盈余管理一種普遍現(xiàn)象[外文翻譯]

1、外文翻譯EarningsManagement：APerspectiveMaterialSource:ManagerialFinanceAuth:MessodD.BeneishAbstractAnissuecentraltoaccountingresearchistheextenttowhichmanagersalterreptedearningsftheirownbenefit.Inthe1970searly1980salargenum

2、berofstudiesinvestigatedthedeterminantsofaccountingchoice.Thesestudiesprovidedevidenceconsistentwithmanagers’incentivestochoosebeneficialwaysofreptingearningsinregulatycontractualcontexts(seeHolthausenLeftwich1983WattsZi

3、mmerman1986freviewsofthesestudies).Sincethe1980sstudiesofmanagerialincentivestoalterearningshavefocusedprimarilyonaccruals.Itracetheexplosivegrowthinaccrualbasedmanagementresearchtothreelikelycauses.Firstaccrualsarethepr

4、incipalproductofGenerallyAcceptedAccountingPrinciplesifearningsaremanageditismelikelythattheearningsmanagementoccursontheaccrualratherthanthecashflowcomponentofearnings.Secondstudyingaccrualsreducestheproblemsassociatedw

5、iththeinabilitytomeasuretheeffectofvariousaccountingchoicesonearnings(WattsZimmerman1990).Third，ifearningsmanagementisanunobservablecomponentofaccrualsitislesslikelythatinvestscanunraveltheeffectofearningsmanagementonrep

6、tedearnings.Themainchallengefacedbyearningsmanagementresearchersisthatacademicslikeinvestsareunabletoobservefthatmattermeasuretheearningsmanagementcomponentofaccruals.Indeedmanagerialaccountingactionsintendedtoincreaseco

7、mpensationavoidcovenantdefaultraisecapitalinfluencearegulatyoutcomearelargelyunobservable.Consequentlypriwkhasdrawninferencesfromjointhypothesesthattestbothincentivestomanageearningsaswellastheconstructvalidityofthevario

8、usaccrualmodelswhichareusedtoestimatemanagers’accountingdiscretion.Becauseextantmodelsofexpectedaccrualsprovideimpreciseestimatesofmanagerialdiscretionquestionshavebeenraisedaboutwhethertheunobservableearningsmanagementa

9、ctionsdoinfactoccur.contextoffinancialreptingincludingthestructuringoftransactionssothatadesiredaccountingtreatmentapplies(e.g.poolingoperatingleases).Howevertheseconddefinitionalsoallowsearningsmanagementtooccurviatimin

10、grealinvestmentfinancingdecisions.Ifthetimingissuedelaysacceleratesadiscretionaryexpenditurefaveryshtperiodoftimearoundthefirm’sfiscalyearIenvisiontimingrealdecisionsasameansofmanagingearnings.Aproblemwiththeseconddefini

11、tionarisesifreadersinterpretanyrealdecisionsincludingthoseimplyingthatmanagersfegoprofitableopptunities–asearningsmanagement.GiventheavailabilityofalternativewaystomanageearningsIbelieveitisimplausibletocallearningsmanag

12、ementadeviationfromrationalinvestmentbehavi.Thisreflectsmyviewthatearningsmanagementisafinancialreptingphenomenon.Therearetwoperspectivesonearningsmanagement:theopptunisticperspectiveholdsthatmanagersseektomisleadinvests

13、theinfmationperspectivefirstenunciatedbyHolthausenLeftwich(1983)underwhichmanagerialdiscretionisameansfmanagerstorevealtoinveststheirprivateexpectationsaboutthefirm’sfuturecashflows.Muchpriwkhaspredicateditsconclusionson

14、anopptunisticperspectivefearningsmanagementhasnottestedtheinfmationperspective.2.2IncidenceofearningsmanagementIfonebelievesfmerSECChairmanLevitt(1998)earningsmanagementiswidespreadatleastamongpubliccompaniesastheyfacepr

15、essuretomeetanalysts’expectations.Earningsmanagementisalsowidespreadifonereliesonanalyticalarguments.FexampleBagnoliWatts(2000)suggestthattheexistenceofrelativeperfmanceevaluationleadsfirmstomanageearningsiftheyexpectcom

16、petitfirmstomanageearnings.Similarprisoner’sdilemmalikeargumentsftheexistenceofearningsmanagementappearinEricksonWang(1999)inthecontextofmergersShivakumar(2000)inthecontextofseasonedequityofferings.Attheotherextremewecan

17、onlybecertainthatearningshaveindeedbeenmanagedwhenthejudicialsystemincasesthatarebroughtbytheSECtheDepartmentofJusticeresolvesthatearningsmanagementhasoccurred.Whileitislikelythatearningsmanagementoccursmefrequentlythani