会计外文翻译资料讲解

盈余管理和盈利质量

罗金

摘要

从犯罪现场调查员的视角来看盈余管理的检测，启蒙了早期对盈余管理的研究和它的近亲：盈利质量。Ball和Shivakumar的著作（2008在会计和经济学杂志上出版的《首次公开发行时的盈利质量》）和Teoh et al .的著作(1998在金融杂志53期上刊登的《盈利管理和首次公开发行后的市场表现》)被用来阐释将犯罪现场调查的七个部分应用于盈利管理的研究。

关键词:市场效率盈余管理盈利质量会计欺诈

1、引言

在诸多会计和金融的研究课题中,可能没有比盈余管理更具有刺激性的议题。为什么?我认为这是因为这个主题明确涉及了潜在的不法行为、恶作剧、冲突、间谍活动以及一种神秘感。正如Healy和Wahlen在1999年(Schipper在1989也下过类似的定义)定义道:“盈余管理的发生是在管理者针对财务报表和交易建立，运用判断力来改变财务报告之时。盈余管理要么会在公司潜在的经营表现上误导一些利益相关者，要么影响合同结果，这取决于会计报告数字。”简而言之，有人做伤害别人的事情。审计人员、监管机构、投资者和研究者们试图找到这些违法者并解开这个谜团,而这个谜团可能会演变成涉及欺诈(或犯罪,在此使用解决犯罪谜团的隐喻)的事件。

如果我们将盈余管理看成是一个潜在的欺诈性(犯罪性)活动,那么我们可以在利用比解决神秘谋杀案的福尔摩斯,或犯罪现场调查(CSI)更现代的条件下，考虑对盈余管理的探查。这样的调查涉及到以下七个要素：一场犯罪是否已经实施，嫌疑人的责任，使用的凶器,犯罪活动的受害者,犯罪的动机，开展行动的机会和替代性解释。替代性解释是指除了欺诈或犯罪活动，整个事件的起因。这个起因能够证实在目击证据的基础上得出欺诈或犯罪的结论将是错误的。我在讨论破解盈余管理的谜团的各种要素时，所举的例子主要来自Ball和Shivakumar(2008)和Teoh et al.(1998)。(这些要素显然是相互关联的,以下的讨论中也有一些不可避免的重复)。

盈余管理与盈利质量有很多共同之处。我想大多数人都会同意，受到高度管理的收益盈利质量较低。然而,缺少盈余管理并不足以保证高质量的收益(更普遍的说法是高质量的会计数字),因为其他因素也会影响收益的质量。例如,会计师挑剔地遵循一套低的会计标

准也会产生低质量的财务报告。然而,如果我们把这些给定的其他因素看成常数,我们可以将盈余管理和盈利质量联系的更加紧密。虽然存在收益质量的其他解释,但是在接下来的讨论中,我的观点与Ball和Shivakumar保持一致。高质量的盈利是保守的，然而低质量的盈利呈现出不断增加的盈余管理行为。

2、盈余管理产生了吗

犯罪现场调查员的一个关键任务是确定犯罪是否已经发生,或者是否是一些自然原因产生的结果。死亡是因为杀人、自杀或意外事故吗？做出这样的决定往往很困难，在会计研究中也丝毫不会更简单。正如Healy和Wahlen(1999,第370页)解释道：“尽管流行的观点认为盈余管理是存在的,研究人员却很难提供令人信服的文字资料。这个问题产生的主要原因在于，为了确定收益是否已经受到了管理控制，研究人员首先要估计受到管理前的收益。”换句话说,研究人员需要区分收益中受到自然原因影响的部分和受到盈余管理活动影响的部分。

在早先对盈利管理和收益质量的研究中，研究设计普遍被总结为三个类：（1）时间序列，(2)横断面研究，(3)越野。促使时间序列的研究方法获得世人瞩目的是Teoh et al.(1998)，他将包含在招股说明书中的上市前财务报表作为与IPO当年数值比较的一个基准。在众多研究中使用横断面方法的是Ball和Shivakumar(2005)，他们比较了英国的私营企业的财务报表和上市公司的财务报表。越野的方法是横断面的方法的一个变体，这种方法探究了机构的国际性差异。在所有的研究中,基准并不完美的，而且最终得出的有关盈利管理的衡量或盈利质量的结论十分杂乱，这种杂乱还很频繁(Dechow et al .,1995)。

