英国会计专业Essay论文代写作业：The primary aim of accounting is to provide。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。
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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).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,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 information disclosure,and finally it is tentative to give conclusions on the effectiveness of information disclosure.
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）。Ţiţan认为，有效的市场是理想的，因为在这样的市场中，由于信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 the capital market into three categories:weak form efficiency,semi-strong form efficiency,and strongly form efficiency(Ţiţan,2015).Ţiţan(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 excess 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 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 market is improved,making a weak form efficiency or a semi-strong form efficiency market is possibly close to the state of an effective market.