1、外文文献翻译ACCOUNTINGDISCLOSURESBASEDONCOMPANYSIZEREGULATIONSANDCAPITALMARKETSEVIDENCETHEFASBANDSECHAVEADOPTEDDIFFERENTIALDISCLOSUREREQUIREMENTSTHATTYPICALLYEXEMPTSMALLCOMPANIESFROMCERTAINDISCLOSURESTHESEEXEMPTIONSAREPRESUMABLYBASEDONTHEARGUMENTTHATSMALLCOMPANIESINCURDISPROPORTIONATECOSTSINCOMPLYINGWITHC
2、OMPLEXACCOUNTINGREGULATIONSAGAINSTSUCHCOSTSPOLICYMAKERSWEIGHPOTENTIALBENEFITSTOINVESTORSANDOTHERUSERSRECENTRESEARCHSUGGESTSTHATINVESTORSAREMOREDEPENDENTONSMALLCOMPANIESDISCLOSURESTHANONTHOSEOFLARGERCOMPANIESSPECIFICALLY,SMALLCOMPANIESEARNINGSANNOUNCEMENTSGENERATEMOREINTENSEANDSUSTAINEDPRICEANDVOLUME
3、REACTIONSTHANDOLARGECOMPANIESANNOUNCEMENTSTHISPAPERRELATESTHATEVIDENCETOTHEROLEOFFIRMSIZEINSETTINGFINANCIALREPORTINGSTANDARDSDIFFERENTIALDISCLOSURERULESFINANCIALREPORTINGREGULATIONSCONTAINDIFFERENTIALDISCLOSUREREQUIREMENTSBASEDONCOMPANYSIZEIE,“TIEREDREGULATIONS“DIFFERENTIALDISCLOSURERULESAREPRESCRIB
4、EDWHENTHEFASBORSECCONCLUDESTHATTHEBENEFITSOFAPARTICULARDISCLOSUREOUTWEIGHTHECOSTSOFTHATDISCLOSUREFORSELECTEDBUTNOTALLCOMPANIESCOMPANYSIZEISACOMMONCRITERIONFORPARTITIONINGFIRMSSMALLCOMPANIESAREEXEMPTFROMSOMEREQUIREMENTSTHATAPPLYTOLARGECOMPANIES,ANDVICEVERSATHEAPPENDIXLISTSRECENTSIZERELATEDDIFFERENTIA
5、LDISCLOSUREREQUIREMENTSTYPICALLY,THEFASBANDTHESECCITECOSTBENEFITARGUMENTSTOJUSTIFYMOREEXTENSIVEDISCLOSUREREQUIREMENTSFORLARGEPUBLICLYHELDCOMPANIESTHANFORPRIVATEANDSMALLPUBLICCOMPANIESTHESECSADVISORYCOMMITTEEONCORPORATEDISCLOSURECONCLUDEDTHATCOMPLIANCEWITHFINANCIALREPORTINGREQUIREMENTSISMORECOSTLY,IN
6、ARELATIVESENSE,FORSMALLCOMPANIESTHANFORLARGEONES,ANDTHATTHEINVESTMENTCOMMUNITYISLESSINTERESTEDINSMALLCOMPANIESACCORDINGLY,THESECEXEMPTSSMALLCOMPANIESFROMSOMEDISCLOSUREREQUIREMENTSFOREXAMPLE,REGULATIONSPROVIDE10KAND10QFILINGEXEMPTIONSFORCOMPANIESWITHLESSTHAN500SHAREHOLDERSANDTOTALASSETSLESSTHANTHREEM
7、ILLIONDOLLARSTHESECAPPARENTLYCONCLUDEDTHATMOSTOFTHEPERTINENTINFORMATIONREGARDINGLARGEFIRMSNEWEQUITYISSUESWOULDALREADYBEAVAILABLETOINVESTORSBUTTHATANALOGOUSINFORMATIONPROBABLYWOULDNOTBEREADILYAVAILABLEABOUTSMALLFIRMSTHEREFORE,TIMELYMANDATORYDISCLOSURESREGARDINGNEWEQUITYISSUESMAYBENEFITINVESTORSINTERE
