财务会计和公司治理【外文翻译】

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1、原文：Financialaccountingandcorporategovernance:adiscussionThestudyofcorporategovernanceisconcernedwithunderstandingthemechanismsthathaveevolvedtomitigateincentiveproblemscreatedbytheseparationofthemanagementandfinancingofbusinessentities.Financialaccountingprovidesfinancierswiththeprimarysour

2、ceofindependentlyverifiedinformationabouttheperformanceofmanagers.Thus,itisclearthatcorporategovernanceandfinancialaccountingareinexorablylinked.Indeed,manyofthecentralfeaturesoffinancialaccounting,suchastheuseofhistoricalcosts,thereliabilitycriterion,therealizationprincipleandtheconservati

3、smprinciplearedifficulttounderstandunlessoneadoptsacorporategovernanceperspective.Withoutgovernanceproblems,theroleoffinancialaccountingwouldbereducedtoprovidinginvestorswiththeriskandreturninformationrequiredtofacilitatetheoptimalportfolioallocationdecision.ThereviewbyBushmanandSmith(2001,

4、B&Shereafter)thereforeaddressesanareaoffundamentalimportanceinfinancialaccounting.B&S’sreviewfocusesontwomainareasofgovernanceresearch.First,theyprovideacomprehensivesummaryandevaluationofresearchontheroleoffinancialaccountinginformationinmanagerialincentivecontracts.Second,theyproposeanage

5、ndaforfutureresearchthatbuildsonpreviousresearchexploitingcross-countrydifferencesinfinancialreportingandgovernanceregimes.WhileB&Sprovideausefulandthoroughanalysisineachofthesetwoareas,mytaskistoidentifypotentiallimitationsoftheirreview.Iidentifythreebroadlimitations.First,theirproposedres

6、earchagendaonlyanalyzestheroleofaccountinginformationataverymacro-level.Second,theyprovidelittleinthe3wayofacriticalassessmentofthecontributionsofaccountingscholarstogovernanceresearch.Finally,theyprovideonlyasuperficialdiscussionoftheroleofaccountingingovernancemechanismsotherthanmanageria

7、lincentivecontracts.Below,Idiscusstheselimitationsinmoredetailandsuggestadditionalresearchopportunitiesinthisarea.Oneparticularexampleisworthyofmention.Economicallydevelopedcountriestendtohavemorehighlyregulatedfinancialaccountingsystems,resultinginaposi