值得称赞的是，Ball和Shivakumar(2008)找到一个样本，这个样本克服了Healy和Wahlen(1999)所述的事后检测的难度。通过探查一个在英国进行首次公开发行的样本公司，可以发现任何盈余管理都可以被精确地检测到。这是因为存在两套财务报表，第一套(我称之为“影子财务报表”)属于在英国公司注册处备案的有限责任公司，这些公司仍然属于私营企业。第二套是在IPO招股说明书中的财务报表。我们可以提出合理的假设，即影子财务报表相对于受到IPO诱导的，IPO招股说明书中的财务报表拥有更大的收益管理的自由。因此,影子财务报表为没有受到管控的盈利提供了一个良好的基准。同时，我们可以推断出在高精度的比较下，任何盈余管理活动可以利用两套财务报表之间的差异。

Healy和Wahlen专注于检测的技术难度，这仅仅是站在事后的角度讨论。我认为考虑事前检测技术的难度也很重要。从根本上说，希望那些管理收益不应该被很容易地探测到。经理越是老练，他或她便更不太可能进行容易被检测到的盈利管理，甚至为了逃避检测，他们的隐藏计划会更复杂。推论是，如果什么东西，比如盈余管理，看起来太明显了，那么很有可能不是。在财务报告中，涉及到的人通常是有经验的、聪明的、受过良好教育的、接受过明确的专业行为准则或隐式的伦理准则的指导的。我不认为他们可能从事浮夸的、头脑简单的盈余管理，如果他们这样做，我希望他们的盈余管理不至于因过于明显而被检

测到。然而事后检测的问题是解决了，Ball和Shivakumar的研究背景是发觉盈余管理的可能性几乎是零的情况。期望投资者、他们的律师以及监管机构不去注意财务报告的主要差异是不合理的，同样不合理的是，如果企业管理者采用了可能被允许进行特别检测的盈利管理方法，却无法系统地预测随之而来的负面影响。换句话说，如果为了获得好处而参与其中，盈余管理必须做到难以发现。

在此讨论的基础上,我认为Ball和Shivakumar没有发现任何明显的盈利管理行为完全不足为奇。事实上,他们发现的唯一的显著差异在于财务报表中与无形资产有关的项目，这些数据表现记录在了IPO账户中。很明显,这种记录很容易识别，被读者接受的可能性也很高。

当我声称，在英国的IPO中，肯定会实际发生盈余管理被检测到的事时，我也许夸大了事实。参照Ball和Shivakumar样本研究，这种说法应该被合理化。这个研究只包括了那些IPO财务报表与在公司署有备案的公司财报具有可比性的企业。换句话说,样本中只包含了那些可以在财务报表项目之间作出一个简单和直接的比较的公司。这就剔除了所有会增加或减少数量细节，或改变各种物品分类的公司。这样的公司占据了总量的绝大部分：在t—1,t—2、t—3三个年度中，越393家IPO公司中，这类公司的数量分别为140、198和245。如果采用更加复杂的比较方法，这不是给管理被检测到的可能性更低的账户提供机会吗？也许为了伪装他们的盈利管理行为，他们故意使IPO财务报表相比于影子财务报表变得不具可比性，在我看来，那些没有可比财报的公司存在隐瞒盈余管理的可能性，也更值得检验。通过解决事后发现这个问题，Ball和Shivakumar“扔婴儿连同洗澡水一起倒掉”。

出于同样的原因,我认为从英国IPO研究情况推断到其他情形是不合理的，比如Teoh et al.(1998)研究的美国的IPO销量。由于没有可供比较的公开上市前的财务报表，在美国，盈余管理更难被发现。

3.谁应当对盈余管理负责

神秘的谋杀事件有时被称为一个“侦探小说”。在这样的一个故事中，“是谁”的疑问无疑最重要。然而，“是谁”在会计研究中是一个有待进一步研究的问题。

尽管犯罪现场调查员自然想试图找出罪魁祸首,学术研究却对最终确定是否一个特定的公司，更不用说任何个人，实施了盈余管理不太关心。他们对寻找盈余管理的倾向更感兴趣。当然，关注点的差异和研究人员获得的信息量较少以及需要通过增加样本大小来提高统计的说服力密切相关。然而，即使需要大样本，仍然存在可以被检验的有趣的“是谁”问题。例如,培训和资历对盈余管理倾向的影响是什么？如果拥有专业职称，管理者管理盈余的可能性是否会降低，甚至因此遵守职业道德准则？不同的会计制度需要管理者作出不同程度的判断是否会导致不同程度的盈余管理？管理者之间的经济和文化差异会起到一定的作用吗?

参考文献

[1]Ball, R., Shivakumar, L., Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economics,2005(39):83-128.