8、STEDINSMALLCOMPANIESMORETHANINVESTORSINTERESTEDINLARGEFIRMSTHEALLEGEDCOSTBURDENOFUNNECESSARYDISCLOSURESATFASBPUBLICHEARINGSANDINFORMALRESPONSESTOBOARDPROPOSALS,SMALLCOMPANIESANDTHEIRAUDITORSFREQUENTLYARGUETHATADDITIONALEXEMPTIONSFROMACCOUNTINGSTANDARDSESPECIALLYCOMPLEXTAX,LEASE,ANDPENSIONREQUIREMENT
9、SWOULDPROVIDESUBSTANTIALSAVINGSFORSMALLCOMPANIESWITHOUTSIGNIFICANTLYAFFECTINGTHEUSEFULNESSOFTHEIRFINANCIALSTATEMENTSFOREXAMPLE,TWOAICPACOMMITTEESCONCLUDEDITHATSMALLBUSINESSESAREPROVIDINGINFORMATIONTHATUSERSDONOTNEEDAND,INSOMEINSTANCES,FINDCONFUSINGANDIITHATSUCHINFORMATIONISESPECIALLYCOSTLYFORSMALLBU
10、SINESSESTOPREPAREACCORDINGLY,THEAICPAREQUESTEDTHATTHEFASBCONSIDERDIFFERENTIALDISCLOSUREANDMEASUREMENTRULESTOPROVIDERELIEFTOSMALLERBUSINESSESANDTHECPASWHOSERVETHEMINRESPONSETOTHESEREQUESTS,THEFASBSURVEYEDVARIOUSCONSTITUENTGROUPS“TOLEARNHOWTHECOSTSANDBENEFITSOFCOMPLYINGWITHFINANCIALREPORTINGREQUIREMEN
11、TSDIFFERFORSMALLCOMPANIESANDTHEIRFINANCIALSTATEMENTUSERSANDLARGEPUBLICCOMPANIES“AFTEREVALUATINGTHESURVEYRESULTS,THEBOARDANNOUNCEDTHATITWOULDINTEGRATESMALLBUSINESSCONSIDERATIONSINTOEACHOFITSAGENDAPROJECTS“INANEFFORTTOREQUIREDISCLOSURESONLYWHERETHEYARERELEVANTANDCOSTEFFECTIVE“INADDITION,THEBOARDESTABL
12、ISHEDASMALLBUSINESSADVISORYCOMMITTEEOFTHEFINANCIALACCOUNTINGSTANDARDSADVISORYCOUNCILTO“INCREASECOMMUNICATIONWITHTHECOUNCILANDTHEFASBREGARDINGTHEVIEWSANDCONCERNSOFSMALLACCOUNTINGFIRMSANDSMALLCOMPANIESABOUTFINANCIALREPORTING“FOLLOWINGTHESURVEY,THEFASBEXPANDEDTHELISTOFDIFFERENTIALDISCLOSUREREQUIREMENTS
13、BYPASSINGSTATEMENTOFFINANCIALACCOUNTINGSTANDARDSNO79SFAS79WHICHEXEMPTSNONPUBLICENTERPRISESFROMTHEREQUIREMENTTODISCLOSEPROFORMARESULTSOFOPERATIONSFORBUSINESSCOMBINATIONSACCOUNTEDFORBYTHEPURCHASEMETHODFURTHERMORE,INPARAGRAPHS2049OFSFAS87THEBOARDEXPLICITLYDISCUSSES,BUTDOESNOTADOPT,SIMPLIFIEDPENSIONACCO
14、UNTINGFORSMALLCOMPANIESSECURITYPRICEANDTRADINGVOLUMEREACTIONSTOACCOUNTINGDISCLOSURESINASSESSINGBENEFITSTOINVESTORS,THEFASBCONSIDERSSECURITYPRICEANDTRADINGVOLUMEREACTIONSTOACCOUNTINGDISCLOSURESASANINDICATOROFUSEBYINVESTORSSUCHREACTIONSSUMMARIZETHEAGGREGATEEFFECTSOFREVISEDEXPECTATIONSIFANANNOUNCEMENTI
