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公共股权能否提高盈余质量?【外文翻译】.doc

来源:网络整理 作者:admin 人气: 发布时间:2019-05-20
摘要:

外国语判读员原文DOESPUBLICOWNERSHIPOFEQUITYIMPROVEEARNINGSQUALITYIINTRODUCTIONTHEQUALITYOFACCOUNTINGINFORMATIONISINFLUENCEDBYANARRAYOFFACTORS,MOSTOFWHICHSTEMFROMTHEDEMANDFORSUCHINFORMATIONFORUSEINCONTRACTUALARRANGEMENTSANDFROMTHEINCENTIVESANDOPPORTUNITIESOFMANAGEMENTTOMANAGETHEREPORTEDNUMBERSBOTHTHEDEMANDFORQUALITYACCOUNTINGINFORMATIONFORCONTRACTUALPURPOSESANDMANAGEMENTINCENTIVESTOADJUSTTHEREPORTEDEARNINGSARELIKELYTOBEINFLUENCEDBYWHETHERTHEEQUITYOFTHECOMPANYISPRIVATELYHELDORPUBLICLYTRADEDINTHISSTUDY,WEEXAMINETHEDIFFERENTIALEARNINGSQUALITYOFPRIVATEEQUITYANDPUBLICEQUITYFIRMSINORDERTOSHEDLIGHTONHOWPUBLICOWNERSHIPOFEQUITYAFFECTSTHEQUALITYOFFIRMS’EARNINGSBECAUSEEARNINGS‘‘QUALITY’’HASMULTIPLEDIMENSIONS,INOURTESTSWEEXAMINEANUMBEROFATTRIBUTESTHATHAVEBEENASSOCIATEDBYPREVIOUSRESEARCHWITHTHENOTIONOFEARNINGSQUALITYTHEINFLUENCETHATPUBLICORPRIVATEOWNERSHIPHASONTHEQUALITYOFACCOUNTINGNUMBERSHASBEENEXAMINEDINLIMITEDCONTEXTSBYPASTSTUDIESBEATTYETAL2002,BURGSTAHLERETAL2006,ANDPENNOANDSIMON1986FOCUSONTHEDIFFERENCEBETWEENPUBLICANDPRIVATEFIRMSWITHRESPECTTOONEDIMENSIONOFEARNINGSQUALITYTHEEXTENTTOWHICHEARNINGSAREMANAGEDTHEASSOCIATIONBETWEENOWNERSHIPTYPEANDANOTHEREARNINGSATTRIBUTE,CONSERVATISM,ISEXAMINEDBYBALLANDSHIVAKUMAR2005BECAUSEFINANCIALDATAOFPRIVATELYOWNEDFIRMSISGENERALLYUNAVAILABLE,THESESTUDIESARERESTRICTEDTOREGULATEDINDUSTRIESSUCHASBANKINGANDINSURANCEFORWHICHFINANCIALREPORTSOFBOTHPUBLICANDPRIVATECOMPANIESAREFILEDWITHINDUSTRYREGULATORSEG,BEATTYETAL2002ORTOCOUNTRIESSUCHASTHEUKINWHICHACCOUNTINGINFORMATIONISAVAILABLEFORPRIVATECOMPANIESBECAUSETHEYMUSTPUBLICLYFILEFINANCIALSTATEMENTSEG,BALLANDSHIVAKUMAR2005THERESULTSOFTHESESTUDIESONTHEDIFFERENTIALEARNINGSQUALITYOFPUBLICVERSUSPRIVATECOMPANIESARECONFLICTINGBEATTYETAL2002FINDTHATPUBLICFIRMSHAVEAGREATERPROPENSITYTOMANAGEEARNINGSTHANPRIVATEFIRMS,WHEREASBURGSTAHLERETAL2006REPORTTHEOPPOSITEFURTHER,TOTHEEXTENTTHATCONSERVATISMISVIEWEDASANEARNINGSQUALITYTRAIT,THISFINDINGBYBEATTYETAL2002ISOSTENSIBLYINCONTRASTTOTHEFINDINGBYBALLANDSHIVAKUMAR2005,WHOUSETHEEXTENTOFREPORTINGCONSERVATISMTOASSESSEARNINGSQUALITYTHERESULTSOFTHESESTUDIES,WHILEINSIGHTFUL,CANNOTEASILYBEGENERALIZEDTHEEXAMINATIONOFFIRMSINAREGULATEDINDUSTRYPROVIDESRESULTSFORASINGLEINDUSTRYWITHUNIQUEFINANCIALREPORTINGISSUESFURTHER,THEEXTENTTOWHICHTHERESULTSBASEDONSAMPLESCONSISTINGOFEUROPEANCOMPANIESGENERALIZETOUSFIRMSISNOTCLEARDUETODIFFERENCESINTHESECOUNTRIES’REPORTINGREGIMESOURSTUDYEXTENDSTHELITERATUREONTHEEFFECTOFOWNERSHIPTYPEONEARNINGSQUALITYBYEXAMININGABROADERSAMPLEOFUSFIRMSINNONREGULATEDINDUSTRIESANDBYCONSIDERINGSEVERALMEASURESOFEARNINGSQUALITYSPECIFICALLY,WECOMPARETHEQUALITYOFACCOUNTINGNUMBERSBETWEENPRIVATEANDPUBLICEQUITYFIRMSALONGTHREEDIMENSIONSPERSISTENCEOFACCRUALS,ESTIMATIONERRORINTHEACCRUALPROCESS,ANDPREVALENCEOFEARNINGSMANAGEMENTWEALSOCOMPARETHEDEGREEOFCONSERVATISMBETWEENTHESETWOGROUPSOFFIRMSOURSAMPLEOFUSCOMPANIESCONSISTSOFTWOTYPESOFPUBLICCOMPANIESTHOSEWITHPUBLICLYTRADEDEQUITYHEREAFTER,PUBLICEQUITYFIRMSANDTHOSEWITHPRIVATELYHELDEQUITYTHATARECONSIDEREDPUBLICCOMPANIESBECAUSETHEYHAVEPUBLICLYTRADEDDEBTHEREAFTER,PRIVATEEQUITYFIRMSBOTHTYPESOFFIRMSARESUBJECTTOIDENTICALSECREPORTINGANDDISCLOSUREREQUIREMENTSHENCE,OURTESTSCONTROLFORMANYOFTHEFACTORSAFFECTINGTHECOMPARISONOFEARNINGSQUALITYACROSSCOUNTRIES,SUCHASLEGALINSTITUTIONS,TAXLAWS,SECURITIESREGULATIONSANDTHEEXTENTOFTHEIRENFORCEMENT,ASWELLASREPORTINGANDDISCLOSUREREQUIREMENTSWEARETHUSABLETOIDENTIFYMOREPRECISELYHOWTHEOWNERSHIPSTRUCTUREOFTHECOMPANYAFFECTSITSEARNINGSQUALITYRELYINGONTHISUNIQUESAMPLEOFUSCOMPANIESANDONABROADERSETOFEARNINGSQUALITYATTRIBUTES,OURSTUDYSHEDSLIGHTONTHEQUESTIONOFTHEEFFECTOFOWNERSHIPTYPEONEARNINGSQUALITYFURTHER,ITRESOLVESTHEQUESTIONOFWHETHERHEAPPARENTCONFLICTINGRESULTSOFPASTSTUDIESAREDUETODIFFERENCESINTHEEXAMINEDSAMPLESORANINHERENTNEGATIVEASSOCIATIONBETWEENTHEDIFFERENTMEASURESEMPLOYEDTOASSESSEARNINGSQUALITYFINDINGSINDICATETHATTHEACCOUNTINGNUMBERSPRODUCEDBYPUBLICEQUITYANDPRIVATEEQUITYFIRMSEXHIBITDIFFERENTREPORTINGATTRIBUTESWHILEPUBLICEQUITYFIRMSHAVEALOWERQUALITYOFACCRUALSINTERMSOFTHEIRPERSISTENCEANDESTIMATIONERRORANDFURTHEREXHIBITAGREATERPROPENSITYTOMANAGEEARNINGS,THEYALSOREPORTMORECONSERVATIVELYINTERMSOFTIMELYLOSSRECOGNITIONTHANTHEIRPRIVATEFIRMCOUNTERPARTSTHISSTUDYISTHEFIRSTTOANALYZETHEQUALITYOFACCOUNTINGINFORMATIONGENERATEDBYFIRMSWHOSEDEBT,BUTNOTEQUITY,ISPUBLICLYTRADED,COMPARINGSUCHFIRMSTOPUBLICEQUITYFIRMSWEFURTHEREXAMINETHEDIFFERENTINCENTIVESANDOPPORTUNITIESTHATMANAGEMENTOFTHESETWOTYPESOFFIRMSHASTOAFFECTTHEREPORTEDNUMBERSBYEXTENDINGTHELITERATUREONEARNINGSQUALITYANDTHEDIFFERENTIALQUALITYBETWEENPUBLICVERSUSPRIVATECOMPANIES,THISSTUDYENHANCESOURUNDERSTANDINGOFHOW,ANDTHEEXTENTTOWHICH,MANAGEMENTINCENTIVESANDINVESTORDEMANDFOREARNINGSQUALITYIMPACTFINANCIALREPORTINGTHESTUDYCONTRIBUTESTOTHEEXISTINGRESEARCHINTWOMAINRESPECTSFIRST,WECONSIDERASPECTRUMOFATTRIBUTESRELATEDTOTHECONCEPTOFEARNINGSQUALITYRATHERTHANASINGLEATTRIBUTEOFEARNINGSQUALITYSUCHASEARNINGSMANAGEMENTSECOND,BYEXAMININGAUNIQUESAMPLEOFPRIVATELYHELDPUBLICCOMPANIES,THESTUDYHIGHLIGHTSHOWTHEPRESENCEOFPUBLICEQUITYINVESTORSAFFECTSMANAGEMENT’SREPORTINGBEHAVIOR,CONTROLLINGFORTHEREGULATORYENVIRONMENTASWELLASTHEDISCLOSUREANDREPORTINGREGIMESINTHENEXTSECTION,THECHARACTERISTICSOFTHESAMPLEFIRMSAREDESCRIBEDTHEHYPOTHESESAREDEVELOPEDINSECTIONIII,FOLLOWEDBYADISCUSSIONOFTHEVARIOUSMEASURESUSEDTOASSESSEARNINGSQUALITYTHESAMPLEANDDATAAREDESCRIBEDINSECTIONVTHERESULTSAREPROVIDEDINSECTIONVICONCLUDINGREMARKSAREPROVIDEDINTHELASTSECTION2MEASURESOFACCOUNTINGQUALITYTHECONCEPTOFEARNINGSQUALITYISELUSIVETHELITERATUREON‘‘EARNINGSQUALITY’’DOESNOTPROVIDEACLEARDEFINITIONOFTHAT‘‘QUALITY’’ITDOES,HOWEVER,IDENTIFYDIFFERENTATTRIBUTESTHATAREASSOCIATEDWITHORREFLECTIVEOFEARNINGSQUALITYPENMANANDZHANG2002,237,WHILERECOGNIZINGTHELACKOFCONSENSUSONTHEDEFINITIONOFEARNINGSQUALITY,DEFINETHETERMTOMEANTHAT‘‘REPORTEDEARNINGSISAGOODINDICATOROFFUTUREEARNINGS’’THEYCONSIDERHIGHQUALITYEARNINGSTOBE‘‘SUSTAINABLEEARNINGS’’AND,CORRESPONDINGLY,DEEMANACCOUNTINGSYSTEMTHATPRODUCESUNSUSTAINABLEEARNINGSASBEINGOFPOORQUALITYTHEYSHOWTHAT,INADDITIONTOTHEDISRUPTIVEEFFECTONEARNINGSSUSTAINABILITYCAUSEDBYCHANGESINACCOUNTINGMETHODSANDESTIMATES,HIDDENRESERVESSUCHASTHOSECREATEDBYTHEUSEOFLIFOOREXPENSINGOFRDURTSCHIANDEASTON2005DECHOWETAL2003TOINCREASETHECONFIDENCETHATTHECASESOCCURRING‘‘JUSTABOVE’’THEIDENTIFIEDTHRESHOLDSARELIKELYTOREPRESENTEARNINGSMANAGEMENT,WEFOLLOWDECHOWETAL2003ANDINVESTIGATEWHETHERSUCHCASESHAVEAHIGHERPROPORTIONOFPOSITIVEUNEXPECTEDDISCRETIONARYACCRUALSTOFURTHERREFINETHEIDENTIFICATIONOFEARNINGSMANAGEMENTCASES,WEEXAMINETHEPERCENTAGEOFTHEPOSITIVEUNEXPECTEDACCRUALSCASESWHERETHESEACCRUALS‘‘MADETHEDIFFERENCE’’INMEETINGORBEATINGTHETHRESHOLDTHATIS,WEFOCUSONCASESFORWHICHTHEMAGNITUDEOFPOSITIVEUNEXPECTEDACCRUALSWASSUFFICIENTLYPOSITIVE,SOASTOTURNWHATWOULDOTHERWISEBEALOSSORADECLINEINEARNINGSINTOASMALLPROFITORINCREASEINEARNINGSWEIDENTIFY‘‘EXPECTED’’OR‘‘NONDISCRETIONARY’’ACCRUALSUSINGTHEMODIFIEDJONESMODELDECHOWETAL19958EVENTHOUGHWIDELYUSEDINTHEEARNINGSMANAGEMENTLITERATURE,ACCRUALSMODELSSUCHASTHEMODIFIEDJONESMODELAREFARFROMPERFECTINDETECTINGEARNINGSMANAGEMENTINPARTICULAR,THESEMODELSMAKECERTAINASSUMPTIONSABOUTTHEFUNCTIONALRELATIONSHIPBETWEENACCRUALSANDACTIVITYMEASURESSUCHASSALESORTHELEVELOFPLANT,PROPERTY,ANDEQUIPMENTTHAT,WHILEPLAUSIBLE,MAYNOTSTRICTLYHOLDTHEMODELSFURTHERASSUMETHATTHERELATIONSHIPSBETWEENCASHFLOWSANDACCRUALSARELINEAR,THUSIGNORINGTHEASYMMETRYINTHEGAINANDLOSSRECOGNITIONOFACCRUALSWEINCORPORATETHEIMPROVEMENTINACCRUALSMODELSPROPOSEDBYBALLANDSHIVAKUMAR2006INOURESTIMATIONOFTHEDECHOWANDDICHEV2002ANDMODIFIEDJONESDECHOWETAL1995MODELSSPECIFICALLY,WEAUGMENTBOTHREGRESSION2ANDTHEMODIFIEDJONESMODELBYADDINGANINDICATORVARIABLE,DCFOANDANINTERACTIVEVARIABLEDCFOCFO,WHEREDCFORECEIVESTHEVALUE1WHENCFO0,AND0OTHERWISECONSISTENTWITHTHERESULTSREPORTEDBYBALLANDSHIVAKUMAR2006,THEINTRODUCTIONOFTHISPROXYINCREASESCONSIDERABLYTHEEXPLANATORYPOWEROFBOTHACCRUALMODELSEVENWITHTHISIMPROVEMENT,THEIDENTIFICATIONOFEARNINGSMANAGEMENTTHROUGHTHEVARIOUSACCRUALMODELSISVERYNOISYPATTERNSINEARNINGSCANBECAUSEDBYAHOSTOFOPERATIONALFACTORSOTHERTHANEARNINGSMANAGEMENTFURTHER,CERTAINACCRUALSAREDEVOIDOFANYEARNINGSMANAGEMENTIMPLICATIONSFOREXAMPLE,ABNORMALLYHIGHPAYMENTSTOSUPPLIERSORANABNORMALLYHIGHRATEOFCOLLECTIONFROMCUSTOMERSISCAPTUREDBYTHEMODIFIEDJONESMODELAS‘‘ABNORMAL’’ACCRUALS,YETTHESEMAYBEUNRELATEDTOEARNINGSMANAGEMENTDESPITETHEABSENCEOFAPROVENMETHODOLOGYTODETECTEARNINGSMANAGEMENT,THERELIANCEONANUMBEROFTECHNIQUES,ALLOFWHICHAREWIDELYUSEDINTHEEARNINGSMANAGEMENTLITERATURE,SHOULDENHANCETHEVALIDITYOFOURRESULTSSOURCEDANGIVOLY,CARLAKHAYNSHARONPKATZDOESPUBLICOWNERSHIPOFEQUITYIMPROVEEARNINGSQUALITYJTHEACCOUNTINGREVIEW,1993,85(1)195225译文公共股权将要增殖盈余才能1、核算资料才能受到到处要素的制约,时髦的大多数人受和约条款A明智地消耗动机的引起。。出于和约企图和明智地消耗动机来调解决算表的这一行动能够会受该公司的股权使具有要点(列兵用桩区分或裸体上市)的引起。在这项以为中,为了显露公共股权是以随便哪一个方式引起公司的盈余才能的,我们的反省了列兵股权公司和公共股权公司的盈余才能的相异点。因进项才能有多种基准,在我们的的份量中,我们的以为的进项才能观念的一点点属性要点,过来曾做过相干以为。。国有或私人冠军的对记述资料才能的引起,它在过来以为的少量地包围中得到了检查。。贝蒂等。(2002),BURGSTAHLER等(2006),和PENNO和SIMON(1986)只在一体尊重盈余明智地消耗的平均的,关怀公、私公司创收益才能辨别。冠军的典型和守旧主义(另一体创收益的属性)私下的相干被BALL和SHIVAKUMAR(2005)所检查。国有客人的财务资料通常不成供P,这些以为仅限于接管通电话。,拿 ... 来说,存款和巩固球队领先局面,职此之故,产权文章上市的公司和私营公司的财务公布绝可惜。,贝蒂等。2002)涉及,或许向民族屈从,拿 ... 来说,英国的核算资料可由列兵公司消耗。,因他们应当裸体涉及决算表(拿 ... 来说,BALL和SHIVAKUMAR2005)。产权文章上市的公司进项才能辨别以为发生。BEATTY等(2002)以为找到大众公司比列兵客人向盈余明智地消耗有更大的偏重,Burgstahler(2006)的以为正相反。。除此之外,在一种平均的上,守旧主义被以为是进项才能的一体要点。。