股票期权奖励与盈余管理动机外文翻译-其他专业

股票期权奖励与盈余管理动机外文翻译-其他专业

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1、中文4200字外文翻译原文:StockOptionCompensationandEarningsManagementIncentivesThisstudyfocusesontherelationbetweenthestructureofexecutivecompensationandincentivestomanagereportedearnings.Specifically,weexaminewhethertheuseofstockoptionsrelativetootherformsofpayinfluencesdiscreti

2、onaryaccrualchoicesaroundoptionawarddates.Weconductthisstudyinpartbecauseoftheapparenttrendoverthepasttwodecadestowardtheuseofoptionsinexecutivepay.Compensationresearchhasconsistentlyshownthatoptionawards,measuredonafairvaluebasis,nowrepresentonaveragethelargestcompone

3、ntofCEOpay(Murphy[1999];Baker[1999];Matsunaga[1995];Yermack[1995]).Notsurprisingly,thistrendseemstohavecontributedtoincreasedscrutinyofCEOpayandtohaveleddirectlytoseveralpublicpolicyinitiativesduringthe1990s.Forexample,accountingstandardsettersadoptedaseriesofrulesthat

4、greatlyexpandedinvestorreportingrequirementsonoptions(SEC[1992,1993];FASB[1995]),and,in1993,Congressenactedtaxlegislationintendedtocurbnonperformance-basedexecutivepay(seeReitengaetal.[2002];PerryandZenner[2001]).Furthermore,asreportedinthefinancialpress,criticismofthe

5、magnitudeofoptionawards,includingcriticismbyinvestors,seemstooccurregularly(e.g.Orwall[1997];Jereski[1997];Fox[2001];Colvin[2001]).Standardsettersandpoliticiansarecurrentlyreexaminingdisclosurerules,offeringevidencethatoptionscontinuetobeadifficultpublicpolicyissue(Sch

6、roeder[2001];HamburgerandWhelan[2002];WSJ[2002]).Untilrecently,academicresearchhastypicallyfocusedontestingtheuseofoptionswithinanagencytheoryframework,primarilyexaminingincentivealignmentaspects.Arguably,bytyingexecutivepaytostockpriceoutcomes,optionsencouragemanagers

7、tomakeoperatingandinvestingdecisionsthatmaximizeshareholderwealth(JensenandMeckling[1976]).Thoughresultsaremixed,theempiricalevidenceonoptionsasacomponentofexecutivepayhasgenerallysupportedsuchagency-basedpredictions.However,otherstudiesdocumentunexpectedeffectsonthefi

8、rmaswell,includingsurprisingevidencethatawardingoptionscaninduceopportunisticbehaviorbymanagement.Thelineofresearchmo

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