15、SINFORMATIVE,INVESTORSREVISETHEIRCASHFLOWEXPECTATIONSRESULTINGINAPRICECHANGEANDREALIGNTHEIRPORTFOLIOSRESULTINGININCREASEDTRADINGVOLUMEHENCE,IFANACCOUNTINGDISCLOSUREISASSOCIATEDWITHANABNORMALCHANGEINEITHERPRICESORTRADINGVOLUME,THEDISCLOSURE“INFORMATIONCONTENT“THATIS,THEDISCLOSURESEEMSTOBEUSEFULORRELE
16、VANTINMAKINGINVESTMENTDECISIONSANEXTENSIVELITERATUREOFEMPIRICALRESEARCHDOCUMENTSVARIOUSACCOUNTINGDISCLOSURESASINFORMATIVEFOREXAMPLE,ANNUALEARNINGSANNOUNCEMENTS,QUARTERLYEARNINGSANNOUNCEMENTS,MANAGEMENTEARNINGSFORECASTS,ANDANNUALREPORTSRECENTRESEARCHHASPROGRESSEDASTEPFURTHERBYTESTINGFORDIFFERENTIALRE
17、ACTIONSBETWEENLARGEVERSUSSMALLCOMPANIESEARNINGSANNOUNCEMENTSTHEREMAINDEROFTHISPAPERSYNTHESIZESEVIDENCEFROMTHOSESTUDIESANDEXPLAINSWHYTHERESULTSINDICATETHATPOLICYMAKERSCONSIDERATIONOFDIFFERENTIALCOSTARGUMENTSINSETTINGSIZEBASEDREPORTINGREQUIREMENTSSHOULDBETEMPEREDBYDIFFERENTIALBENEFITARGUMENTSSOMECAVEA
18、TSREGARDINGEVIDENCEANDCONCLUSIONSTHROUGHOUTOURDISCUSSION,TWOIMPORTANTLIMITATIONSSHOULDBEKEPTINMINDFIRST,EVIDENCEOFSTRONGINVESTORREACTIONSTOSMALLFIRMSEARNINGSANNOUNCEMENTSWOULDNOTNECESSARILYBEINCONSISTENTWITHTHESECSANDTHEAICPACOMMITTEESCONCLUSIONSTHATSMALLCOMPANIESPROVIDEINFORMATIONTHATUSERSEITHERDON
19、OTNEEDORDONOTUNDERSTANDWHILESMALLCOMPANIESEARNINGSDISCLOSURESMAYBEINFORMATIVE,OTHERDISCLOSURESCOULDSTILLBEUNNECESSARYORCONFUSINGSECOND,WECONSIDERDIFFERENTIALREGULATIONSFORSMALLVERSUSLARGEPUBLICLYHELDCOMPANIESTHEEVIDENCEREVIEWEDHEREISNOTDIRECTLYRELATEDTOARGUMENTSFORDIFFERENTIALDISCLOSUREANDMEASUREMEN
20、TREGULATIONSFORPRIVATEVERSUSPUBLICENTERPRISESSTOCKHOLDERSANDCREDITORSOFPRIVATECOMPANIESAREOFTENABLETOOBTAINFINANCIALINFORMATIONTAILOREDTOTHEIRSPECIFICNEEDSINVESTORS,ANDTOSOMEEXTENTCREDITORS,OFPUBLICLYHELDCOMPANIESMUSTRELYONGENERALPURPOSEFINANCIALSTATEMENTSPREPAREDINACCORDANCEWITHGAAP,VOLUNTARYDISCLO
21、SURESFROMCORPORATEMANAGEMENT,ANDINFORMATIONDEVELOPEDPRIVATELYBYANALYSTSANDTHEBUSINESSPRESSTHEDIFFERENTIALREACTIONARGUMENTBOTHTHESECANDFASBHAVERECOGNIZEDTHATSMALLFIRMSFINANCIALSTATEMENTSMAYBEMOREIMPORTANTTOINVESTORSTHANLARGEFIRMSSTATEMENTSINLIMITINGSHELFREGISTRATIONTOLARGECOMPANIESANDTHEREBYEXEMPTING
