信息披露质量和现金流【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：DisclosureQualityandCashFlowWestudyarelativelyrecentchangeinvoluntarydisclosurepracticesbymanagement,namelytheissuanceofmanagementcashflowforecasts.Whilewefindsomemanagementcashflowforecastsintheearly1980s,theincidenceofsuchdisclosuresislowuntilrecentyears.However,since2000,there

2、hasbeenadramaticincreaseintheissuanceofmanagementcashflowforecastsandthenumberofsuchforecastshasmorethantripledfrompre-2000levels.OnepotentialexplanationforthistrendisRegulationFD,whichwentintoeffectin2000.Forexample,ifmanagersweredisclosingcashflowforecastsprivatelytoanalystspriortoRegulationFD,

3、theywouldhavetopubliclydisclosesuchforecaststoallpartiesafterRegulationFDorcurtailtheirmanagementcashflowforecastscompletely.RegulationFDpotentiallyincreasescompanydisclosureofawidearrayoffinancialinformation,includingcashflowinformation.Consistentwiththis,wealsodocumentanincreasingfrequencyofman

4、agementearningsforecastsinrecentyears.Anotherpotentialexplanationfortherecenttrendofmoremanagementcashflowforecastsisinvestorsandanalystspayingmoreattentiontocashflowinformationthanbefore.RecentcorporatescandalsinvolvingEnron,WorldComandothers,haveheightenedinvestorconcernoverpotentialaccountinge

5、arningsmanipulations.SuchconcernswererecentlynotedinaBusinessWeekarticleentitled“FuzzyNumbers”.Consistentwithanincreaseinthedemandforcashflowinformationbyinvestors,wealsofindanalystforecastsofcashflowduringthe2000-2003periodmorethandoubledfrompre-2000levels.Westudyvoluntarymanagementcashflowforec

6、astsandtesthypothesesonmanagers’incentivestoissuetheseforecasts.Priorvoluntarydisclosureliteratureoffersvaryingpredictionsformanagement’sincentivestoprovidedisclosureaswellasthenatureofinformationconveyedinmanagementdisclosures.Forexample,theoreticalmodelsdemonstratethatwhenthereareproprietarycos

7、tsofdisclosureorwheninvestorsareuncertainabouttheinformationmanagementhas,firmswillvoluntarilydisclosegoodnewsandwithholdlessfavorablenews.Earlyempiricalstudiesonmanagementearningsforecastsprovideevidenceconsistentwith