资源描述：
《股票期权奖励与盈余管理动机外文翻译-其他专业》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
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
