盈余质量的定量分析【外文翻译】

《盈余质量的定量分析【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、外文文献翻译译文一、外文原文原文：QuantitativeanalysisofearningqualityEarningsqualityanalysishaslongbeenknownasthequalitativeinvestmentmanager’sbestdefenseagainstlowqualityfinancialreporting.Whilenotwidelyknown,recentacademicandproprietaryresearchshowsthatearningsqualityme

2、tricsarealsousefulingeneratingalphainthecontextofquantitativeinvestmentandtradingstrategies.TheGradientAnalyticsEarningsQualityModel(EQM)isthefirstquantitativefactorthatobjectivelymeasuresearningsqualityacrossabroadspectrumofcompaniesforbothlonger-term(3-1

3、2month)andshorter-term(1-3month)holdingperiods.Themodelwasdevelopedusingrigorousstatisticalmethodstoensurearobustfactorthatgeneratesexcessreturnsonastandalonebasiswhilealsocapturingauniquedimensionofreturnsnotcapturedbyotherquantitativefactors.Theendproduc

4、tisahighlyuniquefactorwithexceptionalreturnsandlowcorrelationinrelationtoothercommonlyusedfactorssuchasthosederivedfromestimaterevisions,earningsmomentum,pricemomentum,cashflow,corporateinsider,growthandvalue.TheU.S.accountingprofessionandtheSecuritiesExch

5、angeCommission(SEC)haveworkeddiligentlythroughtheyearstodevelopthemostrigoroussystemofaccountingproceduresintheworld.Nevertheless,thereisstillasignificantgap(appropriatelycalledtheexpectationsgap)betweenwhatinvestorsandcreditorsexpectandwhattheaccountingpr

6、ofessioncandeliver.Theexpectationsgapexistsinpartbecausepubliclytradedcompanieshaveagreatdealofdiscretioninchoosingaccountingprinciplesandinmakingestimatesthatimpacttheirreportedfinancialresults.UnderGenerallyAcceptedAccountingPrinciples(GAAP),theamountofd

7、iscretionthatacompanyhasinpreparingfinancialstatementsiscontrolledbytwofundamentalprinciplesofaccounting:conservatismandobjectivity.However,inrealitythesetwoguidingprinciplesareoftenstretchedtothelimitorignored.WhenConservatismorObjectivityisImpaired,Earni

8、ngsQualityisCompromisedWhile,intheory,afirm’saccountingstaffshouldemployproceduresthatareobjectiveandconservative,inpractice,managementhasmanycompetingmotivationsthatdrivetheirchoiceofaccountingpoliciesandinf