[2]Ball, R., Shivakumar, L.,Earnings quality at initial public offerings. Journal of Accounting and Economics, submitted for publication.

[3]Dechow, P.M., Sloan, R.G., Sweeney, A.P., Detecting earnings management.The Accounting Review,1995(70):193–225

Earnings management and earnings quality

Kin Lo

Viewing the detection of earnings management from the perspective of a crime scene investigator sheds new light on prior research on earnings management and its close relative, earnings quality. The works of Ball and Shivakumar [2008. Earnings quality at initial public offerings. Journal of Accounting and Economics, in press.] and Teoh et al. [1998. Earnings management and the subsequent market performance of initial public offerings. Journal of Finance 53, 1935–1974.] are used to illustrate the application of seven components of a crime scene investigation to earnings management research.

Keywords: Market efficiency Earnings management Earnings quality Accounting fraud

1. Introduction

Among research topics in accounting and finance, none is perhaps more provocative than earnings management. Why? I think it is because the topic explicitly involves potential wrongdoing, mischief, conflict, cloak and dagger, and a sense of mystery. As Healy and Wahlen (1999) (and similarly Schipper, 1989) define:”Earnings management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers.”[Emphasis added.] Simply put, someone is doing something that harms someone else.1 Auditors, regulators, investors, and researchers seek to find these wrongdoers and solve the mystery, which might turn out to involve fraud (or a crime, to use the metaphor of solving a criminal mystery).2

If we view earnings management as a potentially fraudulent (criminal) activity, then we can think about its detection in terms of a murder mystery a` la Sherlock Holmes, or a crime scene investigation (CSI) in more contemporary terms. Such

investigations involve considering the following seven elements: whether a crime has been committed, suspects responsible, weapons used, victims of the crime, motives for the crime, opportunity to carry out the act, and alternative explanations.3 Alternative explanations refer to causes of the event other than fraudulent or criminal activity, and thus, a conclusion of fraud or crime on the basis of observed evidence would be erroneous. I discuss the various elements of solving an earnings-management mystery, with examples primarily drawn from Ball and Shivakumar (2008) and Teoh et al. (1998). (These elements are clearly interrelated and some overlap in the discussion below is unavoidable.)

Earnings management has a lot in common with earnings quality. I think most would agree that highly managed earnings have low quality. However, the lack of earnings management is not sufficient to guarantee high-quality earnings (or high-quality accounting numbers more generally), because other factors contribute to the quality of earnings. For example, accountants fastidiously following a poor set of standards will generate low-quality financial reports. Nevertheless, if we take these other contributing factors as given constant, then we can draw a much closer connection between earnings management and earnings quality. While there are other interpretations of earnings quality, in the following discussion, to be consistent with Ball and Shivakumar (2008),high-quality earnings are conservative, while low-quality earnings are upwardly managed earnings.4.

2. Did earnings management occur?

One key task of a crime scene investigator is to determine whether a crime has occurred at all, or alternatively, whether some natural cause has produced the outcome under investigation. Was a death due to a homicide, a suicide, or accident? Making such determinations is often difficult, and no less so in accounting research. As Healy and Wahlen (1999, p. 370) explain, “Despite the popular wisdom that earnings management exists, it has been remarkably difficult for researchers to convincingly document it. This problem arises primarily because, to identify whether earnings have been managed, researchers first have to estimate earnings before the effects of earnings management.”In other words, researchers need to distinguish the part of earnings from natural causes from the part due to earnings management activities.

Research designs in prior studies on earnings management and earnings quality

more generally can be summarized into three categories: (i) time series, (ii) cross-sectional, and (iii) cross-country. Notable in the time-series approach is Teoh et al. (1998), who use the pre-IPO financial statements included in the prospectus as a benchmark to compare with the IPO year numbers.5 Among the many studies that use the cross-sectional approach is Ball and Shivakumar (2005), who compare the financial statements of private and public companies in the UK. The cross-country approach is a variation of the cross-sectional approach that exploits international differences in institutions (see footnote 2 of Ball and Shivakumar (2008) as examples of studies in this category). In all of these studies, the benchmark is imperfect and the measure of earning management or earning quality is consequently noisy, often tremendously so (Dechow et al., 1995).

