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1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：EstimatingTheHiddenCostOfEnvironmentalRegulationCompliancewithstringentenvironmentalregulationscansignificantlyaffectproductcostsinindustriessuchaschemicalspapersteelutilities.Thispaperexamineshowenvi

2、ronmentalregulationsaffectproductcostintheU.S.steelindustry.Thesteelindustrysufferedamajdeclinefrom1974to1995withproductionfallingby58percent.Theindustryblamedenvironmentalregulationsasamajreasonfthedecline.Howevertherep

3、tedcostsofenvironmentalcomplianceconstitutedlessthan5percentofthecostofsteelmakingraisingthequestionwhetherthereptedenvironmentalcostsreflectthefullimpactofregulations.Weestimatethemagnitudeofthesehiddencostsexpletheirma

4、nagerialimplications.Ourstudyprovidesamodelthatmanagerscanusetoestimatemarginalcostsofregulationincludinghiddencoststoassesscostbenefittradeoffsofdevelopingmedetailedaccountingsystemstoidentifymanagetheseenvironmentalcos

5、ts.Environmentalregulationsaffectfirms’costsinseveralways(Whiteetal.1995).Typicalaccountingsystemseasilyidentifyhenceseparatelycaptureaccumulate“visible”costofenvironmentalcompliancesuchasinstallationmaintenanceofpolluti

6、oncontrolequipmentendofpipeemissiontreatmentcosts.Regulationsalsoaffectcostsindirectlybyimposingadditionalconstraintsonfirmproductiontechnology.Fexampleenvironmentalcompliancemayrequirefirmstosubstitutelesspollutinginput

7、sfmepollutinginputstochangetheproductionprocesstolimitemissions.Accountingsystemsoftenfailtoidentifyseparatelytheincrementalcostsofsuchchangesinsteadincludetheminothercostpools.Thesehiddencostscanbequitelargedisttingthec

8、ostsreptedbythefirmscostingsystem.costof$10.68(atthemargin)ofwhich$9.68ishidden.Thusconsideringonlythevisiblecostsofenvironmentalregulationwillseriouslyunderestimatetheeffectofregulationoncostprofit.Wealsoconductedstruct

9、uredinterviewswithcpatelevelexecutivesplantlevelaccountantsfromsevensteelfirmstovalidateoureconometricestimationstogaininsightintosuchquestionsas:arethemanagersawareofthelargehiddencostsofenvironmentalregulationWhatareth

10、ereasonsfthelargehiddencostsWhattypesofdecisionsarelargehiddencostslikelytoaffectWefoundthatthemanagersareawareofthesehiddencostsbutseriouslyunderestimatetheirmagnitude.Themanagerscitedseveralreasonswhytheaccountingsyste

11、mdoesnotidentifyallenvironmentalcosts:difficultyinseparatingtheenvironmentalptionoftheincrementalcostsofmaterialsutilitiesoverheadsproblemsofaggregationacrossplantsfunctionaldepartmentscomplexityinseparatingenvironmental

12、componentofcostsofprocesschangesthathavemultipleobjectives.Ourfindingthatthesteelindustrysuffersfromlargehiddencostshasimplicationsfthedesignofcostingsystemsinindustriesfacingsignificantenvironmentalregulations.Grossunde

13、restimationofhiddencostsislikelytoleadtosuboptimaldecisionsinmanagingthesecosts.Hiddencostsmaydisttvarianceanalysiscontributetoproductmispricingleadtoinappropriateproductmixplantclosureinvestmentdecisions.Ourinterviewsre

14、vealexamplesoftheseeffects.Weconcludethatmanagersunderestimatethemagnitudeofhiddencoststhattheyshouldreconsiderthecostsbenefitsofupdatingstardcostingsystemstobettertrackenvironmentalcosts.Theremainderofthispaperisganized

15、asfollows.SectionIIdiscussestheeffectsofenvironmentalregulationsonfirms’costs.SectionIIIpresentstheestimationmodelSectionIVdescribesthedatavariablesSectionVdiscussestheresultsSectionVIconcludes.Thetotalcurrentcostsofenvi

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