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1、JournalofAccountingResearchVal.34No.1Spring1996Printedinl%S.A.MultipleControlSystems,AccrualAccounting,andEarningsManagementJOHNH.EVANS111%ANDSRIS.SRIDHARt1.IntroductionThispaperexaminesthecoordinationofafinancialreportingsystemandacontractingsysteminaprincipal-agentmodelwit
2、hmanagerialreportingincentivesandmoralhazard.Themanagerprivatelyobservesbotheconomicearningsandtheavailablereportingdiscretion.Atrade-offbetweenthefirm'sfinancialreportingsystemandthecontractingsystemdetermineswhethertheownerwillfinditoptimaltoinducethemanagertoreportthefirm
3、'seconomicearningsortomanagethere-portedearningsbyexercisingreportingdiscretion.Werefertotheformeras"truthfulreporting"andthelatteras"earningsmanagement,"whereearningsmanagementincorporatesanyaccruals-basedmanipulationofeconomicearningsbythemanager.Wefindthattheprincipaluses
4、thecontractingsystemprimarilytodealwithmoralhazardovermanagerial*UniversityofPittsburgh;?NorthwesternUniversity.Theauthorsthankworkshoppar-ticipantsatPurdueUniversity,theUniversityofIowa,theUniversityofPittsburgh,andtheThirdConferenceonFinancialEconomicsandAccountingatNewYor
5、kUniversityformanyhelpfulcomments,particularlyStanBaiman,RamjiBalakrishnan,DanCollins,RonDye,BruceJohnson,YuhchangHwang,MurgieKrishnan,ArijitMukherji,NanduNagarajan,LyndaThoman,JohnWeinberg,TaiYoung-Paik,MartinWu,andespeciallyananonymousreferee.WealsothankKathySmithandYoungP
6、arkforcomputationalas-sistanceinconstructingnumericalexamples.JohnEvansacknowledgessupportfromafacultyresearchgrantfromtheKatzGraduateSchoolofBusiness,UniversityofPitts-burgh;SriSridharisthankfultotheAccountingResearchCenter,NorthwesternUniver-sityforfinancialsupport.Copyrig
7、htO,InstituteofProfessionalAccounting,1996effort,andthefinancialreportingsystemtodisciplinethemanager'sreportingbehavior.Inasingle-periodenvironment,amixoftruthfulreportingandover-reportingoccursinequilibrium.However,thetruthfulreportingisgen-eratedexclusivelybythefinancialr
8、eportingsystem;i.e.,itisneveroptimalfortheprincipaltousethecontractingsyste