To their credit, Ball and Shivakumar (2008) find a sample that overcomes the ex post difficulty of detection as described by Healy and Wahlen (1999). By examining a sample of firms undergoing initial public offerings (IPOs) in the United Kingdom, any earnings management can be detected precisely because there are two sets of financial statements. The first set (which I will call the “shadow financial statements”) is the one filed with the Companies House as required of all limited liability companies, but while the companies are still private. The second set is the one in the IPO prospectus. It is reasonable to assume that the shadow financial statements are relatively free of earnings management compared to the one in the prospectus, which is subject to incentives induced by the IPO. Thus, the shadow financial statements provide a good benchmark for nonmanaged earnings, and it is possible to infer with high precision any earnings management activity using the differences of the two sets of financial statements.

Healy and Wahlen’s focus on the technical difficulty of detection just discussed is an ex post perspective. I think it is also important to think about this difficulty of detection ex ante. Fundamentally, the hope of those managing earnings is that it should not be easy to detect. The more sophisticated the manager, the less likely it is that he or she will engage in easy-to-detect earnings management, and the more elaborate will be the plans for concealment to evade detection.6 The corollary is that if something looks too obviously like earnings management, there is a good chance that it is not. In financial reporting, the people involved are generally experienced, intelligent, well educated, and guided by explicit professional codes of conduct or implicit codes of ethics. I do not think that they are likely to engage in

blatant, simple-minded earnings management, and if they were to do so, I would expect them to make it not so obvious to detect. While the ex post detection problem is solved, Ball and Shivakumar’s research context is one in which the exante likelihood of detectible earnings management is virtually nil. It is unreasonable to expect that investors, their lawyers, and regulators to not notice major differences in the financial reports, and equally unreasonable for corporate managers to systematically fail to anticipate the negative consequences that would ensue if they were to manage earnings in ways that would allow certain detection.7 In other words, earnings management must be somewhat difficult to detect if it has any hope of garnering benefits for those engaged in the activity.

Based on this discussion, I find it completely unsurprising that Ball and Shivakumar find no significant earnings management. In fact, they find that the only significant differences in the financial statements relate to intangibles, which their data show are written down in the IPO accounts. Such write-downs are clearly identifiable, and in all likelihood acceptable to readers and not litigable.

I am perhaps overstating the case when I claim that earnings management can be detected with virtual certainty for IPOs in the UK. This claim should be qualified to refer to the sample studied by Ball and Shivakumar, which includes only firms for which the IPO financial statements are comparable to those filed with the Companies House. In other words, the sample includes only firms where a simple and direct comparison can be made between the line items of the financial statements. This leaves out all the firms that increase or decrease the amount of detail, or change the categorization of various items. Such firms comprise a substantial portion of the total: 140, 198, and 245 out of a possible 393 IPO firms in year t_1, t_2, and t_3, respectively. If comparisons are made more difficult, would this not provide the opportunity to manage the accounts with a lower likelihood of detection? Perhaps management deliberately made the IPO financial statements non-comparable to the shadow financial statements in order to camouflage their earnings management. It seems to me that the firms with non-comparable reports are the ones that could have some chance of hiding earnings management and a sample more worthy of examination. By solving the problem of ex post detection, Ball and Shivakumar have “thrown the baby out with the bathwater.”

By the same token, I believe it is unreasonable to extrapolate from the UK IPO context to other circumstances, such as IPOs in the US studied by Teoh et al. (1998).

Earnings management in the US is more difficult to detect there given that there are no publicly available financial statements prior to the IPO with which to compare.

3. Who is responsible for earnings management?

A murder mystery is sometimes referred to as a “whodunit,” and the question of “who” is ultimately the most important one in such stories. However, “who”is an under-explored question in accounting research. While a crime scene investigator certainly tries to identify the culprit, academic research is less concerned about identifying conclusively whether a particular firm, never mind any individual person, has managed earnings; and more interested in finding tendencies for earnings management. Of course the difference in focus has a lot to do with the lesser amount of information available to researchers and the consequent need to increase statistical power by increasing sample sizes. However, even if large samples are needed, there are still interesting questions of “who”that could be examined. For exam ple, what are the effects of training and certification on the propensity to manage earnings? Are managers less likely to manage earnings if they have professional designations and therefore subscribe to codes of ethical conduct? Do different accounting regimes requiring different amounts of judgment by managers result in different amounts of earnings management? Do economic and cultural differences among managers play a part?

References

Ball, R., Shivakumar, L., 2005. Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economics 39, 83–128. Ball, R., Shivakumar, L., 2008. Earnings quality at initial public offerings. Journal of Accounting and Economics, submitted for publication.

Dechow, P.M., Sloan, R.G., Sweeney, A.P., 1995. Detecting earnings management. The Accounting Review 70, 193–225.

