第2章节进展与分类.pptVIP

* A common law legal system emphasizes shareholder rights and offers stronger investor protection than a code law system. Laws protect outside investors are generally well enforced. The outcome is that strong capital markets develop in common law countries and weak ones develop in code law countries. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. * Relative to code law countries, firms in common law countries raise substantial amounts of capital through public offerings to numerous investors. Because investors are at arm’s length to the firm, there is a demand for accounting information that accurately reflects a firm’s operating performance and financial position. Public disclosure resolves information asymmetry between the firm and investors. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. * By contrast, ownership of firms in code law countries tends to be concentrated in the hands of families, other corporation, and large commercial banks. Firms satisfy substantial fractions of their capital needs from the government or through bank borrowing. Debt as a source of finance is relatively more important in code law countries than in common law countries. Conservative accounting measurements provide a cushion to lenders in the event of default. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. * Major lenders and significant equity investors may occupy seat on boards of directors, along with other stakeholders such as labor and important suppliers and customers. Because information demands are satisfied by private communication, there is less demand for public disclosure. Accounting income is the basis for income taxes owed and often the basis for dividend and employee bonuses, resulting in pressures for smooth income amounts from year to year. Evaluation only.