会计准则的宏观经济影响

摘要

We study how accounting standards shape macroeconomic outcomes. While prior research typically assumes perfectly elastic capital supply, we model it as upward-sloping, so investors’ rate of return (entrepreneurs’ cost of capital) is determined by supply and demand. Because accounting standards govern the reports used in funding decisions, they shift capital demand, changing the equilibrium rate and redistributing surplus between entrepreneurs and investors. Conservative standards shrink the pool of firms seeking capital, lowering the cost of capital for funded entrepreneurs. Conservatism can therefore benefit entrepreneurs as a group, yet no entrepreneur would adopt it individually because each takes the market rate as given. Liberal standards can benefit investors by raising the rate despite reducing investment efficiency. Our findings imply that the FASB’s focus on providing decision-useful information can paradoxically harm investors by reducing capital demand. These distributional conflicts explain why unbiased standards may face resistance despite maximizing total welfare.