公共股權能否提高盈余質量？【外文翻譯】_第1頁
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1、外文翻譯原文：DoesPublicOwnershipofEquityImproveEarningsQualityI.INTRODUCTIONThequalityofaccountinginfmationisinfluencedbyanarrayoffactsmostofwhichstemfromthedemfsuchinfmationfuseincontractualarrangementsfromtheincentivesopptun

2、itiesofmanagementtomanagethereptednumbers.Boththedemfqualityaccountinginfmationfcontractualpurposesmanagementincentivestoadjustthereptedearningsarelikelytobeinfluencedbywhethertheequityofthecompanyisprivatelyheldpublicly

3、traded.Inthisstudyweexaminethedifferentialearningsqualityofprivateequitypublicequityfirmsindertoshedlightonhowpublicownershipofequityaffectsthequalityoffirms’earnings.Becauseearnings‘‘quality’’hasmultipledimensionsinourt

4、estsweexamineanumberofattributesthathavebeenassociatedbypreviousresearchwiththenotionofearningsquality.Theinfluencethatpublicprivateownershiphasonthequalityofaccountingnumbershasbeenexaminedinlimitedcontextsbypaststudies

5、.Beattyetal.(2002)Burgstahleretal.(2006)PennoSimon(1986)focusonthedifferencebetweenpublicprivatefirmswithrespecttoonedimensionofearningsquality—theextenttowhichearningsaremanaged.Theassociationbetweenownershiptypeanother

6、earningsattributeconservatismisexaminedbyBallShivakumar(2005).Becausefinancialdataofprivatelyownedfirmsisgenerallyunavailablethesestudiesarerestrictedtoregulatedindustriessuchasbankinginsurancefwhichfinancialreptsofbothp

7、ublicprivatecompaniesarefiledwithindustryregulats(e.g.Beattyetal.2002)tocountriessuchastheU.K.inwhichaccountinginfmationisavailablefprivatecompaniesbecausetheymustpubliclyfilefinancialstatements(e.g.BallShivakumar2005).T

8、heresultsofthesestudiesonthedifferentialearningsqualityofpublicversusprivatecompaniesareconflicting.Beattyetal.(2002)findthatpublicfirmshaveainherentnegativeassociationbetweenthedifferentmeasuresemployedtoassessearningsq

9、uality.Findingsindicatethattheaccountingnumbersproducedbypublicequityprivateequityfirmsexhibitdifferentreptingattributes.Whilepublicequityfirmshavealowerqualityofaccrualsintermsoftheirpersistenceestimationerrfurtherexhib

10、itagreaterpropensitytomanageearningstheyalsoreptmeconservatively(intermsoftimelylossrecognition)thantheirprivatefirmcounterparts.Thisstudyisthefirsttoanalyzethequalityofaccountinginfmationgeneratedbyfirmswhosedebtbutnote

11、quityispubliclytradedcomparingsuchfirmstopublicequityfirms.Wefurtherexaminethedifferentincentivesopptunitiesthatmanagementofthesetwotypesoffirmshastoaffectthereptednumbers.Byextendingtheliteratureonearningsqualitythediff

12、erentialqualitybetweenpublicversusprivatecompaniesthisstudyenhancesourunderstingofhowtheextenttowhichmanagementincentivesinvestdemfearningsqualityimpactfinancialrepting.Thestudycontributestotheexistingresearchintwomainre

13、spects.Firstweconsideraspectrumofattributesrelatedtotheconceptofearningsqualityratherthanasingleattributeofearningsqualitysuchasearningsmanagement.Secondbyexaminingauniquesampleofprivatelyheldpubliccompaniesthestudyhighl

14、ightshowthepresenceofpublicequityinvestsaffectsmanagement’sreptingbehavicontrollingftheregulatyenvironmentaswellasthedisclosurereptingregimes.Inthenextsectiontheacteristicsofthesamplefirmsaredescribed.Thehypothesesaredev

15、elopedinSectionIIIfollowedbyadiscussionofthevariousmeasuresusedtoassessearningsquality.ThesampledataaredescribedinSectionV.TheresultsareprovidedinSectionVI.Concludingremarksareprovidedinthelastsection.2.MEASURESOFACCOUNT

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