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1、外文文献翻译原文：Aconceptualframeworkofaccountingpolicychoice1.IntroductionPositivetheoriesofaccountingchoicemakeseveralempiricalpredictionsregardingmanagerialbehaviourinthepresenceoffinancialincentivesandaccountingchange.Ausefulimplicationoftheworkinthisareaiswhetheraparticulara
2、ccountingmethod/rulehasrealeconomicconsequences,suchthatusersofaccountinginformation,whoareexposedtothenewaccountingrule,revaluethefirm’sstock.Theeconomicconsequencesofalternativeaccountingmethodshavebeentakentoincludenotonlytheimpactofaccountingchangeoncashflows,butalsot
3、heimpactofaccountingchangeonpoliticalcosts,contractualarrangements,etc.(see,e.g.Ricks,1982).Muchoftheobservedempiricalregularitiesareconsistentwiththeory.Forexample,WattsandZimmerman(1978)makepredictionsregardingthelikelihoodthatafirmwillpresentitsfinancialreportsinamanne
4、rthatwillensurethattheagencycostsamongmanagers,shareholdersandbondholdersareminimised.Inthiscase,onecanpredicttheattitudeofmanagerstowardsanaccountingstandardthatislikelytoadverselyaffectafirm’sleverageanddebtcovenantarrangementswhenthefirmisalreadyhighlygeared.Thisstudyp
5、utsforwardaconceptualframeworkthatincorporatessimilartheoreticalissues,butfocusesprimarilyontheeconomicandfinancialconstraintsimposedbySSAP20,whichisconcernedwiththeaccountingtreatmentofforeignexchange(FX)differencesforUKfirms.Theconceptualframeworkhastwoimportantadvantag
6、es.Firstly,itputsforwardacomprehensiveframework,inwhichtheissuesthatarerelevantforaccountingchoiceareviewedonanoverallbasis.Thereishowevernoassumptionthatexistingtheoriesarecompleteorthatthevariablesusedtotestsuchtheoriesareadequate.Secondly,theframeworkattemptsto10ironou
7、tsomeoftheconflictingevidencefoundintheliterature.Forexample,theorypredictsthatthehigherthefirm’sleverageis,themorelikelyitisthatmanagerswillchooseincome-increasingaccountingmethods,soastoreducetheriskofviolatingthedebtcovenants.However,managersarelikelytohavemoreinformat
8、ionaboutthefirmthanoutsiders,andthisinturncanaffecttheirchoiceofaccountingmethods(see,e.g.Holtha
