企业财务报告的经济内涵[文献翻译]

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1、本科毕业论文（设计）外文翻译题目论财务报表列报的改革专业会计学外文题目TheEconomicImplicationsofCorporateFinancialReporting外文出处http://papers.ssrn.com/sol3/papers.cfm?abstract_id=外文作者JohnR.Graham，CampbellR.Harvey，ShivaRajgopal原文：TheEconomicImplicationsofCorporateFinancialReportingAbstractWesurvey401financialexecutives,andconductin-dep

2、thinterviewswithanadditional20,todeterminehekeyfactorsthatdrivedecisionsrelatedtoperformancemeasurementandvoluntarydisclosure.Themajorityoffirmsviewearnings,especiallyEPS,asthekeymetricforanexternalaudience,moresothancashflows.WefindthatthemajorityofmanagerswouldavoidinitiatingapositiveNPVprojectif

3、itmeantfallingshortofthecurrentquarter’sconsensusearnings.Similarly,morethanthree-fourthsofthesurveyedexecutiveswouldgiveupeconomicvalueinexchangeforsmoothearnings.Managersbelievehatmissinganearningstargetorreportingvolatileearningsreducesthepredictabilityofearnings,whichinturnreducesstockpricebeca

4、useinvestorsandanalystsdislikeuncertainty.Wealsofindthatmanagersmakevoluntarydisclosurestoreduceinformationriskassociatedwiththeirstockbutatthesametime,trytoavoidsettingadisclosureprecedentthatwillbedifficulttomaintain.Ingeneral,management’sviewssupportstockpricemotivationsforearningsmanagementandv

5、oluntarydisclosure,butprovideonlymodestevidenceconsistentwithothertheoriesofthesephenomena(suchasdebt,politicalcostandbonusplanbasedhypotheses).1.IntroductionWeconductacomprehensivesurveythatasksCFOstodescribetheirchoicesrelatedtoreportingaccountingnumbersandvoluntarydisclosure.Ourobjectiveistoaddr

6、essthefollowingquestions:Domanagerscareaboutearningsbenchmarksorearningstrendsand,ifyes,whichbenchmarksareperceivedtobeimportant?Whatfactorsmotivatefirmstoexercisediscretion,andevensacrificeeconomicvalue,tomanagereportedearnings?Howwelldovariousacademictheoriesexplainearningsmanagementandvoluntaryd

7、isclosure?Wetriangulateouranswerstothesequestionswiththosefromanalyticalandarchivalempiricalresearchtoenhanceourunderstandingoftheseissues.OurresultsindicatethatCFOsbelievethatearnings,notcashflows,aretheke