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Title: 證券市場與會計準則:學術研究之啟示
Security Markets and Accounting Standards: Lessons from Research
Authors: Sunder, Shyam
Keywords: 會計契約理論;會計準則;證券市場;內線交易
contract theory of accounting;accounting standards;stock markets;insider trading
Date: 1997-03
Issue Date: 2017-11-15 14:53:32 (UTC+8)
Abstract: 組織可視為一群追求自身目標之人們間的契約的集合,而會計為執行這些契約的工具之一。這個觀點係以宏觀的角度來探討會計及其在組織內所扮演之功能。企業自許多市場(包括資本市場)中取得資源。在過去二十年裡,研究結論指出: (1)個人之行為如何影響或不影響市場, (2)資訊如何在交易過程中從一交易者傳遞至另一交易者手中, (3)資訊產生所需之成本負擔,及(4)市場中存在著內部人對企業之整體效率及分配效率之後果。透過這些結果,我們對於會計管制有更進一步之認識。當吾人對於會計準則內線交易之管制寄以厚望時,必須注意及過去十年來世界各地證券交易所所困擾的問題實具有其經濟意義,且應由長期之結構性改革加以探討。除非管制與組織內人們之自利行為相一致,否則此方面之努力不可能收效。
We can think about organization as a set of contracts among people seeking their own goals, and accounting as a means of implementing these contracts. This perspective takes "a crude look at the whole" of accounting and its function in organizations. Business firms draw their resources from many markets including the capital market. During the last two decades we have discovered how individual behavior does and does not affect markets, how information is disseminated in a market from one trader to another in the process of trading, how information production must be paid for, and the consequences of the existence of insiders in a market for aggregate efficiency as well as distributive efficiency of the firm. From these findings we can draw many lessons about regulation of accounting. We should be cautious about overestimating what can be achieved through mandatory or legal approach to accounting standards and insider trading. Problems that have afflicted many of the stock exchanges of the world during the past decade have deep economic roots that can be addressed through long term structural changes. Legal or mandatory efforts in this direction are unlikely to be effective unless they are consistent with the self-interest of the people who participate in the firm.
Relation: 會計評論, 30, 1-31
Data Type: article
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Appears in Collections:[會計評論] 期刊論文

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