盈余管理是否影響公司的投資決策？【外文翻譯】

1、外文文獻翻譯譯文外文文獻翻譯譯文一、外文原文原文：DoesEarningsManagementAffectFirms’InvestmentDecisionsI.INTRODUCTIONThispaperexamineswhetherearningsmanagementaffectsresourceallocationbystudyingwhetherfirmsmanipulatingearningsmakesuboptimalinves

2、tmentdecisions.Weaimtoprovideevidenceonwhetheraccountingmisstatementspotentiallymotivatedbycompensationtargetscapitalmarketexpectationscausedisttionsintheinvestmentdecisionsmadewithinfirmsengaginginthemisstatement—adirec

3、tcosttoinvests.Theconsequencesofearningsmanagementarerelevanttothedecisionsmadebyinvestsmanagersdirectsregulatstodatethereislittleresearchthataddressestherelationbetweenearningsmanagementinexternalreptingitseffectoninter

4、naldecisions.Investmentdecisionsdependonexpectationsofthebenefitsoftheinvestmentwhichinturndependonexpectationsoffuturegrowthproductdem.Expectationsoffuturegrowtharebasedoninfmationthatincludesrevenuesearnings.Inaddition

5、tomerelyconcealingtheactualperfmanceduringtheperiodmisstatedfinancialresultscanmaskunderlyingtrendsinrevenueearningsgrowth.Thusoverstatementsofrevenuesearningsarelikelytodisttexpectationsofgrowthbythoseunawareofthemissta

6、tement.Onemightconjecturethatifmanagementchoosestopaintarosierviewfinvestsinthenumberstheyreptexternallythentheywouldnotallowthistoinfluenceinternalinvestmentdecisions.Howeveritispossiblethatinvestmentdecisionmakerswithi

7、nthefirmbelievethemisreptedgrowthtrend—becausetheyareeitheroveroptimisticunawareofthemisstatement—investaccdingly.Alternativelyinvestmentdecisionmakersmightunderstthetruestateofthefirmbutchoosetooverinvestinahighriskappr

8、oachtoturnaroundperfmance.Regardlessofthereasonftheoverinvestmenttruthfulreptingmighthavefirmsoverinvestduringthemanipulationperiodfareasonotherthantheeffectofmisleadinginfmationthenwewouldnotexpectadeclineininvestment(a

9、ftercontrollingfdeclininginvestmentopptunities)whenearningsarenolongermanipulated.Thefindingsindicatethatfirmsmanipulatingearningsdooverinvestinthemisreptingperiod.Wefindsignificantlygreaterinvestmentthanwouldbeexpectedb

10、asedoninvestmentfundamentals.Additionaltestsusingmatchedcontrolfirmssuggestthatsamplefirmsinvestmethantheywouldhavehadtheynotoverstatedtheirearnings.Whilesamplecontrolfirmsexhibitsomeoverinvestmentbefethemanipulationperi

11、odcontrolfirmsreducethelevelofinvestmentwhereassamplefirmscontinueoverinvestingduringthemanipulationperiod.Finallytheevidenceindicatesthatsamplefirmscurboverinvestmentfollowingthemisreptingperiod.Thesefindingssuggestthat

12、animptantconsequenceofearningsmanagementisitseffectonfirms’investmentdecisions.Ourtestsusingmeasuresofdiscretionaryrevenuesallowustoconfirmthemainfindingsalsotoinvestigatefurtherthetimingoftheearningsmanagementexcessinve

13、stment.Grangercausalitytestsareconsistentwithearningsmanagementleadingexcessinvestmentratherthanearningsmanagementoccurringinresponseto(e.g.tocoverup)pastsuboptimalinvestment.Takentogetherourfindingsacrossseveralapproach

14、esusingmultiplemeasuresofearningsmanagementexcessinvestmentsupptourhypothesisthatearningsmanagementaffectsfirms’investmentdecisions.Weseektoprovideadditionalsupptfthishypothesisbyrulingoutalternativeexplanationsfourresul

15、ts.Ourevidencedoesnotindicatethatoverinvestmentissolelyaresultoffirmsobtainingrelativelyinexpensiveexternalfinancingbecauseweseesimilarpatternsofoverinvestmentinfirmswithlowhighlevelsofexternalfinancing.Ourevidencedoesno

16、tsupptthehypothesisthatfirmsmanipulatingearningsoverinvesttopoolwithmesuccessfulfirmstotherebyavoiddetectionwefindthatsamplefirmsinvestmethancontrolfirmswhichisinconsistentwithapoolingargument.Finallyourevidenceisnotcons