小型私营企业的强制性会计信息披露失真外文翻译.docVIP

外文翻译 Mandatory Accounting Disclosure by Small Private Companies Material Source: Forthcoming, European Journal of Law and Economics Author: Benito Arru?ada This article analyzes how mandatory accounting disclosure is grounded on different rationales for private and public companies. It also explores technological changes, such as computerised databases and the Internet, which have recently made disclosure of company accounts by small companies potentially less costly and more valuable, thanks to electronic filing and universal online access to credit information systems. These recent developments favour policies that would expand the scope of mandatory publication for small companies in countries where it is voluntary.They also encourage policies to reduce the costs and enhance the value of disclosure through administrative reforms of filing, archive and retrieval systems.Survey and registry evidence on how the information in the accounts is valued and used by companies is consistent with these claims about the evolution of the tradeoff of costs and benefits that should guide policy in this area. Mapping costs Publishing company accounts involves substantial private costs. These include the direct administrative cost of preparing and filing the accounts. There may be other less direct costs, as publication may cause a competitive disadvantage for the disclosing firms, which may damage their incentives to invest. A third type of private cost is the loss of personal privacy. Administrative costs These costs are not trivial, as revealed by the lack of compliance observed when enforcement is lenient, as in Germany (Weilbach, 1991: 800) or The Netherlands (Bolle, 1996). It has been argued that to avoid the costs of mandatory publication some firms are willing to do substantial restructuring (Barry, 2006), and publication avoidance has played a role in some massive changes in organisational form (Maijoor, 1996). Furthermore, mandatory disclosure may also interfere in the