在亞洲新興市場的盈余管理與企業(yè)管治【外文翻譯】

1、原文EarningsManagementCpateGovernanceinAsia’sEmergingMarketsThispaperstudiestheimpactsofcpategovernanceonearningsmanagement.WeusefirmlevelgovernancedatatakenfromCreditLyonnaisSecurityAsia(CLSA)ofnineAsiancountriesinadditio

2、ntothecountrylevelgovernancedatausedinpaststudies.Ourconclusionisasfollows.Firstfirmswithgoodcpategovernancetendtoconductlessearningsmanagement.Secondthereisasizeeffectfearningssmoothingthatislargesizefirmsarepronetocond

3、uctearningssmoothingbutgoodcpategovernancecanmitigatetheeffectonaverage.Thirdthereisaturningpointfleverageeffecti.e.whenthegovernanceindexislargeleverageeffectexistsotherwisereverseleverageeffectexists.Itshowsthatahighly

4、leveragedfirmwithpogovernanceispronetobescrutinisedcloselythusfindsithardertofoolthemarketbymanipulatingearnings.Fourthfirmswithhighergrowth(lowerearningsyield)arepronetoengageinearningssmoothingearningsaggressivenessbut

5、goodcpategovernancecanmitigatetheeffect.Finallyfirmsinstrongerantidirectrightscountriestendtoexhibitstrongerearningssmoothing.ThiscounterintuitiveresultisdifferentfromLeuzetal.(2003).1、IntroductionStudiesofearningsmanage

6、ment(hereafterEM)haverecentlyattractedalotofattentionbecauseoftheaccountingfraudatEnronWldComXeroxRoyalAholdHealthSouthsoon.Theincreasingattentiontothequalityofreptedearningsmakesthestudyofearningsmanagementimptantagain(

7、Levitt2000).Schipper(1989)HealyWahlen(1999)statethatearningsmanagementisthealternationoffirms’reptedeconomicperfmancebyinsiderstoeither“misleadsomestakeholders”to“influencecontractualoutcomes”.Itispremisedthatinsiderseng

8、ageinEMtodilutetheirrentseekingactivitiesfromoutsiders.ThatisEMisusedtoreduceoutsiderinterferenceprotectinsiders’privatecontrolbenefits.Finstanceinsiderscanusetheirdiscretioninfinancialreptingtoinaccuratelyreflectprotect

9、iontotheirinvests.Namelytherelationshipbetweenthecountrylevellegalinfrastructurethefirmlevelcpategovernancemechanismsisnotaonetoonecrespondence.ThoughRidsonetal.(2002)haveusedthefirmlevelfinancialratiostopredictearningsm

10、anagementtheydidnotconsidertheroleofcpategovernance.TheaimofthispaperistostudyhowcpategovernanceaffectsEMofAsiancountriesbyusingfirmleveldata.InarecentreptCreditLyonnaisSecuritiesAsia(hereafterCLSA)calculatedanindexwithc

11、pategovernancerankingsf495firmsacross25emergingmarkets18sects.ThedeivestatisticspresentedintheCLSAreptshowthatcompaniesthatrankedhighonthegovernanceindexhavebetteroperatingperfmancehigherstockreturns.KlapperLove(2004)app

12、liedthesegovernancevariablesfoundthatbettercpategovernanceishighlycrelatedwithbetteroperatingperfmancemarketvaluation.AlsoapplyingCLSAgovernancemeasuresChenetal.(2003)foundthatbothdisclosurenondisclosurecpategovernanceme

13、chanismshaveasignificantlynegativeeffectonthecostofequitycapital.Doidgeetal.(2004)alsousedCLSAdatafoundthatfirmsinlessdevelopedcountrieshavelessincentivetoimprovefirmlevelgovernancebecauseoutsidefinanceisexpensivetheadop

14、tionofbettergovernancemechanismsisexpensive.Exceptfthesethreepaperstothebestknowledgeofauthsnonehaveappliedthecpategovernancedatadirectlytoinvestigatetherelevantissues.ThispaperusesthesamegovernancerankingproducedbyCLSAt

15、ofurtherinvestigatetherelationshipbetweenfirmlevelgovernancefirmlevelearningsmanagement.Thenwestudiedhowthecpategovernanceaffectstherelationshipbetweenfirms’financialratiosearningsmanagement.Thispaperisganisedasfollows.T

16、henextsectiondescribestheconstructionoftheearningsmanagementmeasures.WedescribethedataofCLSAfollowedbyasectiondescribingtheeconometricmodels.Empiricaltestsresultstherobustnesscheckarepresented.Thefinalsectionpresentsthec