企业财务报告的经济内涵[文献翻译].docVIP

本科毕业论文（设计） 外 文 翻 译 题 目 论财务报表列报的改革 专 业 会计学 外文题目The Economic Implications of Corporate Financial Reporting 外文出处 /sol3/papers.cfm?abstract_id= 外文作者John R.Graham ，Campbell R.Harvey，Shiva Rajgopal 原文： The Economic Implications of Corporate Financial Reporting Abstract We survey 401 financial executives, and conduct in-depth interviews with an additional 20, to determine he key factors that drive decisions related to performance measurement and voluntary disclosure. The majority of firms view earnings, especially EPS, as the key metric for an external audience, more so than cash flows. We find that the majority of managers would avoid initiating a positive NPV project if it meant falling short of the current quarter’s consensus earnings. Similarly, more than three-fourths of the surveyed executives would give up economic value in exchange for smooth earnings. Managers believe hat missing an earnings target or reporting volatile earnings reduces the predictability of earnings, which in turn reduces stock price because investors and analysts dislike uncertainty. We also find that managers make voluntary disclosures to reduce information risk associated with their stock but at the same time, try to avoid setting a disclosure precedent that will be difficult to maintain. In general, management’s views support stock price motivations for earnings management and voluntary disclosure, but provide only modest evidence consistent with other theories of these phenomena (such as debt, political cost and bonus plan based hypotheses) . 1. Introduction We conduct a comprehensive survey that asks CFOs to describe their choices related to reporting accounting numbers and voluntary disclosure. Our objective is to address the following questions: Do managers care about earnings benchmarks or earnings trends and, if yes, which benchmarks are perceived t