關(guān)聯(lián)交易下的盈余管理【外文翻譯】

1、外文文獻(xiàn)翻譯外文文獻(xiàn)翻譯EarningsManagementthroughAffiliatedTransactionsPriresearchhasprimarilytestedfearningsmanagementunderthepremisethatthediscretionallowedinrecdingaccrualsgivesrisetoearningsmanagementbehavi(HealyWahlen1999).Thes

2、estudieshavefoundevidenceconsistentwithmanagersusingdiscretionaryaccrualstoreptearningsinaccdancewithcertainmanagerialincentives(e.g.avoidlossesmaintainanearningstrendmeetanalystsfecastsmaximizebonusesavoiddebtcovenantsm

3、inimizepoliticalcostsincreaseofferingpriceetc.).Weextendpriresearchbyfocusingonanadditionalsourceofearningsmanagement.Besidesaccrualmanipulationsfirmsmayalsoengageinearningsmanagementthroughtransactionswithaffiliatedcomp

4、anies.Thatisinsteadofrelyingonthejudgmentaffdedbygenerallyacceptedaccountingprinciplesinrecdingaccrualsadominantcompanymayuseitsinfluentialrelationshipoveranaffiliatedcompanytostructuretransactionsbetweenthetwocompaniesi

5、nawaythatallowsprofitstobeshiftedfromtheaffiliatetothedominantcompany.Thedominantcompanyreptshigherprofitstheaffiliatereptslowerprofitswhiletheprofitabilityoftheeconomicentityasawholeremainsunaffected.Sincethevalueofthed

6、ominantcompanyisdirectlylinkedtotheprofitabilitywellbeingoftheentireeconomicentitythistypeofearningsmanagementmaycauseusersofthedominantcompanysfinancialstatementstobemisled.Thereareseveralpotentialwaysthatcompaniescould

7、manageearningsusingtransactionswithaffiliatedcompanies.Firmsmayengageinchannelstuffingbyfcingdistributstopurchasehigherthannmalinventylevelsthusincreasingthemanufacturerssalesprofitsfthecurrentperiod.Firmscouldalsomanage

8、earningsusingtransactionswithlessthanwhollyownedsubsidiaries.Supposeaparentcompanysellsinventytoalessthanwhollyownedsubsidiarywhichthensellstheinventytoanexternalpartyinthesameperiod.Theincreaseintestsindicatethattheincr

9、easedmanagementofparentearningsaroundthesethreeearningsthresholdsisassociatedwiththeabilitytouseaffiliatedtransactions.Investsotherfinancialstatementusersshouldbeawarethatinadditiontotheuseofdiscretionaryaccrualsfirmsmay

10、alsomanageearningsusingtransactionswithaffiliatedcompanies.Priresearchhasfocusedalmostexclusivelyonearningsmanagementusingaccruals.Thisstudybringsattentiontoanadditionalsourceofearningsmanagement:affiliatedtransactions.T

11、heabilityofcompaniestomanageearningsinthismannerislargelyunexpledintheliterature.WhileweaddressthisissueinaJapanesesettingbetweenparentconsolidatedearningsanimptantquestionffutureresearchis:“Towhatextentdogenerallyaccept

12、edaccountingprinciplesinothercountriesallowfirmstousespecificaffiliatedtransactions(e.g.channelstuffingtransactionswithlessthanwhollyownedsubsidiariesshiftingprofitsacrosstaxjurisdictionsspecialpurposeentitiesinfluential

13、relationsoversuppliersetc.)tomanagereptedearnings“ThistypeofearningsmanagementisnotrestrictedtoJapanlikelyoccursinmanyotherjurisdictionsaswell.Sincefirmvalueisdirectlyrelatedtothevalueoftheentireeconomicentityunderstingh

14、owcompaniesenhancetheirreptedperfmancebyshiftingprofitswithintheeconomicentityisimptanttousersoffinancialstatementsaroundthewld.Inexaminingwhethermanagersengageinparentearningsmanagementitisusefulfirsttoconsiderwhetherea

15、rningsmanagementthroughaffiliatedtransactionscangoundetected.Ifinvestsotherfinancialstatementusersareabletoundothemanagementeffectsofaffiliatedtransactionsinparentearningsusinginfmationinconsolidatedearningsthenincentive

16、stomanageparentearningsdiscussedlaterinthissectionareweakened.HoweverintheJapanesebusinessreptingenvironmentitisunlikelythatinvestsotherswhocontractwiththefirmwillbeabletoeasilydetectearningsmanagementusingaffiliatedtran

17、sactions.Intheparentreptstheprofitabilityoftransactionswiththirdpartiestransactionswithaffiliatesarenotseparatelydisclosed.Likewiseintheconsolidatedreptstheprofitabilityoftheparentcompanysthirdpartytransactionsisnotsepar