Beatty与对立的事物人的找到(2002),表面上是与BALL和SHIVAKUMAR(2005)的找到(守旧的评价盈余才能)相反的。这些以为的发生很有顿悟。,但我们的不克不及综合。。接管通电话的事实反省,它试图的发生是一体具有特殊的财务的单一通电话的发生。。除此之外,因这些民族有不同的的公布方式,除英国外的欧洲国家公司的范本发生形成到了美国公司。,还浊度它有多远。。经过考察一体更异国的美国公司范本(在非把持通电话)和经过思索盈余才能的分别的办法,我们的的以为眼界形成到冠军的典型对进项的引起。。特殊地,我们的还对记述资料的才能举行更耐久的应计项主语。,权责发生制下盈余明智地消耗的估价绝对离开及宽容。除此之外,我们的还比拟了这两类公司的守旧主义。。我们的美国公司的范本由两个典型的产权文章上市的公司结合一类是那个有公共迅速行进的(执意后头的公共股权公司)公司;一类是那个列兵必须产权文章的且有裸体买卖的债的公司(执意后头的列兵股权公司)。文章买卖授予有相似的的公布和揭露。从此,我们的的把持份量中有很大程度上要素引起进项才能的比拟。,拿 ... 来说,法律方式,税法,文章法规及其表演程度,与公布和揭露要价。从此,我们的可以更正确地确定一家公司的冠军的组织。依靠美国公司的特殊的范本和更异国的EAR,我们的的以为显露了股权属性对盈余才能的引起这一成绩。除此之外,它标志,显然,在先前的以为中显示了心不在焉道理的发生。,是鉴于其固有的负相干相干(被检测战利品在辨别左右鉴于采取不同的的办法来评价盈余才能)所形成的。发生弄清,公共股权公司和列兵股权公司发生的记述资料直接行动不同的的公布属性。但就其耐久性和估价绝对离开就,公共股权公司有一体较低的应计才能,此外显示出更大的盈余明智地消耗偏重,他们的公布比同业,列兵死刑的公司更守旧(t。本以为最初的对核算资料产量才能举行剖析。,但这不不偏不倚的。,因它是裸体上市的。,是相向公共股权公司这样地的公司就的。我们的此外以为了不同的的动机。,这两类客人的明智地消耗引起了。经过形成在流行中的盈余才能的以为和对公共与列兵股权公司私下的不同的的盈余才能举行比拟,让我们的更清晰度地察觉,健康状况如何与在多大平均的上盈余才能明智地消耗部门和金融家。这项以为对存在的以为有两个尊重的补充。。率先,我们的以为这是在流行中的进项才能的观念。,它故障进项才能的单一属性,拿 ... 来说进项明智地消耗者。其次,经过反省私营产权文章上市的公司的特殊的范本,这项以为下期节目预告了公共产权文章金融家是健康状况如何引起明智地消耗层的公布行动,接管机遇与人揭露公布方式。鄙人一节,我们的扮演了范本客人的要点。。该前提在第3节中打算。。以下是对杂多的进项才能评价方式的议论。。战利品和资料见第5节。,发生见六年级节。。末尾部分地是裁决。。批评记述才能进项才能的观念是不易记住的的。。先前的以为心不在焉对进项才能作出明白的构成释义。。但他们确凿确定了与进项才能或反射比相干的属性。。PENMAN和ZHANG(2002,237)还对某人找岔子对进项才能缺少共识,构成释义的术语是“公布盈余是不远的将来盈余的良好目标”他们以为高气质的盈余将是可支撑的的盈余,公司或企业的地,他们所以为的记述方式是,不成继续的收益才能很差。他们门侧,除记述方式和估价变卦的破坏性引起外,经过试图更多的盈余明智地消耗的机遇如掩盖贮存(如落后的先出法的消耗或研究与开发费化)也会补充继续盈余。Richardson与对立的事物人(2005))和SLOAN(1996)打算了盈余才能的相干尊重应计的可信赖来实现盈余的继续性。Richardson与对立的事物人(2005),438)前提并找到应计项企图可信赖越低,盈余继续性越低。进项才能的另一体相干度量,这适合美国普通记述准则(文章和,它被DECHOW与对立的事物人(1996)和BRADSHAW与对立的事物人(2001)所消耗。DECHOW和DICHEV(2002)提议了另一点点尊重的盈余才能涌流应计费与过来,涌流和不远的将来现金流动量私下相干的力量。从此,他们打算了意图应计项企图前任的。,该离开解说为与意图值的离开。,他们的解说是将其处理应计项主语估价绝对离开。,他们也用它来批评进项才能。。这一办法受到客人要点的引起。,拿 ... 来说,事实时代按大小排列和进项明智地消耗。BALL和SHIVAKUMAR(2005,84)普通将公布才能构成释义为对金融家的决算表。