미국에 있어서 현대 재무공시의 기원

Abstract

Due partly to the dominant political philosophy Laissez-faire, the amount as well as the

quality of financial information disclosed by most publicly owned corporations in the United

States were left almost entirely to the discretion of management until the end of the 19th

century. Accounting abuses were inevitable due to the absence of any regulation of the securities markets. Although US manufacturers began to move slowly toward more publicly credible financial disclosure practice, the notorious corporate secrecytradition continued

throughout the nineteenth century, and it was not until 1929 that people realized the need for

strong regulations regarding financial disclosure systems. The stock market crash in the fall

of 1929 became the direct moment to enact many federal government regulations including the famous Securities Acts of 1933 and 1934.