22、THEMFROMMANDATORYDISCLOSURESRELATEDTONEWEQUITYISSUES,THESECCITEDTHEBROADDISSEMINATIONOFASTEADYSTREAMOFHIGHQUALITYINFORMATIONREGARDINGLARGECOMPANIESINADDITION,THEFASBSPONSOREDRESEARCHSTUDYNOTEDTHATTHEFINANCIALSTATEMENTSOFSMALLPUBLICCOMPANIESARERELATIVELYIMPORTANTBECAUSETHE“AMOUNTOFINFORMATION“ABOUTSU
23、CHCOMPANIESISOFTEN“MINIMAL“ROWLANDATIASEARGUESTHATTRADINGPROFITOPPORTUNITIESEXPLAININFORMATIONDIFFERENCESBETWEENLARGEANDSMALLFIRMSTHATIS,INVESTORSCANPOTENTIALLYEARNGREATERTRADINGPROFITSBYDEVELOPINGINFORMATIONTOCOMPLEMENTGAAPFINANCIALSTATEMENTSOFALARGEFIRMTHANBYDEVELOPINGANALOGOUSSUPPLEMENTSABOUTASMA
24、LLCOMPANYIFINCENTIVESTODEVELOPINFORMATIONINCREASEWITHCOMPANYSIZE,INVESTORSCONCENTRATETHEIRINFORMATIONSEARCHACTIVITIESONLARGECOMPANIESTHERESULTINGLACKOFPRIVATELYDEVELOPEDINFORMATIONABOUTSMALLCOMPANIESINCREASESTHEIMPORTANCEOFTHEIRPUBLICLYAVAILABLEINFORMATION,SUCHASFINANCIALSTATEMENTSHENCE,PUBLICLYDISC
25、LOSEDACCOUNTINGINFORMATIONSHOULDGENERATEAMOREEXTENSIVEMARKETREACTIONFORSMALLCOMPANIESTHANFORLARGECOMPANIESINSUM,THEDIFFERENTIALREACTIONARGUMENTCLAIMSTHATSMALLFIRMSEXPERIENCEGREATERPRICEANDVOLUMEREACTIONSATEARNINGSANNOUNCEMENTDATESTHANLARGEFIRMSBECAUSEALTERNATIVEINFORMATIONSOURCESARENOTASWELLDEVELOPE
26、DFORSMALLFIRMSASFORLARGEFIRMSACCORDINGLY,MARKETREACTIONSSHOULDBEMORESTRONGLYRELATEDTODIRECTMEASURESOFALTERNATIVEINFORMATIONSOURCESFOREXAMPLE,NUMBEROFANALYSTSFOLLOWINGTHEFIRMOREXTENTOFCOVERAGEINTHEFINANCIALPRESSTHANTOFIRMSIZERESULTSFROMSEVERALRESEARCHSTUDIESSUPPORTTHESEEXPECTATIONSMAGNITUDEOFPRICEAND
27、VOLUMERESPONSESBASEDONASAMPLEOF200SECONDQUARTEREARNINGSANNOUNCEMENTSBYNYSE,AMEX,ANDOTCCOMPANIES,ATIASEREPORTSTHATSECURITYPRICEREACTIONSTOSMALLCOMPANIESANNOUNCEMENTSEXCEEDTHEREACTIONSTOLARGECOMPANIESANNOUNCEMENTSINTHISSTUDY,EACHSMALLFIRMSOUTSTANDINGCOMMONSTOCKISVALUEDATLESSTHAN20MILLIONANDEACHLARGEFI
28、RMHASAMARKETVALUEOFMORETHAN400MILLIONINAFOLLOWUPRESEARCHREPORT,ATIASEFINDSTHATTHISDIFFERENTIALSECURITYPRICEREACTIONHOLDSEQUALLYWITHINTHEOTCMARKETANDTHENYSEAMEXMARKETSHISSECONDSTUDYISBASEDONASAMPLEOF396ANNUALEARNINGSANNOUNCEMENTSATIASEALSOREPORTSTHATTHEWALLSTREETJOURNALFEATURESMOREARTICLESONLARGECOMP
29、ANIESTHANONSMALLCOMPANIESWILLIAMKROSSANDDOUGLASSCHROEDERCONFIRMANDEXTENDATIASESRESULTSTHEYEXAMINESECURITYPRICEREACTIONSTOQUARTERLYEARNINGSANNOUNCEMENTSBETWEEN1977AND1980OF296FIRMSATOTALOF2,552ANNOUNCEMENTSLIKEATIASE,THEYREPORTTHATPRICEREACTIONSTOEARNINGSANNOUNCEMENTSDECREASEWITHFIRMSIZEKROSSANDSCHRO
