政治關(guān)聯(lián)企業(yè)的會計信息質(zhì)量【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯外文題目TheQualityofAccountingInfmationInPoliticallyConnectedFirms外文出處JournalofAccountingEconomics外文作者PaulK.Chaney，MaraFaccio，DavidParsley原文：原文：TheQualityofAccountingInfmationinPoliticallyConnectedFirmsWedocume

2、ntthatthequalityofearningsreptedbypoliticallyconnectedfirmsissignificantlypoerthanthatofsimilarnonconnectedcompanies.Ourresultsarenotduetofirmswithexantepoearningsqualityestablishingconnectionsmeoften.Insteadourresultssu

3、ggestthatbecauseofalesserneedtorespondtomarketpressurestoincreasethequalityofinfmationconnectedcompaniescanaffddisclosinglowerqualityaccountinginfmation.Inparticularlowerqualityreptedearningsisassociatedwithahighercostof

4、debtonlyfthenonpoliticallyconnectedfirmsinthesample.Inthispaperweinvestigatewhetherearningsqualityvariessystematicallywithpoliticalconnectionsinawidesampleofcountriespoliticallyconnectedfirms.Overallourresultsrevealthatt

5、hepresenceofpoliticalconnectionsisassociatedwithalowerqualityofaccountingearnings.Wedocumentthatpoliticalconnectionshaveincrementalexplanatypowerbeyondcountryregulatyfirmspecificownershipacteristics.Exanteonecouldhavearg

6、uedthatbecauseconnectedfirmsaresubjecttoextensivecontrolsmoniting(includingscrutinybythemedia)politicalconnectionswouldinfactbeassociatedwithbetterearningsquality.Thishoweverisnotthecase.Basedontheresultsinpriresearchthr

7、eeexplanationsareconsistentwithourfindingthatthequalityofearningsofpoliticallyconnectedfirmsispoerSecondweassesstheneedfconnectedcompaniestomaketheinvestmentneededtoprovidegoodqualityaccountinginfmation.Thissecondtestexp

8、loitsearlierevidenceinFrancisLaFondOlssonSchipper(2005)whofindthatfU.S.firmspoearningsqualityisassociatedwithahighercostofdebt(aswellasahighercostofequity).Wearguethatthisresultmaynotholdfpoliticallyconnectedfirms.Fexamp

9、lepoliticalpressureinterventiononbehalfofconnectedcompaniesmaysubstitutefbetterqualitydisclosuresthusmitigatetheconsequences(i.e.costs)ofpoinfmationqualitythattheirnonconnectedpeersface.Toimplementthistestweexaminetwomea

10、suresofthecostofdebt:theaveragerealizedcostof(total)debttheyieldtomaturityspreadonpublicallyissueddebt.Thislattermeasurebettercapturesthecostimposedbymarketparticipantsonfirmswithpoqualityreptedearningsbutmissesfirmsnota

11、ccessingpublicdebtmarkets.Ourregressionanalysessuppttheconclusionthatthecostof(total)debtisinverselyrelatedtothequalityofreptedearningsonlyfthenonpoliticallyconnectedfirmsinthesample.Thatiscompanieswithpoliticalconnectio

12、nsareapparentlyinsulatedfromthenegativeconsequencesoftheirlowerqualitydisclosures.Thisprovidesatleastpartialsuppttooursecondhypothesisi.e.thatmanagersofconnectedfirmspaylessattentionindevelopingthequalityoftheirearnings.

13、Unftunatelywecannotdirectlytestthefirsthypothesisbecauseitwouldrequirebeingabletoidentifyeventsaroundwhichconnectedfirmswouldbeexpectedtomanagetheirearningsinaparticulardirectioninexcessofthelevelofearningsmanagementadop

14、tedbysimilarnonconnectedpeers.Aprimecidateasaneventfsuchatestwouldbetheprovisionofgovernmentbenefitstoconnectedfirms–whichinsiderswouldthenattempttosteal.Sucheventshoweveraregenerallynotobservableonawidescale.Thispaperre

15、latestoagrowingliteratureexaminingearningsqualityinternationally.Economicexplanationsfpoearningsqualitytypicallyfocusonagencygovernanceissues.Leuz(2006)documentsapositiveassociationbetweenownershipconcentrationearningsma