小型私营企业的强制性会计信息披露失真外文翻译可编辑Word下载.docx

小型私营企业的强制性会计信息披露失真外文翻译可编辑Word下载.docx

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小型私营企业的强制性会计信息披露失真外文翻译可编辑@#@小型私营企业的强制性会计信息披露失真外文翻译@#@ @#@@#@外文翻译@#@MandatoryAccountingDisclosurebySmallPrivateCompanies@#@MaterialSource:

@#@Forthcoming,EuropeanJournalofLawandEconomics@#@Author:

@#@BenitoArru?

@#@ada@#@Thisarticleanalyzeshowmandatoryaccountingdisclosureisgroundedondifferentrationalesforprivateandpubliccompanies.Italsoexplorestechnologicalchanges,suchascomputeriseddatabasesandtheInternet,whichhaverecentlymadedisclosureofcompanyaccountsbysmallcompaniespotentiallylesscostlyandmorevaluable,thankstoelectronicfilinganduniversalonlineaccesstocreditinformationsystems.Theserecentdevelopmentsfavourpoliciesthatwouldexpandthescopeofmandatorypublicationforsmallcompaniesincountrieswhereitisvoluntary.Theyalsoencouragepoliciestoreducethecostsandenhancethevalueofdisclosurethroughadministrativereformsoffiling,archiveandretrievalsystems.Surveyandregistryevidenceonhowtheinformationintheaccountsisvaluedandusedbycompaniesisconsistentwiththeseclaimsabouttheevolutionofthetradeoffofcostsandbenefitsthatshouldguidepolicyinthisarea.@#@Mappingcosts@#@Publishingcompanyaccountsinvolvessubstantialprivatecosts.Theseincludethedirectadministrativecostofpreparingandfilingtheaccounts.Theremaybeotherlessdirectcosts,aspublicationmaycauseacompetitivedisadvantageforthedisclosingfirms,whichmaydamagetheirincentivestoinvest.AthirdtypeofprivatecostisthelossofpersonalprivacyAdministrativecosts@#@Thesecostsarenottrivial,asrevealedbythelackofcomplianceobservedwhenenforcementislenient,asinGermanyWeilbach,1991:

@#@800orTheNetherlandsBolle,1996.IthasbeenarguedthattoavoidthecostsofmandatorypublicationsomefirmsarewillingtodosubstantialrestructuringBarry,2006,andpublicationavoidancehasplayedaroleinsomemassivechangesinorganisationalformMaijoor,1996.Furthermore,mandatorydisclosuremayalsointerfereintheoptimalchoiceofsafeguardinginstrumentsGore,SachsandTrzcinka,2004Butthesizeofthesecostsisopentoquestion,atleastformostfirms.First,thedirectcostofcomplianceissmall.Thecostofpreparingtheannualaccountsislowasthepublicaccountsarenowastandardby-productofanyaccountingsoftware,whichisinanycaseindispensableformanagerialandtaxaccounting.Accountingsoftwarepackagessimplyreorganizethedataandautomaticallypreparedifferentsetsofaccountswhichfollowthedifferentformatsrequiredformanagerialpurposes,taxcomplianceand,whensorequired,publicfiling.Amainreasonwhythisholdsevenformicrocompaniesisthatthecomplexityoftaxcomplianceleadsentrepreneurstopurchaseallthesebureaucraticservices,thereforebenefitingfromspecializationadvantagesandscaleeconomies.Furthermore,thecostoffilingtheaccountscanandshouldbeminimisedbyextendingtheuseofnewtechnologieselectronicfiling,extendingtheuseofsimplifiedaccountsandeliminatinguselessproceduressuchasnotarisingthesignatureofthecompanyrepresentative.Ingeneral,giventhatcompanyaccountsarenotsubjecttoanysubstantivereviewbytheregistry,itisrelativelyeasytoautomatetheprocess.@#@Publishingfinancialaccountsalsoincursadditionalcostsforadministeringandregulatingthedisclosure,aswellasforfilingandprocessingtheinformation.Totheextentthattheseservicesarefinancedbythefilingfirms,mostofthesecostsarethesameasthoseanalysedinthepreviousparagraph.However,examiningtheirstructureisworthwhilebecauseitsuggeststhatevenasubstantialdropinaccountpublicationmightreducecostslittlefortworeasons.First,investmentsbypublicregistries,tomakeaccountfilingpossibleandtomanagetheinformationflow,andbyprivatefirms,tocaptureandexploittheinformation,aremostlysunkcostsandthereforeirrelevantintheshortrun.Second,becausebothfilingandexploitingthefilesoffersubstantialeconomiesofscale.Therefore,manycostswouldbeincurredanywaytoservethenon-exemptedfirmsandthosewhichvoluntarilydecidetocontinuefilingtheiraccounts.@#@Lastly,partofthecostsavingsobtainedbynotfilingtheaccountswoulddisappear,asallfirmswouldberepeatedlyrequiredtoprovidemorespecificinformationtodifferentagents.Suchdemandersofinformationwouldnotonlybetheirseveralbanksandsuppliersthisdemandcouldbesatisfiedbyvoluntarilydisclosing,butalsopublicagencieswhichwouldstoprelyingonthepublicrecordofaccountsifthisbecamesubstantiallylesscompleteandwouldstartbuildingadditionaldatabasesaswellasenlargingtheircurrentdemandofinformationfromfirms.Ofcourse,nationalgovernmentscouldavoidthisnewdemandforinformationbyimplementingmandatorydisclosure.@#@Distortionofcompetition@#@Pu