披露动机和报表质量.ppt

* We Study Two Types We do not study publicly listed firms (Type 1). The financial information is not available for Type 4 firms. Therefore, we focus on Type 2 firms (voluntary reporting private firms) and Type 3 firms (non-voluntary reporting firms) before the 2001 change in reporting requirement. * 我们研究其中的两种 我们不研究第一类和第四类 我们只关注第二类（自愿披露的民营企业）和第三类（非自愿披露的企业） * The Law Change Caused Firms to Reveal Their Preferences Voluntary reporting firms have reporting incentives. Non-voluntary reporting firms do not have reporting incentives. * 公司法的变化使我们能够观察不同类型公司的不同披露动机 自愿披露的企业有报告的动机 非自愿披露的企业没有报告的动机 * Our Story If firms lack incentives for high quality financial reporting due to reasons such as differences in culture, legal system, enforcement, governance, etc, a superior set of accounting standards may not necessarily lead to high reporting quality. * 我们的故事 如果企业由于文化或者法律环境，强制执行，公司治理等原因缺少披露高质量财务报告的动机，那么恢复准则不会带来高质量的财务报告。 * Intuition While not denying the importance of high standards, incentives for good reporting practices are important for determining the quality of financial reporting. If firms have no incentives for high quality financial reporting, then forcing them to adopt a set of superior standards will not necessarily help them achieve the goal of high quality reporting. That is, firms with no incentives for financial reporting will still have low reporting quality if they are forced to adopt a set of superior standards. * 直觉 不否认高标准准则的重要性，但我们认为披露高质量财务报表的动机很大程度上决定了财务报告的质量。 如果企业没有动机披露高质量的财务报告，那么强迫它们采用高标准不会提高报告的质量。 * Hypothesis Private firms that voluntarily disclose audited financial statements have higher financial reporting quality than private firms that disclose audited financial statements merely to fulfill the mandatory reporting requirement. * 假设 自愿披露经过审计财务报告的民营企业比仅仅为了满足强制披露要求而披露财务报告的民营企业能够提供更高质量的财务报告。 * Do We have Something Absolutely New? Maybe not. But we have a very clean setting to separate incentives from standards. Standards are kept constant. * 创新之处 也许没