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1、中文4200字外文翻译原文：StockOptionCompensationandEarningsManagementIncentivesThisstudyfocusesontherelationbetweenthestructureofexecutivecompensationandincentivestomanagereportedearnings.Specifically,weexaminewhethertheuseofstockoptionsrelativetootherformsofpayin
2、fluencesdiscretionaryaccrualchoicesaroundoptionawarddates.Weconductthisstudyinpartbecauseoftheapparenttrendoverthepasttwodecadestowardtheuseofoptionsinexecutivepay.Compensationresearchhasconsistentlyshownthatoptionawards,measuredonafairvaluebasis,nowrep
3、resentonaveragethelargestcomponentofCEOpay(Murphy[1999];Baker[1999];Matsunaga[1995];Yermack[1995]).Notsurprisingly,thistrendseemstohavecontributedtoincreasedscrutinyofCEOpayandtohaveleddirectlytoseveralpublicpolicyinitiativesduringthe1990s.Forexample,ac
4、countingstandardsettersadoptedaseriesofrulesthatgreatlyexpandedinvestorreportingrequirementsonoptions(SEC[1992,1993];FASB[1995]),and,in1993,Congressenactedtaxlegislationintendedtocurbnonperformance-basedexecutivepay(seeReitengaetal.[2002];PerryandZenner
5、[2001]).Furthermore,asreportedinthefinancialpress,criticismofthemagnitudeofoptionawards,includingcriticismbyinvestors,seemstooccurregularly(e.g.Orwall[1997];Jereski[1997];Fox[2001];Colvin[2001]).Standardsettersandpoliticiansarecurrentlyreexaminingdisclo
6、surerules,offeringevidencethatoptionscontinuetobeadifficultpublicpolicyissue(Schroeder[2001];HamburgerandWhelan[2002];WSJ[2002]).Untilrecently,academicresearchhastypicallyfocusedontestingtheuseofoptionswithinanagencytheoryframework,primarilyexamininginc
7、entivealignmentaspects.Arguably,bytyingexecutivepaytostockpriceoutcomes,optionsencouragemanagerstomakeoperatingandinvestingdecisionsthatmaximizeshareholderwealth(JensenandMeckling[1976]).Thoughresultsaremixed,theempiricalevidenceonoptionsasacomponentofe
8、xecutivepayhasgenerallysupportedsuchagency-basedpredictions.However,otherstudiesdocumentunexpectedeffectsonthefirmaswell,includingsurprisingevidencethatawardingoptionscaninduceopportunisticbehaviorbymanagement.Thelineofresearchmo
