【資料下載】我國上市公司會(huì)計(jì)信息傳播的相關(guān)研究 外文翻譯

1、1外文資料外文資料會(huì)計(jì)會(huì)計(jì)064064張茜張茜06040020700604002070外文原稿一：TheMarketf“Lemons”:QualityUncertaintytheMarketMechanismByGegeA.AkerlofPublication:TheQuarterlyJournalofEconomics197084(3)：488500.I.IntroductionThispaperrelatesqualityuncer

2、tainty.Theexistenceofgoodsofmanygradesposesinterestingimptantproblemsfthetheyofmarkets.Ontheonehtheinteractionofqualitydifferencesuncertaintymayexplainimptantinstitutionsofthelabmarket.Ontheotherhthispaperpresentsastrugg

3、lingattempttogivestructuretothestatement:“Businessinunderdevelopedcountriesisdifficult“inparticularastructureisgivenfdeterminingtheeconomiccostsofdishonesty.Additionalapplicationsofthetheyincludecommentsonthestructureofm

4、oneymarketsonthenotionof“insurability“ontheliquidityofdurablesonbrnamegoods.Therearemanymarketsinwhichbuyersusesomemarketstatistictojudgethequalityofprospectivepurchases.Inthiscasethereisincentivefsellerstomarketpoqualit

5、ymerchisesincethereturnsfgoodqualityaccruemainlytotheentiregroupwhosestatisticisaffectedratherthantotheindividualseller.Asaresulttheretendstobeareductionintheaveragequalityofgoodsalsointhesizeofthemarket.Itshouldalsobepe

6、rceivedthatinthesemarketssocialprivatereturnsdiffertherefeinsomecasesgovernmentalinterventionmayincreasethewelfareofallparties.privateinstitutionsmayarisetotakeadvantageofthepotentialincreasesinwelfarewhichcanaccruetoall

7、parties.Bynaturehowevertheseinstitutionsarenonatomistictherefeconcentrationsofpowerwithillconsequencesoftheirowncandevelop.Theautomobilemarketisusedasafingerexercisetoillustratedevelopthesethoughts.It3nU2=Mξ32xii=1caronl

8、ythesellerknows.InGreshamslawhoweverpresumablybothbuyersellercantellthedifferencebetweengoodbadmoney.Sotheanalogyisinstructivebutnotcomplete.B.AsymmetricalInfmationIthasbeenseenthatthegoodcarsmaybedrivenoutofthemarketbyt

9、helemons.Butinamecontinuouscasewithdifferentgradesofgoodsevenwsepathologiescanexist.Fitisquitepossibletohavethebaddrivingoutthenotsobaddrivingoutthemediumdrivingoutthenotsogooddrivingoutthegoodinsuchasequenceofeventsthat

10、nomarketexistsatall.OnecanassumethatthedemfusedautomobilesdependsmoststronglyupontwovariablesthepriceoftheautomobileptheaveragequalityofusedcarstradedμQd=D(pμ).Boththesupplyofusedcarsalsotheaveragequalityμwilldependupont

11、hepriceμ=μ(p)S=S(p).inequilibriumthesupplymustequalthedemfthegivenaveragequalityS(p)=D(pμ(p)).Asthepricefallsnmallythequalitywillalsofall.itisquitepossiblethatnogoodswillbetradedatanypricelevel.Suchanexamplecanbederivedf

12、romutilitythey.Assumethattherearejusttwogroupsoftraders:groupsonetwo.Givegrouponeautilityfunction.nU1=Mξxii=1WhereMistheconsumptionofgoodsotherthanautomobilesxiisthequalityoftheithautomobilenisthenumberofautomobiles.Simi

13、larlyletWhereMxinaredefinedasbefe.Threecommentsshouldbemadeabouttheseutilityfunctions:(1)withoutlinearutility(saywithlogarithmicutility)onegetsneedlesslymiredinalgebraiccomplication.(2)Theuseoflinearutilityallowsafocuson

14、theeffectsofasymmetryofinfmationwithaconcaveutilityfunctionwewouldhavetodealjointlywiththeusualriskvarianceeffectsofuncertaintythespecialeffectswewishtodiscusshere.(3)U1U2havetheoddacteristicthattheadditionofasecondcarin