30、EDERALSOFINDTHATPRICEREACTIONSTOEARNINGSANNOUNCEMENTSDECREASEASTHEAMOUNTOFPREANNOUNCEMENTCOVERAGEINCREASESINTHEWALLSTREETJOURNALASPREDICTEDBYTHEDIFFERENTIALREACTIONARGUMENT,THEIRRESULTSINDICATETHATPREANNOUNCEMENTWALLSTREETJOURNALCOVERAGEISMOREIMPORTANTTHANFIRMSIZEINEXPLAININGTHEMAGNITUDEOFSECURITYPR
31、ICEREACTIONSONEARNINGSANNOUNCEMENTDATESLINDABAMBERFINDSADDITIONALSUPPORTFORTHEDIFFERENTIALREACTIONARGUMENTBYEXAMININGTRADINGVOLUME,RATHERTHANSECURITYPRICES,AROUNDEARNINGSANNOUNCEMENTDATESHERSAMPLESINCLUDE1,200ANNUALAND900QUARTERLYEARNINGSANNOUNCEMENTSFORNYSE,AMEX,ANDOTCFIRMSSHEFINDSTHATTRADINGVOLUME
32、REACTIONSTOSMALLCOMPANIESEARNINGSANNOUNCEMENTSEXCEEDTHEREACTIONSTOLARGECOMPANIESANNOUNCEMENTSALLOFTHESESTUDIESIMPLYTHATASMALLCOMPANYSEARNINGSANNOUNCEMENTSAREMOREIMPORTANTINSETTINGTHEPRICESOFITSSECURITIES,RELATIVETOTHEROLEOFALARGECOMPANYSEARNINGSANNOUNCEMENTSINSETTINGITSSECURITYPRICES,BECAUSEREPORTED
33、EARNINGSCONSTITUTEABIGGERSLICEOFTHETOTAL“INFORMATIONPIE“FORSMALLCOMPANIESTHANFORLARGECOMPANIESFURTHERMORE,ASWOULDBEEXPECTEDIFLITTLEINFORMATIONISAVAILABLEABOUTSMALLCOMPANIES,THEMARKETSEEMSESPECIALLYUNCERTAINABOUTWHATSMALLCOMPANIESEARNINGSANNOUNCEMENTSWILLREVEALFORSMALLCOMPANIES,ANALYSTSEARNINGSEXPECT
34、ATIONSAREMOREDIFFUSEANDLESSACCURATETHANAREEXPECTATIONSABOUTLARGECOMPANIESEARNINGSTIMINGOFPRICEANDVOLUMEREACTIONSIF,ASTHESECCLAIMS,HIGHQUALITYINFORMATIONISCONTINUOUSLYDISSEMINATEDABOUTLARGEFIRMSBUTNOTABOUTSMALLFIRMS,SECURITYPRICESSHOULDBEGINTOANTICIPATELARGEFIRMSEARNINGSATANEARLIERPOINTINTIMETHANSMAL
35、LCOMPANIESEARNINGSASARESULT,SMALLFIRMSREPORTEDEARNINGSSHOULDBEMORESURPRISINGTHANTHOSEOFLARGECOMPANIESINVESTORSINTERESTEDINSMALLFIRMSMIGHTTHEREFORENEEDMORETIMETOINTERPRETANDACTTRADEONSMALLCOMPANIESDISCLOSURESRECENTRESEARCHRESULTSALSOSUPPORTTHESEEXPECTATIONSROBERTFREEMANINVESTIGATESTHERELATIONBETWEENP
36、RICEMOVEMENTSANDACCOUNTINGINFORMATIONOVERATHREEYEARPERIODCENTEREDONAFISCALYEAROFUNUSUALLYHIGHORLOWREPORTEDEARNINGSHISSAMPLECONSISTSOF2,263ANNUALEARNINGSANNOUNCEMENTSBETWEEN1966AND1982BYVERYSMALLNYSECOMPANIESAVERAGEMARKETVALUEOF46MILLIONANDVERYLARGENYSEFIRMSAVERAGEMARKETVALUEOF28BILLIONFREEMANFINDSTH
