股票期權獎勵與盈余管理動機[外文翻譯]

1、本科畢業(yè)論文（設計）外文翻譯原文：原文：StockOptionCompensationEarningsManagementIncentivesThisstudyfocusesontherelationbetweenthestructureofexecutivecompensationincentivestomanagereptedearnings.Specificallyweexaminewhethertheuseofstockopti

2、onsrelativetootherfmsofpayinfluencesdiscretionaryaccrualchoicesaroundoptionawarddates.Weconductthisstudyinpartbecauseoftheapparenttrendoverthepasttwodecadestowardtheuseofoptionsinexecutivepay.Compensationresearchhasconsi

3、stentlyshownthatoptionawardsmeasuredonafairvaluebasisnowrepresentonaveragethelargestcomponentofCEOpay(Murphy[1999]Baker[1999]Matsunaga[1995]Yermack[1995]).Notsurprisinglythistrendseemstohavecontributedtoincreasedscrutiny

4、ofCEOpaytohaveleddirectlytoseveralpublicpolicyinitiativesduringthe1990s.Fexampleaccountingstardsettersadoptedaseriesofrulesthatgreatlyexpedinvestreptingrequirementsonoptions(SEC[19921993]FASB[1995])in1993Congressenactedt

5、axlegislationintendedtocurbnonperfmancebasedexecutivepay(seeReitengaetal.[2002]PerryZenner[2001]).Furthermeasreptedinthefinancialpresscriticismofthemagnitudeofoptionawardsincludingcriticismbyinvestsseemstooccurregularly(

6、e.g.wall[1997]Jereski[1997]Fox[2001]Colvin[2001]).Stardsetterspoliticiansarecurrentlyreexaminingdisclosurerulesofferingevidencethatoptionscontinuetobeadifficultpublicpolicyissue(Schroeder[2001]HamburgerWhelan[2002]WSJ[20

7、02]).Untilrecentlyacademicresearchhastypicallyfocusedontestingtheuseofoptionswithinanagencytheyframewkprimarilyexaminingincentivealignmentaspects.ArguablybytyingexecutivepaytostockpriceoutcomesoptionsencourageLarcker[198

8、7]Lewellenetal.[1987]Gaveretal.[1995]Holthausenetal.[1995]Reitengaetal.[2002])relativelylittlepublishedresearchinvestigateshowstockoptioncompensationinfluencessuchbehavi.Ourstudycouldprovideinsightonwhetherstardoptioncom

9、pensationpracticeinfluencesthequalityofreptedearnings.Toconductourstudyweexaminecompensationfirmperfmancedataon168firmsduringthetimeperiod199298.WeobtaindatafromavarietyofsourcesincludingCompustattheWallStreetJournalannu

10、alsurveyofexecutivecompensationproxystatements.Weestimateamodelofthediscretionaryaccrualscomponentofreptedannualearningsasafunctionofseveralfactsincluding(1)theratioofoptioncompensationtootherfmsofpay(2)thetimingofannual

11、earningsannouncementsawarddates.Aspredictedwefindevidencethatoptionawardsinfluencethefinancialreptingprocess.Firmsthatcompensatetheirexecutiveswithgreatersharesofoptionsrelativetootherfmsofpayappeartousediscretionaryaccr

12、ualstodecreasecurrentearnings.Furthermethiseffectappearstobestrongeriftheexecutiveannouncesearningspritoanoptionawarddate.Ourresultsextendpreviousresearchbydocumentingthatmanagersappeartointerveneinthefinancialreptingpro

13、cessinanattempttoincreasethevalueoftheirawards.Therestofourpaperisstructuredasfollows.InSection2wedevelopourresearchhypotheses.Section3describesourresearchdesignSection4presentsourmainresultsdetailsonsensitivitytests.Fin

14、allySection5discussestheseresultstheirimplicationsfexecutivecompensationpractices.Basedonpreviousstudiesourownreviewofproxystatementsitappearsthattheprocessofawardingoptionsfollowsastardpattern(Yermack[1997]AboodyKasznik

15、[2000]).Awardsarefmallydeterminedbyacompensationcommitteeoftheboardofdirectsarenearlyalwaysmadeonceperyeartypicallywithanexercisepriceequaltosharepriceonawarddate.Asnotedintheintroductionmostoftheacademicresearchontheuse