激勵報告的重要性歐洲的私營和公共企業(yè)的盈余管理【外文翻譯】_第1頁
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1、1本科畢業(yè)論文（設(shè)計）外文翻譯外文題目TheimptanceofReptingIncentives:EarningsManagementinEuropeanPrivatePublicFirms.外文出處AccountingReview外文作者DaviaC.BurgstahlerLuziHailChristianLeuz原文：原文：TheimptanceofReptingIncentives:EarningsManagementinEur

2、opeanPrivatePublicFirms.Muchoftheinternationalaccountingdebatehasfocusedonaccountingstardspersewhichareoftenviewedastheprimaryinputfhighqualityaccounting(e.g.Levitt1998).ConsistentwiththisviewharmonizationefftswithintheE

3、uropeanUnionhavelargelyfocusedoneliminatingdifferencesinaccountingstardsacrosscountriesadoptingacommonsetofstards(e.g.VanHulle2004).Howeveritisimptanttoalsoexaminetheroleofinstitutionalfactscapitalmarketfcesinshapingfirm

4、s’incentivestoreptinfmativeearnings.Theapplicationofstardsinvolvesjudgmentunderlyingmeasurementsareoftenbasedonprivateinfmation.Theresultingdiscretioncanbeusedbycpateinsiderseithertomakereptedearningsmeinfmativeaboutthef

5、irm’seconomicperfmancetoserveotherlessbenigninterests.Fthisreasonreptingincentivesthefcesshapingthemarelikelytoplayanintegralrolefaccountingquality.Whilethisinsightisnotnew(e.g.WattsZimmerman1986)itisoftenoverlookedinint

6、ernationalstardsetting.1ToempiricallydocumenttheimptanceofreptingincentivesweexaminethepropertiesofreptedearningsofprivatepublicfirmsintheEuropeanUnion(EU).TheEuropeansettingprovidesauniqueopptunitybecauseEUaccountingreg

7、ulationisbasedonafirm’slegalfmratherthanlistingstatus.Thusprivate3alsoconductsensitivityanalysesusingalternativeearningsmanagementmetricssimilartothoseusedbyLangetal.(2003)Langetal.(2006)aswellasmeasuresofconservatism.Ou

8、rresultsaresimilaracrossthesemeasuresconsistentwiththeideathatallthesemeasurescaptureaspectsofearningsinfmativeness.Wedocumentsubstantialvariationinearningsinfmativenessacrossprivatepublicfirmsfrom13EUcountriesdespitedec

9、adesofaccountingharmonization.Meimptantlyweshowthatdifferencesinfirms’reptingincentivesexplainthisvariation.Inparticularwefindthatearningsmanagementismepervasiveinprivatefirmsthaninpubliclytradedfirms.Thuscontrarytorecen

10、tallegationsthatcapitalmarketsexacerbateincentivestomanageearningsourfindingssuggestthatthefirstdereffectofpublicequitymarketsistoimproveearningsinfmativenesseitherbyprovidingincentivestomakeearningsmeinfmativealternativ

11、elybyscreeningoutfirmswithlessinfmativeearningsinthegoingpublicprocess.Wealsodocumentthatearningsmanagementismepronouncedincountrieswithweakerlegalsystemsenfcement.Thisfindingholdsfbothprivatepublicfirmshighlightsthecent

12、ralimptanceofenfcementmechanisms.Movingbeyondgeneralacterizationsoflegalsystemsweexpletheinteractionbetweenmarketfcesotherinstitutionalvariablesthathavethepotentialtodifferentiallyaffectprivatepublicfirms:(1)thedegreeofa

13、lignmentbetweenfinancialtaxaccounting(2)remainingdifferencesinEUaccountingrules(3)thelevelofrequireddisclosuresinpublicsecuritiesofferingsassociatedenfcement(4)thelevelofminityshareholderprotection(5)thestructureactivity

14、ofcapitalmarkets.Theanalysisoftheseinteractionssupptsourearlierfindingthatcapitalmarketfcesbylargeimprovetheinfmativenessofearnings.Wedocumentthatstrongertaxalignmentisassociatedwithmeearningsmanagementbutthiseffectismit

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