盈余质量的定量分析

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1、外文文献翻译译文一、外文原文原文：QuantitativeanalysisofearningqualityEarningsqualityanalysishaslongbeenknownasthequalitativeinvestmentmanager’sbestdefenseagainstlowqualityfinancialreporting.Whilenotwidelyknown,recentacademicandproprietaryresearchshowsthatearningsqualitymetricsarealsousefulingenerat

2、ingalphainthecontextofquantitativeinvestmentandtradingstrategies.TheGradientAnalyticsEarningsQualityModel(EQM)isthefirstquantitativefactorthatobjectivelymeasuresearningsqualityacrossabroadspectrumofcompaniesforbothlonger-term(3-12month)andshorter-term(1-3month)holdingperiods.Themode

3、lwasdevelopedusingrigorousstatisticalmethodstoensurearobustfactorthatgeneratesexcessreturnsonastandalonebasiswhilealsocapturingauniquedimensionofreturnsnotcapturedbyotherquantitativefactors.Theendproductisahighlyuniquefactorwithexceptionalreturnsandlowcorrelationinrelationtoothercom

4、monlyusedfactorssuchasthosederivedfromestimaterevisions,earningsmomentum,pricemomentum,cashflow,corporateinsider,growthandvalue.TheU.S.accountingprofessionandtheSecuritiesExchangeCommission(SEC)haveworkeddiligentlythroughtheyearstodevelopthemostrigoroussystemofaccountingproceduresin

5、theworld.Nevertheless,thereisstillasignificantgap(appropriatelycalledtheexpectationsgap)betweenwhatinvestorsandcreditorsexpectandwhattheaccountingprofessioncandeliver.Theexpectationsgapexistsinpartbecausepubliclytradedcompanieshaveagreatdealofdiscretioninchoosingaccountingprinciples

6、andinmakingestimatesthatimpacttheirreportedfinancialresults.UnderGenerallyAcceptedAccountingPrinciples(GAAP),theamountofdiscretionthatacompanyhasinpreparingfinancialstatementsiscontrolledbytwofundamentalprinciplesofaccounting:conservatismandobjectivity.However,inrealitythesetwoguidi

7、ngprinciplesareoftenstretchedtothelimitorignored.WhenConservatismorObjectivityisImpaired,EarningsQualityisCompromisedWhile,intheory,afirm’saccountingstaffshouldemployproceduresthatareobjectiveandconservative,inpractice,managementhasmanycompetingmotivationsthatdrivetheirchoiceofaccou

8、ntingpoliciesandinf