37、ATTHEMARKETISABLETOANTICIPATELARGECOMPANIESFUTUREEARNINGSATANEARLIERPOINTINTIMETHANSMALLCOMPANIESEARNINGSEVENAFTERCONTROLLINGFORTHEFACTTHATSMALLFIRMSANNOUNCEEARNINGSLATERTHANLARGEFIRMSINOTHERWORDS,IFALARGECOMPANYANDASMALLCOMPANYEACHANNOUNCEDEARNINGS21DAYSAFTERTHEIRFISCALYEARENDS,INVESTORSWOULDBEGINT
38、ODISCERNTHELARGECOMPANYSEARNINGSEARLIERTHANTHESMALLCOMPANYSEARNINGSSUCH“TIMINGDIFFERENCES“AREPRESUMABLYDUETOTHERELATIVEAVAILABILITYOFINFORMATIONCONCERNINGLARGECOMPANIESTHEDURATIONOFTHEMARKETREACTIONALSOSEEMSTOVARYWITHCOMPANYSIZEBAMBERFINDSTHATTHETRADINGVOLUMEREACTIONTOSMALLCOMPANIESQUARTERLYEARNINGS
39、ANNOUNCEMENTSPERSISTSFORALONGERTIMEPERIODTHANDOESTHEREACTIONTOLARGERCOMPANIESANNOUNCEMENTSTHATIS,THEMARKETSEEMSTOTAKELONGERTOASSIMILATESMALLCOMPANIESEARNINGSTHANLARGECOMPANIESEARNINGSSINCESMALLCOMPANIESEARNINGSTENDTOBEMORESURPRISINGTHANTHOSEOFLARGECOMPANIES,THISFINDINGISCONSISTENTWITHEVIDENCEFROMLAB
40、ORATORYEXPERIMENTSWHICHINDICATETHATTHETIMENEEDEDTOINTERPRETANDACTONINFORMATIONINCREASESWITHTHEDEGREEOF“SURPRISE“IE,THEEXTENTTOWHICHTHEINFORMATIONCAUSESTHEDECISIONMAKERTOREVISEHISORHERBELIEFSINCONCLUSION,SETTINGACCOUNTINGPOLICYISAPOLITICALACTIVITYWHICHNECESSITATESWEIGHINGTHEBENEFITSTOVARIOUSUSERGROUP
41、SVERSUSTHECOSTSTOPROVIDERSOFFINANCIALINFORMATIONWHILESECURITYPRICEANDTRADINGVOLUMESTATISTICSCANHELPASSESSEFFECTSOFPOLICIESTHATHAVEACTUALLYBEENIMPLEMENTED,THEYCANNOTPROVIDEEVIDENCEONPOLICIESTHATHAVENOTBEENIMPLEMENTED,NORCANTHEYPROVIDEGUIDANCEONTHESOCIALDESIRABILITYOFPOLICYALTERNATIVESALTHOUGHTHERESEA
42、RCHDISCUSSEDHEREDOESNOTPROVIDEEVIDENCEONCHOICESBETWEENSPECIFICACCOUNTINGREGULATIONS,ITDOESSUPPORTTHEFASBSANDSECSPOLICIESOFWEIGHINGDIFFERENTIALBENEFITSTOINVESTORSINRESPONDINGTOSMALLFIRMSREQUESTSFORREGULATORYRELIEFDUETOHEAVYCOMPLIANCECOSTSSPECIFICALLY,DIFFERENTIALBENEFITARGUMENTSMAYTEMPERANDINSOMEINST
43、ANCESMORETHANOFFSETSMALLFIRMSCLAIMSOFDIFFERENTIALCOSTSRESOURCEROWLANDKATIASE,LINDASBAMBER,ANDROBERTNFREEMANACCOUNTINGDISCLOSURESBASEDONCOMPANYSIZEREGULATIONSANDCAPITALMARKETSEVIDENCEACCOUNTINGHORIZONS,1988P1826译文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美国财务会计准则委员会和美国证监会采用微分披露要求某些小公司的披露。豁免事项大概是基于这样的论点,以至于小公司用不成比例的成本
