欢迎来到天天文库
浏览记录
ID:456209
大小:46.50 KB
页数:7页
时间:2017-08-04
《利用关联方交易支撑【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、外文翻译原文ProppingthroughrelatedpartytransactionsMaterial.Source:Review.of.Accounting.StudiesAuthor:Ming.Jian,T.J.WongBasedonasampleofChineselistedfirmsfrom1998through2002,thispaperdocumentsthatlistedfirmspropupearningsbyusingabnormalrelatedsalestotheircontrollingowners.Suchrelatedsalesproppingismo
2、reprevalentamongstate-ownedfirmsandinregionswithweakereconomicinstitutions.Wealsofindthattheseabnormalrelatedsalesarenotentirelyaccrual-basedbutcanbecash-basedaswell,andtheyserveasasubstituteratherthancomplementtoaccrualsmanagementformeetingearningstargets.Sincetheseabnormalrelatedsalescanbecas
3、h-based,thereissignificantcashtransferviarelatedlendingfromlistedfirmsbacktocontrollingownersafterthepropping.However,nocashtransferviarelatedlendingisfoundtobeassociatedwithaccrualsearningsmanagement.UsingasampleoflistedfirmsinChina,westudyhowinstitutionsandfirmorganizationalstructuresinatrans
4、itionaleconomyshapethewaysfirmsuserelatedpartytransactionstomanageearnings.Thispaperismotivatedbyrecentresearchoneconomicinstitutionsandaccountingproperties.Incontrasttopriorstudiesthatattempttodrawbroadinferencesfromdataacrossmanycountries,thispaperutilizestheintricateinstitutionalstructuresof
5、aparticularcountryandthevariationoftheinstitutionsacrossprovinceswithinthecountry.Inaddition,byanalyzingrelatedpartytransactionsasaformofearningsmanagement,thispapercomplementspriorresearchsuchasLeuzetal.,whofocusprimarilyontherelationshipbetweenaccrualsandearningsmanagement.Chinaoffersanatural
6、settingforastudyofthequestionsforthreereasons.First,asinmanyotheremergingmarkets,thecapital,product,andlabormarketsinChinaareunderdeveloped.Asaresult,firmsinthesemarketsorganizeintogroupstoforminternalmarketstolowertransactioncosts(KhannaandPalepu2000).Further,the6restructuringprocessbeforethei
7、nitialpublicofferingoflistedstate-ownedenterprises(hereafterSOEs)createscorporategroupswithfrequentrelatedpartytransactionsbetweenthelistedsubsidiariesandtheparentcompanies,whichserveasthecontrollingowners.Second,thebright-linerul
此文档下载收益归作者所有