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重慶翻譯公司關(guān)鍵字：First, the trade association of the implementation of the contract is so embodied. Suppose the stock issuance and trading there are a variety of industry associations, such as stock investors can set up Investors Association, Federation of small shareholders, underwriters consisting of the Securities Industry Association, the market畢業(yè)論文翻譯成英語文章 intermediary organizations, such as accounting firms established Institute of Chartered Accountants , and so on.The initial state of the stock is trading at a spontaneous order stages of private, small issuers and transaction size is very limited, the contract depends on the order of lock issuers trading on the expected positive relationship between net income. When the stock issuance and investment英文論文翻譯費(fèi)用多少錢 in the expanded scale, issuers can change in a larger range of investors, investors no longer need to lock, this time, issuers opportunistic behavior may occur, damage to the contract. If investors Investors Association was established to collect information about issuers of transactions, mainly opportunistic behavior records, and allow all members to share information and records, allowing other investors to avoid the main act and have the opportunity to trade the stock issuer, other investors, known as the third party, to refuse to sell it to punish issuers of opportunistic behavior, also known as third-party implementation of the punishment or multilateral reputation mechanism (Grief, 1990,1993,1994,1997). In practice, this third-party investors to implement the contract is usually only a specific or relatively closed community or region effectively. When the stock exchange to extend the scope and scale of large regions, information disclosure and trading behavior has expanded rapidly, many investors can not continue to maintain the reputation of the multilateral punishment mechanism, the transaction appears more difficult to control the disorder, a more neutral , there are economies of scale to implement a third party that the court or public regulatory agencies will have to replace the multilateral reputation relies on third-party implementation. In this case, the stock issuance and trading requires more expertise to standardize information disclosure and transaction behavior, such as the need for accounting expertise and services, through the Institute of Chartered Accountants of accounting knowledge and service specifications
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