44、去遵守复杂的会计法规。对该费用决策者权衡了投资者及其他用户的潜在利益。最近的研究表明,投资者更依赖于小公司的披露。具体地说,小公司的盈余公告比大公司的公告产生更多强烈的持续的价格和数量的反应。本文讲述在设定财务报告准则时，证明企业规模的作用。微分披露规则财务报告规定包含微分披露要求在公司规模的基础上。微分披露规则的规定，美国证券交易委员会SEC或财务会计准则委员会对选定的但不是全部公司得出结论,某一特定披露的好处要超过所披露的成本。公司大小是一种常见的划分公司的标准小公司被免除了一些适用于大公司的要求,反之亦然。最近的附件清单有相关的微分披露要求。通常,美国财务会计准则委员会和美国证券交易委员
45、引用成本效益参数来证明私人企业和小型上市公司的更广泛的信息披露要求。美国证监会的咨询委员会对公司信息披露得出结论,符合财务报告要求需要更昂贵的成本,相对而言,小公司比大公司还要更大的成本的,所以投资团体对小公司兴趣就减少了。因此,美国证券交易委员会免除了一些小公司的信息披露要求。证券交易委员会从调查中得出结论,关于大公司的新证券发行已经提供给投资者,但关于小公司，类似的信息可能不容易获得。因此,及时强制性的新证券发行的披露，对小公司感兴趣的投资者的利益可能会大于对大公司感兴趣的投资者。所谓的不必要的成本负担披露在财务会计准则委员会的公众听证会上正式向董事会反应建议，小公司董事会及其审计人员经常
46、认为额外的免征、减征企业会计准则特别是复杂的税务、租赁、养老金将提供实实在在的节省，对于小公司没有显著影响他们的财务报表的有效性。比如,两个会计师协会委员会得出结论I小企业提供用户不需要的信息,在某些情况下,还会有混淆；II对于小企业，准备这些信息要特别昂贵。因此,会计师协会要求美国财务会计准则委员会考虑微分披露和计量规则,为援助小企业和服事它们的美国注册会计师。针对这些要求,美国财务会计准则委员会调查了各种组织团体“去学习对于小公司（和财务报表使用者）和大型上市公司如何遵守财务报告的不同要求的成本和效益。”经过调查结果显示董事会宣布将整合小公司纳入每个会议议程项目“只有在它们是有关联和低成本
47、时，企图要公开。”此外，董事会遂成立一个有关财务会计准则咨询委员会的小型商业顾问委员会，以增加委员会和美国财务会计标准则委员会、小会计师事务所、小公司对财务报告的有关的想法的交流。”在调查中，美国财务会计准则委员会通过财务会计准则声明第79公告SFAS79扩大了微分披露要求的清单，对于免除非公有制企业的要求去披露企业合并形式上的经营成果占采购方法的比重。证券价格和成交量反应会计信息披露在评估对投资者的利益时，美国财务会计准则委员会认为证券价格和成交量反应会计信息披露，是让投资者使用的一种标志信息。如果一则通知是有有益信息的，投资者将修改他们的现金流量预期（导致价格变动）和重组投资组合（导致增加
48、成交量）。因此，如果一个会计信息披露在证券价格或成交量伴有异常变动，就会改变披露的“信息内容”。也就是说，披露似乎是有用的或相关的制动投资决策的信息。一个广泛的实证研究文献，各种会计信息披露文件的信息例如,年收入通知,季度收入通知,管理盈利预测,和年度报告。最近的研究进展进一步测试在大与小公司的盈余公告的微分反应。下文综合了这些研究的证据也解释了为什么这些研究的结果表明,政策制定者考虑在设定基于规模争论微分成本报告的要求应该受到微分效益的论点。一些涉及的变量和结论通过我们的讨论，两个重要的局限应牢记在心。第一，投资者强烈的反应表明，小公司的盈余披露不一定会与美国证监会的不一致，美国注册会计师委
49、员会得出结论，小公司提供用户不需要或不懂的信息。虽然小公司的盈余披露可能有信息，但其它披露仍然可能会不必要或混淆；第二，我们认为微分法规适用于小型和大型公司公开持有。综述的证据在这里没有直接赞成微分披露测量条例使用于私人和公共企业。私人公司的股东和债权人经常能够根据他们特定的需要获得财务信息。公开持有公司财产的投资者和债权人必须依靠按照公认会计准则准备的通用财务报表，来自公司治理自愿披露，信息发达私底下是由于分析师和商业报纸。微分反应的论点美国证券交易委员会和美国财务会计准则委员会都已经承认了小公司的财务报表对于投资者可能比大公司的更重要。限制大公司的上架注册（因此免除它们强制性披露与新权益问题有关），美国证券交易委员会指出，关于大公司持续不断的高质量信息的传播。另外，美国财务会计准则委员会发起的研究指出小型上市公司的财务报表相对重要些，因为对于这些公司的“信息量”通常是“最低”的。罗兰艾迪瑟认为交易获利机会能解释信息在大公司和小公司的差异。也就是说，投资者通过发展信息来补充公认会计准则下的大公司的财务报表比通过类似补充的小公司的财务报表更能获得潜在更多的营业利润。如果鼓励信息的发展随公司的规模而增加，那么投资者们会缩小对大公司的信息搜索行动。由此产生的结果将缺乏有关小公司增加公开信息的重要性，比
