试论“在中国通过资产减值转回的盈余管理的激励机制”.doc

PAGE 9 本科毕业论文（设计） 外 文 翻 译 外文题目 Discussion of “Regulatory Incentives for Earnings Management through Asset Impairment Reversals in China” 外文出处 Journal of Accounting, Auditing Finance 外文作者 Edward J. Riedl 原文： Discussion of “Regulatory Incentives for Earnings Management through Asset Impairment Reversals in China” Shimin Chen , Yuetang Wang, and Ziye Zhao(2009) examine motivations for managers of Chinese-listed firms to report asset impairment reversals. The study documents that the report of such reversals reflects incentives to avoid delisting from Chinese stock exchanges and those stronger monitoring mechanisms attenuate this opportunistic reporting. The study exploits a unique feature of financial reporting within China, which allows large sample investigation of impairment reversals. I discuss the study’s strengths, note some limitations on the analyses and inferences, and suggest recommendations for future research. 1. Introduction Shimin Chen, Yuetang Wang, and Ziye Zhao (hereafter CWZ) examine motivations for managers of Chinese-listed firms to report asset impairment reversals. The primary results suggest that the reporting of such reversals reflects incentives to avoid delisting from Chinese stock exchange. Additional analyses reveal that stronger monitoring mechanisms attenuate this opportunistic reporting. The study exploits a unique feature of financial reporting within China, which allows large sample investigation of impairment reversals. Below, I discuss the manuscript’s strengths, note some limitations on the analyses and inferences, and suggest recommendations for future research. 2. Strengths 2.1 Unique Accrual and Setting A broad prior literature examines “special items,” typically defined to encompass nonrecurring or transitory income statement reporting items. The most common examples include asset impairments, restructuring charges, and gains or losses on sales of assets, with papers focusin