在公司规模基础上的会计信息披露：法规和资本市场的证据外文翻译.docVIP

外文文献翻译 Accounting Disclosures Based on Company Size: Regulations and Capital Markets Evidence The FASB and SEC have adopted differential disclosure requirements that typically exempt small companies from certain disclosures. These exemptions are presumably based on the argument that small companies incur disproportionate costs in complying with complex accounting regulations. Against such costs policymakers weigh potential benefits to investors and other users. Recent research suggests that investors are more dependent on small companies disclosures than on those of larger companies. Specifically, small companies earnings announcements generate more intense and sustained price and volume reactions than do large companies announcements. This paper relates that evidence to the role of firm size in setting financial reporting standards. Differential Disclosure Rules Financial reporting regulations contain differential disclosure requirements based on company size—i.e., tiered regulations. Differential disclosure rules are prescribed when the FASB or SEC concludes that the benefits of a particular disclosure outweigh the costs of that disclosure for selected (but not all) companies. Company size is a common criterion for partitioning firms: small companies are exempt from some requirements that apply to large companies, and vice versa. The Appendix lists recent size-related differential disclosure requirements. Typically, the FASB and the SEC cite cost-benefit arguments to justify more extensive disclosure requirements for large publicly-held companies than for private and small public companies. The SEC’s Advisory Committee on Corporate Disclosure concluded that compliance with financial reporting requirements is more costly, in a relative sense, for small companies than for large ones, and that the investment community is less interested in small companies. Accordingly, the SEC exempts small companies from some disclosure requirements. For example, regulations provide