关联交易下的盈余管理【外文翻译】

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1、外文文献翻译EarningsManagementthroughAffiliatedTransactionsPriorresearchhasprimarilytestedforearningsmanagementunderthepremisethatthediscretionallowedinrecordingaccrualsgivesrisetoearningsmanagementbehavior(HealyandWahlen1999).Thesestudieshavefoundevidencecon

2、sistentwithmanagersusingdiscretionaryaccrualstoreportearningsinaccordancewithcertainmanagerialincentives(e.g.,avoidlosses,maintainanearningstrend,meetanalysts'forecasts,maximizebonuses,avoiddebtcovenants,minimizepoliticalcosts,increaseofferingprice,etc.

3、).'Weextendpriorresearchbyfocusingonanadditionalsourceofearningsmanagement.Besidesaccrualmanipulations,firmsmayalsoengageinearningsmanagementthroughtransactionswithaffiliatedcompanies.Thatis,insteadofrelyingonthejudgmentaffordedbygenerallyacceptedaccoun

4、tingprinciplesinrecordingaccruals,adominantcompanymayuseitsinfluentialrelationshipoveranaffiliatedcompanytostructuretransactionsbetweenthetwocompaniesinawaythatallowsprofitstobeshiftedfromtheaffiliatetothedominantcompany.Thedominantcompanyreportshigherp

5、rofitsandtheaffiliatereportslowerprofits,whiletheprofitabilityoftheeconomicentityasawholeremainsunaffected.Sincethevalueofthedominantcompanyisdirectlylinkedtotheprofitabilityandwellbeingoftheentireeconomicentity,thistypeofearningsmanagementmaycauseusers

6、ofthedominantcompany'sfinancialstatementstobemisled.Thereareseveralpotentialwaysthatcompaniescouldmanageearningsusingtransactionswithaffiliatedcompanies.Firmsmayengageinchannelstuffingbyforcingdistributorstopurchasehigherthannormalinventorylevels,thusin

7、creasingthemanufacturer'ssalesandprofitsforthecurrentperiod.Firmscouldalsomanageearningsusingtransactionswithlessthanwhollyownedsubsidiaries.Supposeaparentcompanysellsinventorytoalessthanwhollyownedsubsidiary,whichthensellstheinventorytoanexternalpartyi

8、nthesameperiod.Theincreaseinconsolidatedearningsoccursbecauselowerprofitsareshiftedtominorityshareholders.Firmsmayalsomanageearningsusingaffiliatedtransactionsbyeithershiftingprofitsacrossdifferenttaxjurisdictions(EmshwillerandSm