshouldguidepolicyinthisarea.M

5、appingcostsPublishingcompanyaccountsinvolvessubstantialprivatecosts.Theseincludethedirectadministrativecostofpreparingfilingtheaccounts.Theremaybeotherlessdirectcostsaspublicationmaycauseacompetitivedisadvantagefthediscl

6、osingfirmswhichmaydamagetheirincentivestoinvest.Athirdtypeofprivatecostisthelossofpersonalprivacy.AdministrativecostsThesecostsarenottrivialasrevealedbythelackofcomplianceobservedwhenenfcementislenientasinGermany(Weilbac

7、h1991:800)Theherls(Bolle1996).Ithasbeenarguedthattoavoidthecostsofmatypublicationsomefirmsarewillingtodosubstantialrestructuring(Barry2006)publicationavoidancehasplayedaroleinsomemassivechangesinganisationalfm(Maijo1996)

8、.Furthermematydisclosuremayalsointerfereintheoptimalchoiceofsafeguardinginstruments(GeSachsTrzcinka2004).Butthesizeofthesecostsisopentoquestionatleastfmostfirms.FirsttheDisttionofcompetitionPublicationofaccountsmightalso

9、causeprivatecoststothedisclosingfirmbyinfmingitscompetitswhichmightalsodisttcompetition.Howeverthiseffectseemsunlikelytobesubstantialwhensmallcompaniesareinvolved.Atleastthesecostsareclearlysmallerthanthoseofthedisclosur

10、enowcommonlyrequiredfrompubliccompanies.Ausefulcomparisonwouldbethatbetweentheimpactofpubliclyfilingtheannualaccountswiththatofannouncingfinstancethecancellationofaresearchprogramme.Doubtremainsonthispointhowevernotfthem

11、icrocompaniesconsideredbytheEuropeanCommissionbutfmediumsizedevenlargeprivatecompaniesfwhichdisclosuremaybequitesensitivegiventheirsizepresenceinconcentrateddifferentiatedmarkets.Thelessercompetitiveeffectsfsmallerfirmsa

12、reconfirmedbytheresultsofasurveyconductedinOctober2007amongSpanishusersofabusinessinfmationsystemthecodebookresultsofwhichareshowninTable1(question5：Youuseourservicestogetinfmationon…(markoneseveralresponses):Suppliers15

13、1325.54%205Clients509285.96%558Competits250142.22%309).ThesurveywasconductedbyamajproviderofonlinecreditinfmationfsmallfirmsinalargeEUcountry.ItwasconductedonlineonOctober25262007bysending74862emailstoaromsampleofregiste

14、redusersofferingeachofthemafreecreditrept(marketprice13.92€)iftheyansweredthesurvey.Atotalof5924usersfilledinthesurveyin24hourswitharesponserateof7.91%.Mostoftherespondentsweresmallfirms.Accdingtothesurveythepercentageof

15、firmswhichusetheservicetofindoutaboutcompetitsgivenbythethirdanswerdecreasessignificantlywiththesizeoftheuserfirmassuggestedbythedifferencesinaverageusebetweengroupsoffirmsofdifferentsize.Thisisconfirmedbythepositivecoef

16、ficientobtainedftheFirmSizevariableintheeconometricestimationinwhichthedependentvariableisCompetitsabinaryvariableequaltoonewhenthefirmusestheservicetogaininfmationoncompetitszero.Ndoesthefactthatoutletsinverticallyinteg

17、ratedwkswouldbesubjecttodifferentreptingrequirementsseemtocreateasignificantcostdifference.Franchisedoutletspublishtheiraccountswhentheyareincpatedascompanieswhileverticallyintegratedoutletsdonotneedtodosowhentheyaremere