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首先,国际金融危机和公司丑闻往往带来证券监管改革和更大的报告和披露要求。1997年的亚洲金融危机,美国的安然公司崩溃和最近的信贷市场危机。一些事件之后,监管机构和政策制定者都呼吁企业透明度,改善提高审查和经常制定重大改变会计和信息披露要求和规定。第二,来自世界各地的许多国家证券交易所和会计准则机构都采用了国际财务报告准则(IFRS)实现既定目标的“协调”和“融合”的会计准则。第三,双方讨论了美国资本市场的竞争力和资本市场的日益国际化强调证券监管作为一个全球的问题。1尽管企业透明度的重要性作为一个反复出现的政策问题,有限公司研究财务报告和信息披露监管的成本和收益,(2)一些试图系统地组织的关键经济原则和实证发现这种类型的规定,和(3)重要疑问调节财务报告和公司信息披露的经济后果。本文综述了理论和实证文献的经济后果,财务报告和信息披露的规定,特别强调最近的文献的研究进展。我们整合的理论和实证研究从会计、经济、金融和法律,以促进这些领域的多重发展。

Introduction Three recent trends have spurred the debate about financial reporting and disclosure regulations around the world. First, international financial crises and corporate scandals often bring about securities regulation reforms and greater reporting and disclosure requirements. The Asian Financial Crisis of 1997, the Enron debacle in the U.S., and the recent credit market crisis are but a few important examples. In the aftermath of these events, regulators and policy makers have called for improved corporate transparency, increased scrutiny and often enacted significant changes to Accounting and disclosure requirements and regulations. Second, stock exchanges and accounting standards bodies from numerous countries around the world have adopted International Financial Reporting Standards (IFRS) to achieve the stated goal of “harmonization” and “convergence” of accounting rules. Third, both the debate about the competitiveness of U.S. capital markets and the increasing internationalization of capital markets highlight securities regulation as a global issue.1 Despite the importance of corporate transparency as a recurring policy issue, there is (i) limited research on the costs and benefits of financial reporting and disclosure regulation, (ii) few attempts to systematically organize the key economic principles of and empirical findings on this type of regulation, and (iii) little guidance on important unanswered questions about the economic consequences of regulating financial reporting and corporate disclosure. This paper reviews the theoretical and empirical literature on the economic consequences of financial reporting and disclosure regulation, with a particular emphasis on recent research advances in the literature. We integrate theoretical and empirical studies from accounting, Economics, finance and law in order to contribute to the cross-fertilization of these fields.

Moreover, we provide an organizing framework that identifies firm-specific (micro-level) and market-wide (macro-level) costs and benefits of firms‟ reporting and disclosure activities. We then use this framework to discuss the potential costs and benefits of regulating these activities in global capital markets and to organize the key insights from the literature. We highlight important unanswered questions to provide directions for future research.2 As such, this survey and framework should prove useful to researchers, as well as standards setters, policy makers, and regulators as they debate the economic consequences of past and future regulatory choices. Generally speaking, our survey finds a paucity of evidence on market-wide and aggregate economic and social consequences of reporting and disclosure regulation, rather than the consequences of individual firms‟ accounting and disclosure choices. Until recently, most of the literature focuses on managers‟ voluntary disclosure and financial reporting choices. 3 These studies provide important insights into the nature of the 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。