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ID:33934499
大小:281.60 KB
页数:41页
时间:2019-03-01
《asset valuation and performance measurement in dynamic agency settings.” review of account》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、AssetValuationandPerformanceMeasurementinaDy-namicAgencySettingSunilDuttadutta@haas.berkeley.eduStefanReichelsteinreich@haas.berkeley.eduHaasSchoolofBusiness,UniversityofCalifornia,BerkeleyAbstract.Thispaperexaminesthechoiceofassetvaluationrulesfromamanagerialcontrolper-spe
2、ctive.Amanagercreatesvalueforarmthroughhiseortchoices.Tosupportitsoperatingactivities,thermalsoengagesinnancingactivitiessuchascreditsalestoitscustomers.Sincesuchnancingactivitiesmerelychangethepatternofcash owsacrossperiods,anoptimalcom-pensationschememustshieldtheman
3、agerformtheriskassociatedwiththenancingactivities.Weshowthatresidualincomecombinedwithfairvalueaccountingforreceivableseliminatesthisriskandprovidesanoptimalperformancemeasure.Incontrast,compensationschemesbasedonlyonrealizedcash owscanbeoptimalonlyunderexceptionalcircumst
4、ances.Wealsoconsiderasettinginwhichthereissucientlydisaggregatedinformationaboutperiodiccash owssoastoeliminatenotonlytheriskassociatedwithnancingactivitiesbutalsotheriskassociatedwithcustomerdefaults.Theprincipalthenwantstodepartfromfairvalueaccounting.Arm'speriodiccash
5、 owappearstobeanimperfectmeasureofvalueaddedinmostbusi-nessenvironments.Thispaperstudiesamultiperiodagencymodelinwhichthemanager'sunobservableactioncontributestotherm'scash owineachperiod.Inaddition,cash owisaectedbynancingactivitieswhichresultbecausetherm'sordinarytran
6、sactionsinvolvereceivables(payables),e.g.,thermmakescreditsales.Forincentivecontracting1purposes,thermcanrelyonbothrealizedcash owsandprojectedfuturecash ows.Ourobjectiveistoidentifyaccountingrulesandperformancemeasureswhichaggregatetheseinformationvariablessoastocreateop
7、timalincentiveprovisions.Whilenancingactivitiesalwayshavezeronetpresentvalueinourmodel,theirintertem-poraldistributionisassumedtoberandomandbeyondthemanager'scontrol.Itthereforebecomesdesirablefortheprincipaltoshieldtheagentfromtheriskassociatedwithnanc-ingactivities.Wees
8、tablishthatthisriskwillindeedbeeliminatedifthermcapitalizesreceivablesattheirfair
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