公司治理[外文翻译]

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1、本科毕业论文（设计）外文翻译corporategovernancedetermanagementfrommanipulatingearningsThisstudyinvestigateswhethergoodcorporategovernancehelpsconstrainearningsmanagementviatransferpricingmanipulationsinChina.Wetakeadvantageofauniqueopportunitytoobtainthegrossprofitsfromrelated-partysales

2、andcomparethemtothegrossprofitsfromarms-lengthsales.Fromthis,wederiveourmeasuresofearningsmanagementeffectedthroughrelated-partysales.Ourmeasuresoftransferpricingmanipulationaresuperiortopriorstudies,whichimplicitlyassumethatallrelated-partysalesresultinpricemanipulation.Wh

3、ileourgrossprofitsdataarethemostappropriateforexaminingearningsmanagementthroughtransferpricing,somefactorsmaylimitthegeneralizabilityoftheresults.ForemostamongthelimitationsarethatourdataarefromChinaandareforjustoneyear.Whethertheresultsarerelevanttoothercountriesandothert

4、ime-periodsisunknown.However,thevolumeofrelated-partysalesasaproportionoftotalsalesissimilarovertheyears2000to2007andsotheyear2004doesnotappeartobeunusual.Moreover,2004isnormalintermsofeconomicgrowthandcorporateprofitability,andthuswehavenoreasontodoubtthatourresultswillnot

5、generalizetootheryears.Related-partysalesarepresentinmanycountriesandincentivesexisttomanipulatetransferprices.GiventhatcorporategovernanceinChinaismodeledonthatintheU.S.andotherdevelopedcountries,webelieveourresultsmayhaveresonanceinthesecountriesaswellasinothertransitiona

6、leconomies.Wearguethatgoodgovernanceshouldresultinsmallerearningsmanipulationandtransferpriceswillbesimilartotheprevailingmarketprices.Ourresultsshowthatindependentdirectorsimprovethemonitoringeffectsoftheboardofdirectorsandthusdecreasetheabsoluteamountofearningsmanagementa

7、chievedviatransferpricingmanipulations.Directorswhorepresenttheinterestsoftheparentnon-listedcompaniesareassociatedwiththeuseofnon-marketpricesforrelated-partytransactions.Onepolicyimplicationofourresearchisthatmoreindependentdirectorsmaybeneededforthosefirmsthathavemorerel

8、atedpartysalesandforfirmswithparentcompanydirectors.Source:AgnesW.Y,RaymondM.K,Mic