,债权,干事和对立的事物与该公司签约的公司或企业每侧的有益的性”他们以为记述沉着的性是批评盈余才能的一体尊重,以不匀称的的排队,利弊得失的及时性证实。不外,他日会议论。,守旧的进项才能公布通常不被接见。。无论如何,心不在焉哪一体记述资料可以回想的进项才能的一个一个地尊重。。先前的以为早已找到听觉不同的尊重的一点点要点。,也许应计项主语继续性,权责发生制下盈余明智地消耗的估价绝对离开与错过。这些定性的要点和守旧属性在东北部举行了议论。。3、进项明智地消耗的间断进项明智地消耗的在或间断,因到处的托管盈余很难察看到。。只因为,一点点创收益榜样是创收益在的目标。。向前述的一点点创收益目标,肖像这样地的榜样是盈余资料的集合(DEGEORGE与对立的事物人1999),拿 ... 来说,略高于零的收益通过经历或体验获得的教育被以为回想的了进项明智地消耗。,思索将其用于控制公布错过。相向去年同一时期本季度创收益增长为零或细长地增长能够弄清现期的盈余已成地控制了公布盈余的降低。同一地,心不在焉收益或纯粹较小利益,通常被以为早已成获得或略超越剖析师。辩论Burgstahler和Dichev(1997年),我们的对进项明智地消耗的确定是察看到的绝对频率,纯粹这些盈余的收益上界(上限)超越了。便于剖析,我们的把残渣办法的分派分为箱,DEGEORGE与对立的事物人(1999)提议由以下表现确定箱子的宽度。我们的遵照Degeorge和Dichev(1997)引荐的顺序。,盒子的现实频率和作品频率私下的辨别,据此,我们的计算了次零区间和。心不在焉盈余明智地消耗的前提,任性事先安排区间的要求的东西量遵守值等同。也许明智地消耗者成地获得了这些限额,我们的将要求从箱子地球的极小值限额到箱子在下面的极小值限额中找到一种察看值的使变换。很大程度上以为都集合在认同进项明智地消耗的顺序上。,海狸等。二千零七;DURTSCHIANDEASTON2005;Dechow与对立的事物人的赢利性二千零三。为了廓清下面发生的事实,设置一体定额。,这执意进项明智地消耗。,在这些经济状况下确定,倘若有高地的平衡的积极分子和不测的可明智地消耗应计收益,我们的其次的了Dechow与对立的事物人。(2003)考察这些经济状况。。为了此外使完备盈余明智地消耗的评价,我们的反省了这些不测应计项企图百分之一。,这执意这些应计项主语在面临这些定额时所发生的辨别。。也执意说,我们的绝关怀积极分子和不测的进项的呈现。,其企图是将原始错过(或盈余补充)转变为小额贷款。。我们的消耗更新的行为或事例的琼斯前任的来确定意图或非团圆性。(DECHOW与对立的事物人1955)憎恨应计项主语前任的在盈余明智地消耗的以为中异国消耗,但就像修正过的琼斯前任的公正地,在盈余明智地消耗的检测尊重还极不敷使完备。。特殊是,这些前任的对应计项主语和活动力(如SA)举行了必然的批评、动产和稳固的程度)的重大聚会相干的前提,可是有理,但这并故障严格表演的。。该前任的此外前提了现金流动量量与现金流动量量的相干。,从此,应计利弊得失证实的不匀称的性倘若定的。。在对DECHOW和DICHEV2002与修正后的琼斯前任的(DECHOW与对立的事物人1955)的评价中,我们的将BALL和SHIVAKUMAR(2006)在流行中的应计前任的的改善归入了评价中。具体来说,我们的经过补充一体指代变量DCFO和一体相互影响的变量DCFOCFO来宣扬回归(2)和修正后的琼斯前任的,时髦的当CFO0,发生是1。,若非,0与Ball和Shivakumar的发生划一(20,这庞大地增殖了两种权责发生制项主语榜样的解说力。。如果受胎就是这样改善,经过杂多的工业作业来构成释义盈余明智地消耗也很复杂。。创收益榜样能够是鉴于浓厚的的经纪要素。除此之外,若干应计项主语不受随便哪一个进项明智地消耗的引起。。拿 ... 来说,向供给者付款过高薪水或收买前,在更新的行为或事例的琼斯前任的中,这些被以为是非常应计项主语。,只因为,这些与进项明智地消耗无干。。憎恨缺少确定盈余明智地消耗的无效方式,对很大程度上技术的依靠,但这些都在盈余明智地消耗以为中得到了异国的消耗。,从此,我们的应当增殖以为发生的无效性。。原点DANGIVOLY,CARLAKHAYNSHARONPKATZ公共股权将要增殖盈余才能J记述评论,1993,85(1)195225.

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