相关交易：公司治理与公司价值的关联【外文翻译】

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1、本科毕业论文（设计）外文翻译题目上市公司关联方交易相关问题的探讨专业会计学外文题目RelatedPartyTransactions:AssociationswithCorporateGovernanceandFirmValue外文出处Kanacommunicationslnc10-kfiled.www.sec.gov外文作者ElizabethA.Gordon&ElaineHenry&DariusPalia原文：RelatedPartyTransactions:AssociationswithCorporateGovernanceandFirmValueIntrudu

2、ctionRelatedpartytransactionsareoneoftherecurringareasofconcernraisedbyrecentcorporatescandals.Thesetransactionsareoftendiversecomplexbusinesstransactionsbetweenacompanyanditsmanagers,directors,orprincipalowners.Inpublicaccounting,theyareconsidereddifficulttoauditandapotentialindicator

3、ofauditrisk(AICPA2001,JohnstoneandBedard2004).TheGeneralAccountingOffice(2003)identifiedrelatedpartytransactionsasoneoftheninemajorreasonsleadincompaniestorestatefinancialstatements.Regulators,marketparticipants,andothercorporatestakeholderscommonlyregardthesetransactionsaspotentialcon

4、flictsofinterestthatcancompromisemanagement'sagencyresponsibilitytoshareholdersoraboardofdirector'smonitoringfunction.Thesesimilarviewsaboutrelatedpartytransactions,whichwerefertoastheconflictofinteresthypothesis,areconsistentwithagencyconcernsconsideredbyBerleandMeans(1932)andJensenan

5、dMeckling(1976).Analternativeview,whichwerefertoastheefficienttransactionshypothesis,isthatrelatedpartytransactionsefficientlyfulfillunderlyingeconomicneedsofthecompany.Althoughquestions,concernsanduncertaintiesabouttheunderlyingnatureofrelatedpartytransactionsexist,thereislittlerigoro

6、usacademicresearchtoconfirmorrefutetheviewsofthem.Inthispaper,weexplorethesetwohypothesesbyexaminingtherelationofRPTswithcorporategovernancemechanismsandtheirassociationwithfirmvalue.Corporategovernanceissues,likethosewithrelatedpartytransactions,arisebecauseofasymmetricinformationprob

7、lemsbetweenexternalcapitalmarketsandthefirm’smanagers.Ifexternalcapitalmarketscouldperfectlyobservethemanager’sinvestmentactionsandeffort,therewouldbenoneedforcorporategovernancemechanismstohelpmonitororincentivizethemanager,asonecouldconstructperfectpenaltiestoprecludenon-valuemaxim