盈余管理与财务动机 英国上市公司的财务调查【外文翻译】

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1、外文文献翻译译文一、外文原文原文：Earningsmanagementandfirmfinancialmotive:AfinancialinvestigationofUKlistedfirmsAbstractThisstudyfocusesontheinvestigationofmotivesforandcharacteristicsofUKfirmsthatengageinearningsmanagementactivities.Itconcentratesparticularlyontheprovisionofvoluntaryaccountingdisclosu

2、res,theviolationofdebtcovenants,managementcompensation,andontheequityanddebtcapitalneedsoffirmsandtheirrelationwiththeuseofearningsmanagement.Thestudyexaminesalsotheearningsmanagementinclinationoffirmsthatseektomeetorexceedfinancialanalysts'forecasts.Thefindingsgenerallyindicatethatfirm

3、swithlowprofitabilityandhighleveragemeasuresarelikelytouseearningsmanagement.Also,firmsthatareinequityanddebtcapitalneedandareclosetodebtcovenantviolationalsoappeartobeinclinedtoemployearningsmanagementpractices.Likewise,firmstendtouseearningsmanagementtoimprovetheirfinancialnumbersands

4、ubsequentlyreinforcetheircompensationandmeetandexceedfinancialanalysts'earningsforecasts.Incontrast,thestudyshowsthatfirmsthatprovidevoluntaryaccountingdisclosuresappeartobelessinclinedtomakeuseofearningsmanagement.1．IntroductionIntheirstruggletomaximizefirms'profitsandstockvalue,manage

5、rsmaysometimesbeinclinedtomakeuseofearningsmanagementpractices.Thisstudyexamineswhetherfirmsemployearningsmanagementproceduresinordertoimprovetheirfinancialpictureandimpressstockmarketparticipants.Thestudyseekstoidentifymotivesforearningsmanagement.Here,thestudyfocusesontherelationbetwe

6、entheprovisionofvoluntaryaccountingdisclosures,debtcovenantviolation,executivecompensation,equityanddebtcapital,andfinancialanalysts'forecasts,withearningsmanagement.Earningsmanagementrelatestotheuseofdiscretionaryaccountingaccrualstoinfluencereportedearnings.Theimplementationofsuchprac

7、ticesmaybeinspiredbytheappreciationthatthestockmarketshowswhenfavorableaccountingnumbersarereported.Sometimes,firmsareinclinedtodiscloseinformationthatisinexcessofwhatisrequiredbythelaw.Thesevoluntarydisclosuresaimmainlyatimprovingfirms'imageandmakingitmoreappealingtoinvestors.