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ID:346725
大小:53.00 KB
页数:10页
时间:2017-07-26
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1、原文:Financialaccountingandcorporategovernance:adiscussionThestudyofcorporategovernanceisconcernedwithunderstandingthemechanismsthathaveevolvedtomitigateincentiveproblemscreatedbytheseparationofthemanagementandfinancingofbusinessentities.Financialaccountingprovidesfinancierswiththeprimarysour
2、ceofindependentlyverifiedinformationabouttheperformanceofmanagers.Thus,itisclearthatcorporategovernanceandfinancialaccountingareinexorablylinked.Indeed,manyofthecentralfeaturesoffinancialaccounting,suchastheuseofhistoricalcosts,thereliabilitycriterion,therealizationprincipleandtheconservati
3、smprinciplearedifficulttounderstandunlessoneadoptsacorporategovernanceperspective.Withoutgovernanceproblems,theroleoffinancialaccountingwouldbereducedtoprovidinginvestorswiththeriskandreturninformationrequiredtofacilitatetheoptimalportfolioallocationdecision.ThereviewbyBushmanandSmith(2001,
4、B&Shereafter)thereforeaddressesanareaoffundamentalimportanceinfinancialaccounting.B&S’sreviewfocusesontwomainareasofgovernanceresearch.First,theyprovideacomprehensivesummaryandevaluationofresearchontheroleoffinancialaccountinginformationinmanagerialincentivecontracts.Second,theyproposeanage
5、ndaforfutureresearchthatbuildsonpreviousresearchexploitingcross-countrydifferencesinfinancialreportingandgovernanceregimes.WhileB&Sprovideausefulandthoroughanalysisineachofthesetwoareas,mytaskistoidentifypotentiallimitationsoftheirreview.Iidentifythreebroadlimitations.First,theirproposedres
6、earchagendaonlyanalyzestheroleofaccountinginformationataverymacro-level.Second,theyprovidelittleinthe3wayofacriticalassessmentofthecontributionsofaccountingscholarstogovernanceresearch.Finally,theyprovideonlyasuperficialdiscussionoftheroleofaccountingingovernancemechanismsotherthanmanageria
7、lincentivecontracts.Below,Idiscusstheselimitationsinmoredetailandsuggestadditionalresearchopportunitiesinthisarea.Oneparticularexampleisworthyofmention.Economicallydevelopedcountriestendtohavemorehighlyregulatedfinancialaccountingsystems,resultinginaposi
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