圍繞期權(quán)授予的激勵機制和盈余管理機會[外文翻譯]

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：IncentivesOpptunitiestoManageEarningsAroundOptionGrantsRecentacademicresearchregulatyactionstronglysuggestthatmanagersinterveneingovernancereptingprocessestoincreasethevalueoftheiroptionpay(e.g.HeronL

2、ie2007BalsamChenSankaraguruswamy2003AboodyKasznik2000FelleBler2006).Collectivelyresultsfrompriresearchindicatethatmanagerscanpursueavarietyofinsidertradingstrategiesinvolvingsignalsaboutfirmperfmancechangesinsharepricest

3、hetimingofoptiongrantdates.Thesestrategiesgenerallyreflectthreeapparentfmsofopptunism:(a)ivelyreleasingvoluntarydisclosuresaroundgrantdates(b)backdatinggrantstoperiodsoflowershareprices(c)managingquarterlyearningsinperio

4、dsleadinguptograntdates.Thecommonthemeofthisresearchisthatmanagersappeartouseprivateinfmationaboutfirmperfmancegrantdates—both—toexecuteanoptionrelatedstrategy.Arguablysuchactionscanleadtolowerexercisepriceshighersubsequ

5、entpayoffs.Fromapublicpolicyperspectivethisissueisimptantenoughthatregulatshavespecificallytargetedtwooftheabovestrategies.FirsttheSecuritiesExchangeCommission(SEC)severelycurtailedtheivereleaseofvoluntarydisclosuresbyis

6、suingRegulationFDin2000.SecondundertheSarbanesOxleyActCongressdiscouragedoptionbackdatingbyrequiringtimelierreptingofgrants.Howevertheseactionscouldunintentionallyleadtoincreasedpressuretomanageearningsaspartofanoptionre

7、latedstrategyaconsequencethatseemsinconsistentwiththeSECsoverallmatefimprovedearningsquality(Levitt1999SarbanesOxleyAct2002).Toaddressthisissueweexaminethediscretionaryaccrualscomponentofvariable)(b)thefrequencyofgrantda

8、testhatcloselyfollowanearningsannouncement.Wethusconsiderthehypothesisthatmanagersaremeabletoactongrantsthatfollowfixedschedulesthecompetinghypothesisthatfrequentrepetitionsofthestrategyinherentinapredictablegrantschedul

9、ewilllimitmanagersabilitytoexecutethestrategy.Ourevidencestronglysuggeststhataftercontrollingfgrantingschedulesanecessaryconditiontoobserveaccrualsmanagementisthateventgrantsoccurrelativelyinfrequently.Consistentwiththei

10、mplicationinColesetal.2006weconcludethatwheninvestscananticipateanupcominggrantmanagersseemtobelimitedintheirabilitytoimplementanaccrualsbasedstrategy.Ourevidenceindicatesthatthisfactdominatesmanagersabilitytobenefitfrom

11、advanceknowledgeinherentinapredictableschedule.Theresultsfromourstudyotherrecentresearchonoptionpaypracticesofferaclearpolicymakingimplication.Itappearsthatthroughavarietyofstrategiesmanagersareabletoprofitfromprivateinf

12、mationabouttheiroptiongrants.ConsistentwithColesetal.2006thecollaryimplicationofourstudyisthatprivateinfmationaboutanupcominggrantappearstobeanecessaryconditionfanearningsmanagementstrategy.Changesinthecurrentdisclosurer

13、ulestorequireadvancenoticeofaboardapprovedgrantofamanagersintenttoexercisecouldbenefitinvestsbyreducinginfmationasymmetrysurroundingoptiontransactions.Whereasthecurrentregulatyapproachtotheoptiongrantingprocessfocusesonp

14、rohibitingcertaintransactions(i.e.backdating)ourresearchsuggeststhatincreaseddisclosureshouldalsobeconsideredasameansoflimitingtheopptunitiestoengageinthoseprohibitedtransactions.Theremainderofthepaperisstructuredasfollo

15、ws.Insection2wereviewthepriliteraturedevelopourresearchhypotheses.Insection3wedescribetheresearchdesignusedinourstudy.Section4presentsourmainresultsprovidesdetailsonsensitivitytests.Finallyinsection5wediscusstheseresults