What are regulatory intermediaries? What roles do regulatory intermediaries play? What is the basis of their regulatory capacity and authority? This article examines these questions by focusing on the Big-4 international audit firms in the context of harmonizing international financial reporting standards. I argue that regulatory intermediaries perform a variety of regulatory market failure correcting functions for both regulatory makers and takers. Intermediation is far from being secondary to the regulatory process, and intermediaries, particularly those of transnational nature, have a pivotal role. Furthermore, regulatory intermediaries, as exemplified in the case of the Big-4, continuously challenge the primacy of the state, and the division of labor and balance of power between regulatory actors. Regulatory entrepreneurship and activism, coupled with unique organizational model based on global networks of partnerships, have led to the ascension of the Big-4 to unprecedented regulatory and market powers.

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既不是接受者也不是制造者：作为监管中介的四大审计公司

什么是监管中介？监管中介扮演什么角色？他们的监管能力和权威的基础是什么？本文通过在协调国际财务报告标准的背景下重点关注四大国际审计公司来研究这些问题。我认为监管中介机构为监管制定者和接受者执行了各种监管市场失灵纠正功能。中介远非监管过程的次要，中介，尤其是跨国中介，发挥着举足轻重的作用。此外，监管中介，如四大的例子，不断挑战国家的主导地位，以及监管参与者之间的分工和权力平衡。监管创业和行动主义，