资本市场功能与会计信息

现代经济中资本市场的重要地位是由资本市场对于支持和促进经济发展的强大功能决定的,这些功能包括筹资、投资、资产定价及资源配置。从历史上看,资本市场筹资、投资、资产定价及资源配置功能的缺失或不完善造成了英国早期资本市场崩溃和1929年美国资本市场大危机的严重经济后果。考察这两次资本市场危机,可以发现资本市场功能的完善必须依赖于充分的会计信息披露及统一的会计信息标准,因为二者能有效降低资本市场的交易费用,并实现资源的有效配置。

The Functions of Capital Market and Accounting Information

In modern economy,the important position of capital market depends on the powerful functions of capital market in support of the economic development.The functions include raising funds,investment,asset evaluation and resource allocation.Historically,the lack or imperfection of the functions of capital market caused the collapse of the early capital market in Britain and the economic crisis of American capital market in 1929.Through both crises,we can find that the perfection of the functions of capital mar...