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1、外文文献翻译原文：Aconceptualframeworkofaccountingpolicychoice1.IntroductionPositivetheoriesofaccountingchoicemakeseveralempiricalpredictionsregardingmanagerialbehaviourinthepresenceoffinancialincentivesandaccountingchange.Ausefulimplicationoftheworkinthisareaisw
2、hetheraparticularaccountingmethod/rulehasrealeconomicconsequences,suchthatusersofaccountinginformation,whoareexposedtothenewaccountingrule,revaluethefirm’sstock.Theeconomicconsequencesofalternativeaccountingmethodshavebeentakentoincludenotonlytheimpactof
3、accountingchangeoncashflows,butalsotheimpactofaccountingchangeonpoliticalcosts,contractualarrangements,etc.(see,e.g.Ricks,1982).Muchoftheobservedempiricalregularitiesareconsistentwiththeory.Forexample,WattsandZimmerman(1978)makepredictionsregardingthelik
4、elihoodthatafirmwillpresentitsfinancialreportsinamannerthatwillensurethattheagencycostsamongmanagers,shareholdersandbondholdersareminimised.Inthiscase,onecanpredicttheattitudeofmanagerstowardsanaccountingstandardthatislikelytoadverselyaffectafirm’slevera
5、geanddebtcovenantarrangementswhenthefirmisalreadyhighlygeared.Thisstudyputsforwardaconceptualframeworkthatincorporatessimilartheoreticalissues,butfocusesprimarilyontheeconomicandfinancialconstraintsimposedbySSAP20,whichisconcernedwiththeaccountingtreatme
6、ntofforeignexchange(FX)differencesforUKfirms.Theconceptualframeworkhastwoimportantadvantages.Firstly,itputsforwardacomprehensiveframework,inwhichtheissuesthatarerelevantforaccountingchoiceareviewedonanoverallbasis.Thereishowevernoassumptionthatexistingth
7、eoriesarecompleteorthatthevariablesusedtotestsuchtheoriesareadequate.Secondly,theframeworkattemptstoironoutsomeoftheconflictingevidencefoundintheliterature.Forexample,theorypredictsthatthehigherthefirm’sleverageis,themorelikelyitisthatmanagerswillchoosei
8、ncome-increasingaccountingmethods,soastoreducetheriskofviolatingthedebtcovenants.However,managersarelikelytohavemoreinformationaboutthefirmthanoutsiders,andthisinturncanaffecttheirchoiceofaccountingmethods(see,e.g.Holthaus
