小型私营企业的强制性会计信息披露失真[外文翻译]

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1、外文翻译MandatoryAccountingDisclosurebySmallPrivateCompaniesMaterialSource:Forthcoming,EuropeanJournalofLawandEconomicsAuthor:BenitoArruñadaThisarticleanalyzeshowmandatoryaccountingdisclosureisgroundedondifferentrationalesforprivateandpubliccompanies.Italsoexplorestechnologicalch

2、anges,suchascomputeriseddatabasesandtheInternet,whichhaverecentlymadedisclosureofcompanyaccountsbysmallcompaniespotentiallylesscostlyandmorevaluable,thankstoelectronicfilinganduniversalonlineaccesstocreditinformationsystems.Theserecentdevelopmentsfavourpoliciesthatwouldexpand

3、thescopeofmandatorypublicationforsmallcompaniesincountrieswhereitisvoluntary.Theyalsoencouragepoliciestoreducethecostsandenhancethevalueofdisclosurethroughadministrativereformsoffiling,archiveandretrievalsystems.Surveyandregistryevidenceonhowtheinformationintheaccountsisvalue

4、dandusedbycompaniesisconsistentwiththeseclaimsabouttheevolutionofthetradeoffofcostsandbenefitsthatshouldguidepolicyinthisarea.MappingcostsPublishingcompanyaccountsinvolvessubstantialprivatecosts.Theseincludethedirectadministrativecostofpreparingandfilingtheaccounts.Theremaybe

5、otherlessdirectcosts,aspublicationmaycauseacompetitivedisadvantageforthedisclosingfirms,whichmaydamagetheirincentivestoinvest.Athirdtypeofprivatecostisthelossofpersonalprivacy.AdministrativecostsThesecostsarenottrivial,asrevealedbythelackofcomplianceobservedwhenenforcementisl

6、enient,asinGermany(Weilbach,1991:800)orTheNetherlands(Bolle,1996).Ithasbeenarguedthattoavoidthecostsofmandatorypublicationsomefirmsarewillingtodosubstantialrestructuring(Barry,2006),andpublicationavoidancehasplayedaroleinsomemassivechangesinorganisationalform(Maijoor,1996).Fu

7、rthermore,mandatorydisclosuremayalsointerfereintheoptimalchoiceofsafeguardinginstruments(Gore,SachsandTrzcinka,2004).Butthesizeofthesecostsisopentoquestion,atleastformostfirms.First,thedirectcostofcomplianceissmall.Thecostofpreparingtheannualaccountsislowasthepublicaccountsar

8、enowastandardby-productofanyaccountingsoftware,whichisinanycaseindis