论会计信息强制披露的适度性原则

【作者】 徐明磊；

【导师】 李若山；

【作者基本信息】 复旦大学 ， 会计学， 2005， 博士

【摘要】 伴随着证券市场的发展，会计信息的强制披露制度也得到了不断的发展和完善并逐渐成为证券市场会计信息披露的主旋律，而其变迁的过程尤其是萨班斯法案公布之后的会计信息强制披露制度的改革直观表现为会计披露范围、内容的不断扩大。但是，实务中发生的一些案例却使人们开始思考会计信息的披露是否真的是越多越好?公开是救治现代化社会及工业弊病的最佳良药，阳光是最好的防腐剂，灯光是最有效的警察，但是太强的阳光会不会反而使人们目眩神迷?本文的中心便是从投资者收益最大化的角度来探讨会计信息强制披露的适度性问题。强制披露制度要真正发挥其效能，必须充分考虑以下三个问题：其一，会计信息的披露成本是如何影响强制披露的效果的；其二，强制性披露一定优于自愿披露么，或者说自愿性披露特别是强制性披露和自愿性披露之间的相互关系及各自的适用范围在哪里；其三，会计信息强制披露的效果并不仅仅取决于所披露会计信息的数量，还取决于投资者对于信息的使用效率，因此必须对于投资者使用会计信息的方式及其使用效果的影响因素进行研究。本文综合采用规范研究、分析性研究和实验研究等会计研究方法，结合定量和定性分析，从对会计信息强制披露的经济学分析入手，分别就上述三个方面对于强制披露效果的影响作了较为深入的分析，并对实务中会计信息强制披露的具体的“度”作了初步的探索性研究。更多还原

【Abstract】 A demanding system of mandatory disclosure, which has become more demanding in the wake of the Sarbanes-Oxley Act of 2002, makes up the core of the securities regulation system. Securities regulation is motivated, in large part, by the assumption that more accounting information is better than less. After all, "sunlight is said to be the best of disinfectants; electric light the most efficient policeman." But sunlight can also be blinding.So the key question of this thesis is the moderate principle in mandatory disclosure, that is to say whether the more accounting information the investors process, the more proceeds they will get. Three things are needed for a regulatory regime based on disclosure, such as the securities laws, to be effective. First, how does the cost of the disclosure influence on the final gain of the investors. Second, whether the mandatory disclosure is definitely better than the discretionary disclosure. Third, and often overlooked, is that the users of the information - for example, investors - need to use the disclosed information effectively. Securities regulation focuses primarily on disclosing information, and pays relatively little attention to how the information is used - namely, how do investors search and process information and make decisions based on the information the securities laws make available?This thesis is started with the economic analysis of the mandatory disclosure, such as the marginal utility of the mandatory disclosure. And then outspreads the analysis from the three points of view as mentioned upwards. Finally, it probes into the "moderation" of the mandatory disclosure in practice.更多还原