盈余管理与公司财务动机：英国上市公司的财务调查【外文翻译】

《盈余管理与公司财务动机：英国上市公司的财务调查【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、外文文献翻译译文原文Earningsmanagementandfirmfinancialmotive:AfinancialinvestigationofUKlistedfirmsAbstractThisstudyfocusesontheinvestigationofmotivesforandcharacteristicsofUKfirmsthatengageinearningsmanagementactivities.Itconcentratesparticularlyontheprovisionofvoluntaryaccountingdisclosures,thevio

2、lationofdebtcovenants,managementcompensation,andontheequityanddebtcapitalneedsoffirmsandtheirrelationwiththeuseofearningsmanagement.Thestudyexaminesalsotheearningsmanagementinclinationoffirmsthatseektomeetorexceedfinancialanalysts'forecasts.Thefindingsgenerallyindicatethatfirmswithlowprofi

3、tabilityandhighleveragemeasuresarelikelytouseearningsmanagement.Also,firmsthatareinequityanddebtcapitalneedandareclosetodebtcovenantviolationalsoappeartobeinclinedtoemployearningsmanagementpractices.Likewise,firmstendtouseearningsmanagementtoimprovetheirfinancialnumbersandsubsequentlyreinf

4、orcetheircompensationandmeetandexceedfinancialanalysts'earningsforecasts.Incontrast,thestudyshowsthatfirmsthatprovidevoluntaryaccountingdisclosuresappeartobelessinclinedtomakeuseofearningsmanagement.1．IntroductionIntheirstruggletomaximizefirms'profitsandstockvalue,managersmaysometimesbeinc

5、linedtomakeuseofearningsmanagementpractices.Thisstudyexamineswhetherfirmsemployearningsmanagementproceduresinordertoimprovetheirfinancialpictureandimpressstockmarketparticipants.Thestudyseekstoidentifymotivesforearningsmanagement.Here,thestudyfocusesontherelationbetweentheprovisionofvolunt

6、aryaccountingdisclosures,debtcovenantviolation,executivecompensation,equityanddebtcapital,andfinancialanalysts'forecasts,withearningsmanagement.13Earningsmanagementrelatestotheuseofdiscretionaryaccountingaccrualstoinfluencereportedearnings.Theimplementationofsuchpracticesmaybeinspiredbythe

7、appreciationthatthestockmarketshowswhenfavorableaccountingnumbersarereported.Sometimes,firmsareinclinedtodiscloseinformationthatisinexcessofwhatisrequiredbythelaw.Thesevoluntarydisclosuresaimmainlyatimprovingfirms'imageandmakingitmoreappealingtoinvestors.Hence