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1、本科毕业论文（设计） 外 文 翻 译题 目 论财务报表列报的改革 专 业 会 计 学 外文题目 Economic Consequences of Financial Reporting and Disclosure Regulation :A Review and Suggestion for Future Research外文出处 SOCAIL SCIENCE RESEARCH NETWORK 外文作者 Christian Leuz Peter D.Wysocki 1原文：原文：Economic Consequences of Financial Reporting and Disclosu
2、re Regulation: A Review and Suggestions for Future Research*Abstract This paper surveys the theoretical and empirical literature on the economic consequences of financial reporting and disclosure regulation. We integrate theoretical and empirical studies from accounting, economics, finance and law i
3、n order to contribute to the cross-fertilization of these fields. 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 and then use this framework to discuss potential costs and be
4、nefits of regulating these activities and to organize the key insights from the literature. Our survey highlights important unanswered questions and concludes with numerous suggestions for future research.Three recent trends have spurred the debate about financial reporting and disclosure regulation
5、s 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 imp
6、ortant 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
7、 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 internationalizat
8、ion of capital markets highlight securities regulation as a global issue.1Despite 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 organi
9、ze the key economic principles of and empirical findings on this type of regulation, and (iii) little guidance on important unanswered questions about the economic 2consequences of regulating financial reporting and corporate disclosure. This paper reviews the theoretical and empirical literature on
10、 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
11、 fields. 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
12、 on managers voluntary disclosure and financial reporting choices.3 These studies provide important insights into the nature of the private costs and benefits of voluntary reporting and disclosure choices and, in this sense, provide a micro foundation. However, these studies provide few insights int
13、o the overall desirability, economic efficiency or aggregate outcomes of reporting and disclosure regulation. On the other hand, there has been a recent flurry of studies examining international differences in the effects of different regulatory regimes and on the economic consequences of regulatory
14、 changes, such as Regulation Fair Disclosure and the Sarbanes-Oxley Act. We synthesize the insights of these studies in our survey. However, there are still many unanswered questions, especially, (i) why disclosure regulation is so pervasive; (ii) the dynamics and (iii) the process of regulation; (i
15、v) the real and macro-economic consequences of disclosure regulation, (v) its complementarities with other regulations, (vi) its optimal form given imperfect enforcement; and (vii) the issue of regulatory competition. We discuss these open questions and conclude our survey with suggestions for futur
16、e research in these areas.2. Theory of Corporate Disclosure and Reporting RegulationIn this section, we outline the theory of firms disclosure choices and the theory of disclosure regulation. We use a framework that first identifies possible firm-specific (micro-economic) and market-wide (macro-economic) costs and benefits of firms dis
