文献翻译模板汪萍.docx
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文献翻译模板汪萍.docx
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文献翻译模板汪萍
2012届本科毕业设计(论文)
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文献一:
CommentaryonEarningsManagement
Thiscommentaryisintendedtoprovideaframeworkforthinkingabouttheimplicationsofresearchdesignchoicesinearningsmanagementresearch,todemonstratesometradeoffsinvolvedinmakingthosechoices,andtodescribetheconnectionbetweenearningsmanagementresearchandsomeotherareasofaccountingresearch.Understandingearningsmanagementhasimplicationsforoneofthecentralquestionsconfrontedbypracticingprofessionalaccountantsandacademicaccountants.Thatquestionconcernstheinfluenceandimportanceofaccountingaccrualsinarrivingatasummarymeasureoffirmperformance.AlthoughthevarietyofaccrualoptionsavailableunderGenerallyAcceptedAccountingPrinciplesandthesusceptibilityofaccrualstomanipulationmeanthattheresultingaccountingnumberscouldinprinciplebemanagedtothepointofuninformativeness,availableempiricalevidenceindicatesthataccrualsdoinfacthaveinformationcontent.^Thatis,theopportunitiesforearningsmanagementinherentinthecurrentreportingsystemdonoteliminatetheusefulnessofaccountingearningsforvaluingshares.Ofcourse,researchresultstodatehavenotshedanylightontheissueofwhethersomechangeintheamountofmanagerialdiscretionmightevenaddtotheinformativenessofaccountingearnings.
Framingquestionsoffinancialdisclosureintermsoftheexistenceandpotentialeffectsofearningsmanagementhelpsusthinkaboutthefollowingpolicyproposal:
shouldaccountingrulesbepromulgatedinsuchawaythatopportunitiesforearningsmanagementareeliminated?
Thisisanotherwayofaskingwhetherthereareadverseconsequencesofearningsmanagement,andifthereare,whetheraccountingpolicymakersshouldattempttoeliminatethem.Byfocussingonthecostsandbenefitsofallowingformanagerialdiscretioninthechoiceandapplicationofaccountingmethods,researchersprovideaframeworkforconsideringwhatwewouldhavetogiveuptoeliminateearningsmanagement—forexample,compensation-basedincentivestomanageearningswouldbeeliminatedifmanagerialincentivecontractsneverincludedearnings.Butthisapproachrestrictscontractstoexcludeapotentiallyveryinformativesignalaboutmanagerialproductivity,anditignoresthepossibilitythatearningsmanagementhastheessentiallybeneficialroleofprovidingameansformanagerstorevealtheirprivateinformation.
Theremainderofthiscommentarywillfocusonthreeissues:
definingtheobjectofearningsmanagement;exploringconditionsgivingrisetoearningsmanagement;anddesigningempiricaltestsofearningsmanagement.Afinalsectioncontainssomeconclusionsandofferssomespeculationsabouttheconnectionsbet'weenearningsmanagementresearchandotherareasofaccountingresearch..
By"earningsmanagement"Ireallymean"disclosuremanagement"inthesenseofapurposefulinterventionintheexternalfinancialreportingprocess,withtheintentofobtainingsomeprivategain(asopposedto,say,merelyfacilitatingtheneutraloperationoftheprocess).Thisdefinitionlimitsthediscussion,inthatitincludesonlytheexternalreportingfunctionandnot,forexample,managerialaccountingreportsoractivities(suchaslobbyingtheFinancialAccountingStandardsBoard)designedtoinfluenceorchangeGenerallyAcceptedAccountingPrinciples.
Thedefinitionofearningsmanagementadoptedheredoesnotrelyonanyparticularconceptofearnings;itisbasedonaviewofaccountingnumbersasinformation.Italsosubsumesmanagementofthecomponentsofearningsorofsupplementarydisclosures.Underthisdefinition,earningsmanagementcouldoccurinanypartoftheexternaldisclosureprocess,andcouldtakeanumberofforms.^Aminorextensiontothedefinitionwouldencompass"real"earningsmanagement,accomplishedbytiminginvestmentorfinancingdecisionstoalterreportedearnings
orsomesubsetofit.Theresultingaccountingnumberscouldbe"smoothed"inthesensethattheirover-timevariabilityisreduced,buttheyneednotbe.
