盈余管理：一種普遍現(xiàn)象[外文翻譯]

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1、外文翻譯EarningsManagement：APerspectiveMaterialSource:ManagerialFinanceAuthor:MessodD.BeneishAbstractAnissuecentraltoaccountingresearchistheextenttowhichmanagersalterreportedearningsfortheirownbenefit.Inthe1970sandearly1980s,alargenumberofstudiesinvestigatedthede

2、terminantsofaccountingchoice.Thesestudiesprovidedevidenceconsistentwithmanagers’incentivestochoosebeneficialwaysofreportingearningsinregulatoryandcontractualcontexts(seeHolthausenandLeftwich,1983,andWattsandZimmerman,1986forreviewsofthesestudies).Sincethemid-

3、1980sstudiesofmanagerialincentivestoalterearningshavefocusedprimarilyonaccruals.Itracetheexplosivegrowthinaccrual-basedmanagementresearchtothreelikelycauses.FirstaccrualsaretheprincipalproductofGenerallyAcceptedAccountingPrinciplesandifearningsaremanageditism

4、orelikelythattheearningsmanagementoccursontheaccrualratherthanthecashflowcomponentofearnings.Second,studyingaccrualsreducestheproblemsassociatedwiththeinabilitytomeasuretheeffectofvariousaccountingchoicesonearnings(WattsandZimmerman,1990).Third，ifearningsmana

5、gementisanunobservablecomponentofaccruals,itislesslikelythatinvestorscanunraveltheeffectofearningsmanagementonreportedearnings.Themainchallengefacedbyearningsmanagementresearchersisthatacademics,likeinvestors,areunabletoobserve,orforthatmatter,measuretheearni

6、ngsmanagementcomponentofaccruals.Indeed,managerialaccountingactionsintendedtoincreasecompensation,avoidcovenantdefault,raisecapital,orinfluencearegulatoryoutcomearelargelyunobservable.Consequently,priorworkhasdrawninferencesfromjointhypothesesthattestbothince

7、ntivestomanageearningsaswellastheconstructvalidityofthevariousaccrualmodelswhichareusedtoestimatemanagers’accountingdiscretion.Becauseextantmodelsofexpectedaccrualsprovideimpreciseestimatesofmanagerialdiscretion,questionshavebeenraisedaboutwhethertheunobserva

8、bleearningsmanagementactionsdoinfactoccur.Notwithstandingresearchdesignproblems,avarietyofevidencesuggestiveofearningsmanagementhasaccumulated.InSection2,Iraisethreegeneralquestionsaboute