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1、www.12y.org 留学生活网 专业留学Essay代写网站会计Essay写作：The primary aim of accounting1.0 Introduction引言信息披露主要是指上市公司利用招股说明书、上市公告书、定期报告、中期报告等形式向投资者和公众披露公司相关信息的行为（Rimerman，1990）。投资者和有权获取这些信息的公众可以将这些信息作为作出更明智决策的主要依据（McCaslin和Stanga，1986年）。然而，信息披露制度建立后，会计信息欺诈的使用频发，许多人质疑信息披露的有效性（国际会计准则委员会，2010年）。本文首先阐述了信息披露有效性的理论基础，然后结合
2、安然公司的案例，探讨了导致信息披露失败的原因，最后对信息披露有效性进行了初步的总结。Information disclosure mainly refers to the actions that public companies take by using prospectus, listing announcement, periodic reports, interim reports and other forms to disclose company-related information to investors and the public (Rimerman, 1990).
3、Investors and the public having an access to this information can take the information as the main basis for making more informed decisions (McCaslin and Stanga, 1986). However, after the establishment of information disclosure system, the use of accounting information fraud has occurred frequently,
4、 many people questioned the effectiveness of information disclosure (International Accounting Standards Board, 2010). This essay first explains the theoretical basis of the effectiveness of information disclosure, then combined with the case of Enron to discuss the reasons leading to the failure of
5、information disclosure, and finally it is tentative to give conclusions on the effectiveness of information disclosure.2.0 Main body主体2.1 Literature review文献综述2.1.1 The theory of efficient market hypothesis有效市场假说理论根据现有信息的分类，有效市场假说将资本市场分为三类：弱形式效率、半强形式效率和强形式效率（_i_an，2015）。ian认为，有效的市场是理想的，因为在这样的市场中，由于信
6、息是由每个投资者共享的，没有人能够利用信息产生超额回报，信息型投机不再存在，充分发挥了证券市场的资源配置功能。然而，在现实中，投资者获得的信息总是不同的，理论上有效的市场是不可能存在的，现实中的市场更接近于弱形式效率或半强形式效率的市场。信息披露制度的存在，使投资者能够尽快获得与企业有关的优质金融信息，从而做出更明智的决策，从而提高证券市场的效率，使弱形式效率或半强形式效率的市场可能接近于有效市场的状态。 According to the classification of available information, efficient market hypothesis divides t
7、he capital market into three categories: weak form efficiency, semi-strong form efficiency, and strongly form efficiency (ian, 2015). ian (2015) argues that efficient markets are ideal because in such markets, as information is shared by each investor and no one can use information to generate exces
8、s returns, information-based speculation ceases to exist and it gives full play the role of resource allocation function of securities market. However, in reality, information obtained by investors is always different, theoretically effective market can not exist, the market in reality is closer to
9、a weak form efficiency or a semi-strong form efficiency market. The existence of information disclosure system allows investors to obtain high-quality financial information related to enterprises as soon as possible in order to make more informed decisions, so that the efficiency of the securities m
10、arket is improved, making a weak form efficiency or a semi-strong form efficiency market is possibly close to the state of an effective market.2.1.2 Information asymmetry theoryIn securities market, the phenomenon of information asymmetry is widespread, the uneven distribution of information makes s
11、tock price unable to reflect the real business situation of a company, and information asymmetry causes adverse selection and moral hazard, which exacerbates inefficiency of securities market (FRC, 2012). In securities market, according to the theory of information asymmetry, raisers and investors h
12、ave different information, leading to that the value of corporate stock can not be properly reflected (FASB. 2010), so that good companies withdraws from securities market, and bad companies are still in the market . To solve this vicious cycle, information disclosure is the only way, by requiring l
13、isted companies to disclose information relevant to their business conditions, so that investors can get as much information as possible about making more informed decisions, which can ensure the orderly operation of securities market and improve its operational efficiency. In securities market, man
14、agement of listed companies have a lot of inside information, when the management find that the publication of false information or the use of insider information to trade can bring them interests, although this will undermine the interests of investors, the management are still desperate to impleme
15、nt the act (Elliott and Elliott, 2015). To solve this problem, one of the solutions is through information disclosure to allow investors to understand business situation, investment decisions of management and other management activities in a timely manner, so that investors can externally supervise
16、 the management to ensure that management will effectively implement their obligations and safeguard the healthy operation of securities market.2.2 Enron event In 2001, accounting fraud of the largest US energy trader Enron was found out and it filed for bankruptcy, causing a huge panic in the US capital market (Munawer, Yahya and Siti-Nabiha, 2012). Enrons problem lies in related-party transaction and information disclosure (Cullinan, 2004). In
