In this paper, I provide an overview of the research on the real effects of financial reporting on investing and financing decisions made by firms. Accounting can improve investment efficiency and affect nearly every aspect of the financing decision by reducing information asymmetry and improving monitoring. However, limitations in the financial reporting system, specifically distinguishing liabilities from equity and determining control for consolidations, result in opportunities to structure transactions to achieve certain financial reporting outcomes. A recent new stream of research documents a link between accounting and macroeconomic indicators, providing evidence that accounting predicts revisions in these indicators. An interesting avenue for future research could be to investigate the link between accounting, investing and financing, and macroeconomic performance.

中文翻译：

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报告事项：财务报告对投资和融资决策的实际影响

在本文中，我概述了财务报告对公司投资和融资决策的实际影响的研究。会计可以通过减少信息不对称和改进监控来提高投资效率并影响融资决策的几乎每个方面。但是，财务报告系统的局限性，特别是将负债与权益区分开来以及确定合并控制权，导致有机会构建交易以实现某些财务报告结果。最近的一项新研究记录了会计和宏观经济指标之间的联系，提供了会计预测这些指标修订的证据。未来研究的一个有趣途径可能是调查会计、投资和融资之间的联系，