英文文献翻译-----会计稳健性和增加收入的盈余管理.doc

We examine the relation between earnings management to meet or barely beat analyst forecasts and the cross-sectional variation in contemporaneous and past accounting conservatism. Investigating the link between earnings management and accounting conservatism is important because doing so provides evidence concerning conservatism’s ability to constrain managers’opportunistic behavior. We first estimate a modified version of the Basu (1997) model and find a negative relation between contemporaneous conditional conservatism and earnings management to avoid a negative earnings surprise. In contrast, we find a positive relation between past unconditional conservatism and earnings management to avoid a negative earnings surprise. Taken together, our results suggest that unconditional conservative accounting generates slack that, in the presence of bad news, allows managers to avoid writing down net asset values and thus increases firms’ likelihood of meeting or beating analyst forecasts.

我们检视盈余管理和会计稳健性的关系,盈余管理几乎推翻了分析人士的预测和同时期的横向变化。调查它们之间的联系,发现对盈余管理与会计稳健性的研究很重要的,因为这样做，能提供证据，证明关于稳健性对经理人机会主义行为的约束。我们首先估计修改版的巴苏（1997）模型，找一个即时的条件稳健与盈余管理避免负收益消息的负面关系。与此相反，我们发现一个积极的关系，过去无条件的稳健与盈余管理避免负收益惊喜。两者合计，我们的结果表明，无条件的稳健性会计会产生松弛，使管理人员在存在的坏消息时，避免写下来净资产价值减值的可能，从而增加企业的预期效益，达到或超过分析师预测。