Differentformsofaccruals-basedand"real"earningsmanagementarenotequallyeasytodiscern.Forexample,itmightbedifficulttodistinguishempiricallybetweeninvestmentorproductiondecisions(suchaschoosingthelevelofexpendituresonresearchanddevelopmentoronadvertising,addingordroppingaproductline,oracquiringanotherfirm)thatareundertakenpurelytomaximizesharevaluesandthoseundertakenpurelytomanageearnings.Withintheopportunitiesofferedbytheaccountingsystem,managerscouldmanageearningsbyselectingaccountingmethodswithinGAAPorbyapplyinggivenmethodsinparticularways(forexample,theycouldchangeestimatesofservicelivesofdepreciableassets).Theformerisrelativelydramaticandtransparentintheyearofthechange;itmaybeflaggedbytheauditorinapublicwayandwilllikelyreceivefootnotediscussion.Thelatter,whichmerelycontributestotheapplicationofagivenmethod,maybeharderforanoutsidertoobserve.Givencurrentdisclosurerequirements,theeffectsofbothaccountingmethodchangesandchangesinthewaysgivenmethodsareappliedareveryhardtoestimateintheyearsaftertheinitialchange.^
Throughout,Iconsiderearningsmanagementfromaninformationalperspective,asdistinguishedfromaneconomicincome(sometimescalleda"tmeincome")perspective.Thisdistinctionmattersbecauseithasimplicationsforinterpretingresultsofearningsmanagementresearch.Underatrueincomeperspective,thereissomenumber(suchaseconomicincome)whichispurposefullydistortedbyearningsmanagement.Butthereisanothersourceofdistortionaswell:
therulesofaccrualaccountingandGAAPleadtoaccountingnumberswhichmeasuretrueincomewitherror,wherethebenchmarkusedtoevaluatethedegreeofsuchmeasurementerrorisatrueincomemetric.^Therefore,thetrueincomeperspectiveimpliesthatunmanagedearningsarenoisymeasuresofabenchmark,andthatmanagingearningschangesthepropertiesofthenoise(suchasitsamount,bias,orvariance).
Underaninformationalperspective,earningsareoneofmanysignalswhichmaybeusedtomakecertaindecisionsandjudgments.Oneexampleisthevaluationofsecurities.Theinformationalperspectiveimpliesthattheimportantattributeofaccountingnumbersisthereforetheir"informationcontent,"astatisticalproperty,sothequestionofmeasurementerrorornoiserelativetoatrueincomebenchmarkdoesnotarise.Theactualvaluesofthenumbers—whichareofessentialimportanceunderatrueincomeperspective—arenotanimportantattribute.Taseethisdistinction,supposeeveryfirmadded$1milliontoincome,andthispracticewaspublicknowledge.Nostatisticalrelationexcepttheratiooftwofirms*incomeswouldbealteredbythislineartransformation,butthevaluewouldbe"distorted."
Theinformationalperspectiveonearningsmanagementassumesmanagershaveprivateinformationwhichtheycanusewhentheychooseelementsfromafeasiblesetofreportingrules,underagivensetofcontractsthatdetermine(forexample)compensationandothersharingrulesamongstakeholders.Theirchoicesincludenotonlyaccountingproceduresbutalsoestimatesrequiredbythoseprocedures,suchasestimatesofuncollectibleaccountsorwarrantycosts.''Noconceptofearningsasatruevalueisneeded,althoughtheresearchermightwellbeinterestedinconsideringwhatthefinancialprocesswouldproduceintheabsenceofpurposefulintervention.
Mostearningsmanagementresearchassumesthatboththefeasiblereportingsetandthecontractsetarepredetermined—theyarefixedandcanbetakenasgivenbyonewhowishestomanageearnings.Infact,ofcourse,bothcontractsandthefeasiblereportingsetchangeovertimeinresponsetoeconomicandinstitutionalpressures.Thesepressurescouldincludeeitherearningsmanagementortheperceptionthatearningsarebeingmanaged;insomesense,therefore,contractsandreportingrulesareendogenoustotheearningsmanagementproblem.^Butthereportingsetorcontractsetmaywellbetakenasfixedforagivenreportingperiod,suchasayear.Indesigningaresearchstudy,theadvantageoftakingthecontract/reportingsetasfixedisthatthefixedsetsimplyrigiditiesorfrictionswhichintumimplyanincentiveforearningsmanagement.Thisassumptionpermitsafocusonearningsmanagementasaresponsetoenvironmentalconditions,butitprecludesadynamicanalysisoftheevolutionofcontractualchangesandotherresponsesthatmightoccurasaresultoftheperceptionthatearningsarebeingmanaged.^
Researchersadoptingtheassumptionoffixedcontractingandfixedfeasiblereportingsetsconfrontthequestion:
howdothesefixedsetscreateincentivesforearningsmanagementandwhatinstitutionalfeaturesofthereportingenvironmentmakeearningsmanagementpossible?
Thisquestionhasbeenaddressedusinganalyticmodels.Suchmodelsareusuallybasedonstrong,perhapsunrealistic,assumptionsabouthumanbehavior.Theyarethereforesometimespejoratively
labeledstarkandstylizedrepresentations.Butthislabeloverlookstheadvantagesofsuchrepresentations;theyimposedisciplinonourintuition,sothatwecanseewhereintuitioncananddoesleadusastray.Theirspareness—^whichhasbeenlabeledbysomeasalackofrealism—Exposeswhatmustbeassumedtoallowearningsmanagementtoariseinaneconomicsetting.Inotherwords,awell-constructedanalyticalmodelofferstheadvantageofstrippingawaysecond-ordereffectsandextra
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