英语翻译求一篇 盈余管理方面的外文文献 及相应的中文翻译

英语翻译
求一篇 盈余管理方面的外文文献 及相应的中文翻译

Earnings management to avoid earnings decreases and losses
Abstract:This paper provides evidence that firms manage reported earnings to avoid earnings decreases and losses.Specifically,in cross-sectional distributions of earnings changes and earnings,we lind unusually low frequencies of small decreases in earnings and small losscs and unusually high frequencies of small increases in earnings and small positive income.We find evidence that two components of earnings,cash flow from operations and changes in working capital,are used to achieve increases in earnings.We present two theories,based on stakeholder use of information-processing heuristics and prospect theory,about the motivation for avoidance of earnings decreases and losses.
Several recent studies offer more systematic evidence of incentives to maintain consistent increases in earnings.Barth et al.(1995) report that firms with a consistent pattern of earnings increases command higher price-to- earnings multiples,after controlling for earnings levels.Additionally,they find that this premium is larger for longer series of earnings increases and that the premium is eliminated or reduced substantially when the established pattern of earnings increases is broken.These findings are similar to those in DeAngelo et al.(1996),who document that firms breaking a pattern of consistent earnings growth experience an average of 14% negative abnormal stock return in the year the pattern is broken.Thus,there seem to be strong incentives for earnings manage- ment to aviod the reporting of earnings decreases,and the incentives appear to be increasing in the length of the preceding string of earnings increases.
There is also much anecdotal evidence of incentives to maintain positive earnings.References to the desirability of 'consistent profitability' are common- place in annual reports,news releases,and press coverage,suggesting that there are incentives to aviod losses.A recent paper by Hayn (1995) reports more direct evidence that firms try to aviod reporting losses:
Interestingly,there is a point of discontinuity around zero.Specifically,there is a concentration of cases just above zero,while there are fewer than expected cases (assuming the above normal distribution) of small losses (i.e.,just below zero).The frequency of observations in both the region just above and that just below zero departs significantly from the expected frequency under the normal distribution at the 1% significance level using the binomial test.These results suggest that firms whose earnings are expected to fall just below the zero earnings point engage in earnings manipulations to help them cross the 'red line' for the year.
中文翻译：
盈余管理,以避免利润下降和亏损
摘要：本文提供的证据表明,企业管理财报,以避免收入下降和损失.具体来说,在横截面分布收益和收益的变化,我们林德异常低频率小的收入减少和小losscs和异常的高频率的小型增加收入和小的收入.我们发现的证据表明,两个组成部分的收益,运营现金流变化,周转资金,用于实现增加收入.我们目前的两种理论的基础上,利益相关者利用信息处理启发式和前景理论,关于避税的动机和收入减少的损失.
最近的几项研究提供更系统的证据,奖励措施,保持一致的增加收入.Barth et al.巴特等1995年报告说,公司一贯收益更高的价格增加命令到本益比,在控制了收益水平.此外,他们还发现,这个溢价是较大较长一系列增加收入,而保费取消或大幅减少时,既定模式收入增加被打破了.这些调查结果类似迪安龙等人的文件,公司打破了一贯的模式,盈利增长的经验,平均14 ％的负异常证券交还在今年的格局被打破了.因此,似乎有强有力的激励收益管理,以避免报告盈利下降,以及奖励办法似乎是在增加的长度字符串前的收入增加.
也有很多传闻证据的奖励,保持积极的收益.参考资料是可取的,持续盈利,是常见的,在年度报告,新闻发布,以及新闻报道,这表明有奖励避免的损失.:最近的一项文件Hayn （ 1995年）的报告更直接的证据表明,公司试图避免汇报损失.有趣的是,有一个点的不连续性在零附近.具体来说,有一个集中的情况下仅略高于零,但也有少于预期情况下（假设上述正态分布）小的损失（即低于零） .频率的意见都略高于该地区,并略低于零背离预期的有很大的频率下正常分配的1 ％显着性水平使用二项式测试.这些结果表明,公司的盈利预计将下降略低于零收益点进行盈余操纵,帮助他们越过'红线'的一年.