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1、外文翻譯MatyAccountingDisclosureMaterialSource:MatyAccountingDisclosurebySmallPrivateCompaniesAuth:BenitoArrunadaTherearesubstantialdifferencesintheregulationindifferentcountriesonfinancialdisclosurebyprivatecompaniesinparti

2、cularonpublicationoftheiraccounts.IntheUSAJapansomeothercountriesmostprivatecompanieswhatevertheirsizearenotobligedtodisclosefinancialinfmation.IncontrastintheEuropeanUnionallcompaniesarerequiredtofiletheiraccountswithap

3、ublicregister.Mostothercountriesalsorequiremanyoftheirprivatecompaniestopubliclyfiletheiraccounts.Discussionsofthesedisclosurepublicationrequirementshaveledtodisparaterecommendationstoslightlyexppublicationrequirementsma

4、intainthemreducethemSingape.MerecentlyaspartofitsinitiativetosimplifythebusinessenvironmentlessenadministrativeburdenstheEuropeanCommission(2007)hasalsoproposedtoexemptsmallcompaniessothattheywouldnotnecessarilyberequire

5、dbynationallawtopublishtheiraccounts.TheCommissiongroundsitsproposalontheargumentthatfsuchcompaniespublishingtheaccountscausesconsiderablecostwithnosignificantbenefit.OntheonehaccdingtotheCommissiontherequirementconstitu

6、tesamajadministrativeburden.Ontheotheritisinconsequentialif—whengivenfreedomtodisclosenot—smallfirmschoosenottodisclosebecausetheiraccountsareonly“usedbyalimitednumberofstakeholderssuchascreditinstitutionssuppliersthatha

7、vethepossibilitytorequirefinancialinfmationdirectlyfromthecompany”.Matypublicationofaccountsbyprivatecompaniesrelatestoseveralstrsoftheeconomicaccountingfinancialliteratures:deregulationofbusinessfmalitiesmatyfinancialdi

8、sclosureinvestsprotectioncreditinfmation.Findingsinalltheseareasthusprovidecomplementaryinsightsontheissueunderdiscussion.Sincethe1960stherehasbeensubstantialcontroversyonthebalanceofcostsbenefitstheoptimalcontentofmatyf

9、inancialdisclosure.Inthepublicationofaccountsisthatitallowsimprovedassessmentofcreditriskfbothindividualtransactionsbankmacroeconomicregulation.DisttionofcompetitionPublicationofaccountsmightalsocauseprivatecoststothedis

10、closingfirmbyinfmingitscompetitswhichmightalsodisttcompetition.Howeverthiseffectseemsunlikelytobesubstantialwhensmallcompaniesareinvolved.Atleastthesecostsareclearlysmallerthanthoseofthedisclosurenowcommonlyrequiredfromp

11、ubliccompanies.Ausefulcomparisonwouldbethatbetweentheimpactofpubliclyfilingtheannualaccountswiththatofannouncingfinstancethecancellationofaresearchprogramme.Doubtremainsonthispointhowevernotfthemicrosmallcompaniesconside

12、redbytheEuropeanCommissionbutfmediumsizedevenlargeprivatecompaniesfwhichdisclosuremaybequitesensitivegiventheirsizepresenceinconcentrateddifferentiatedmarkets.MappingappropriablebenefitsPublicationofcompanyaccountsalsopr

13、ovidesbenefitstothecompaniesinvolvedtotheirtradingpartnerstothirdparties.Thissectionexaminesthosewhichareappropriablebythedisclosingcompany.BenefitsfdiscloserstheirpartnersBenefitsfdisclosingcompaniestheirtradingpartners

14、arisefromreducingtheinfmationasymmetrybetweenthem:publishingtheaccountsgrantsaccesstopotentialcurrenttradingpartnerstothehisticalrecdcurrentfinancialpositionprofitabilityofthedisclosingfirm.Thisreductionininfmationasymme

15、tryisespeciallyvaluableintransactionsthatembodyfutureobligationsfthefirm:clientspurchasingdurablegoodsallpartiesinvestinginfirmspecificassetsminityshareholdersespeciallytradefinancialcredits.Understablymetransparentfirms

16、havebeenfoundtoincurlowercostsofdebtequitycapital.Furthermepublishingtheaccountsmaybemecrediblelesscostlythancommunicatingthemindividuallytocontractualpartieshingthemonlytothosepartieswhorequestthemexplicitly.Credibility

17、isgainedbecausefilingtheaccountswithanindependentthirdparty(theregister)commitsthefirmasaccountsalreadyfiledcannotbemodifiedfutureaccountswillhavetobeconsistentwiththosefiledinthepast.Costsarereducedbecauseitisnolongerne

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