盈余管理与财务动机 英国上市公司的财务调查【外文翻译】.pdfVIP

外文文献翻译译文 一、外文原文 原文： Earnings management and firm financial motive: A financial investigation of UK listed firms Abstract This study focuses on the investigation of motives for and characteristics of UK firms that engage in earnings management activities. It concentrates particularly on the provision of voluntary accounting disclosures, the violation of debt covenants, management compensation, and on the equity and debt capital needs of firms and their relation with the use of earnings management. The study examines also the earnings management inclination of firms that seek to meet or exceed financial analysts forecasts. The findings generally indicate that firms with low profitability and high leverage measures are likely to use earnings management. Also, firms that are in equity and debt capital need and are close to debt covenant violation also appear to be inclined to employ earnings management practices. Likewise, firms tend to use earnings management to improve their financial numbers and subsequently reinforce their compensation and meet and exceed financial analysts earnings forecasts. In contrast, the study shows that firms that provide voluntary accounting disclosures appear to be less inclined to make use of earnings management. 1．Introduction In their struggle to maximize firms profits and stock value, managers may sometimes be inclined to make use of earnings management practices. This study examines whether firms employ earnings management procedures in order to improve their financial picture and impress stock market participants. The study seeks to identify motives for earnings management. Here, the study focuses on the relation between the provision of voluntary accounting disclosures, d