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财务会计中英文对照外文翻译文献

中英文翻译 战略财务会计在中小企业 摘要：随着社会经济的发展和科学技术的进步,中国的企业在一个充满机会和危险的阶段。介绍了安全会计的含义和意义战略财务会计中存在的问题,阐述了财务策略进行小中型企业一起,最后提出了一些对策和原因。 关键词：中小企业的战略财务会计、问题、对策 一个企业的不确定性的金融环境其财务活动充满风险。除了机会,有许多的危险从时间,以时间,其财务会计。因此,它已经成为了成功的关键一个企业的财务会计是否能跟踪的趋势变化什么是有用的吸收。应当拒绝接受什么是有害的。战略会计思想是非常重要的在企业的财务会计,因为我们必须努力去分析和把握一般环境和发展一个企业的发展趋势,从而提高适应能力、可变性和适用性的金融中心会计不确定环境。目前,中小企业在100年通过了工商登记、以企业总数的90%。因此,其战略财务会计是特别重要的,这也是本论文的主题。 1 简介 战略性的财务会计是财务会计理论,根据该融资应该的在最适当的方式进行,采集到的资本必须利用和会计的最有效的方式虽然企业和决策和利润分配应该最合理。根据其内涵,总结三个主要内容的战略财务会计,包括融资策略,投资战略和利润分配决策策略。详情如下: 融资策略 高度发达的现代企业具有的销售急剧增长。当面对这样一种局势,企业倾向于有很大的要求从股票和应收账款是资本的提升。更大的为销售增长的张力,但更大的资本要求。因此,在融资策略都具有十分重要的意义战略会计财务。融资策略的

功能在于明确的指导方针融资、铺设融资目标下,建立整体规模、融资渠道和方法,安排战略资本结构优化方案,从各方面对此作了相应的对策,以达到融资目标,最后预测和收集的大量资金的企业的需要。 投资策略 为核心的战略财务会计,这种策略决定一个企业只能分配它的首都资源合理而有效的方法。投资策略包括确认投资固定资产的方向、公司规模和资本规模、投资选择相关的外部扩张或内部扩张,改革旧的产品或开发新的、独立或联合操作,自有资金投资决定或贷款之间的百分比固定资产、流动资产、投资策略和风险和那些在通货膨胀。 利润分配决策策略 这个策略,包括会计资本收益和设立股份奖金分配制度,主要的交易一个企业比例,搁在长期底图在扩大规模、提高员工福利和自身的生活水平。利润分配决策战略旨在满足需求,对于资产资本的发展和改进企业的核心竞争力根据相关的投资策略和融资策略。与此同时,在实行这个策略,企业建立以人为本预计分配政策的有效方法,积极探索运用那些重要的要素,如知识、技术、专利、会计利润分配决策课程。 2 我国中小企业战略财务会计的问题 目前,一些常见的问题包括： 2.1 缺乏科学规范的财务策略 不少企业在追求只有一个大的规模,或购买大量的土地而忽略资产结构配置,或没有合理安排其资本。他们没有财务策略,不要去提到实施。至于其他的影响,分析了其战略财务会计是很大的影响由于他们的科学和不规则的策略,并具有以下特点:第一,他们的战略企业财务目标的总体离开他们的财务策略;第二,被认为相当于金融计划,因此忽视的综合性金融策略;第三,金融方案不是根据他们的企业的长期目标,因此有很大的随机性。 2.2 忽视战略环境分析,并有不合理的战略性的财务目标 战略环境分析既是财务策略的基础和保障实施。它包括内部和外部环境分析与前者的存在内部基础和实施依据建立的财务策略。目前,很多中小企业没有实现战略环境的重要性,建立和推行的金融战略和因此未能有适当的分析,特别是其战略

建筑外文文献及翻译

外文原文 Study on Human Resource Allocation in Multi-Project Based on the Priority and the Cost of Projects Lin Jingjing , Zhou Guohua SchoolofEconomics and management, Southwest Jiao tong University ,610031 ,China Abstract----This paper put forward the a ffecting factors of project’s priority. which is introduced into a multi-objective optimization model for human resource allocation in multi-project environment . The objectives of the model were the minimum cost loss due to the delay of the time limit of the projects and the minimum delay of the project with the highest priority .Then a Genetic Algorithm to solve the model was introduced. Finally, a numerical example was used to testify the feasibility of the model and the algorithm. Index Terms—Genetic Algorithm, Human Resource Allocation, Multi-project’s project’s priority . 1.INTRODUCTION More and more enterprises are facing the challenge of multi-project management, which has been the focus among researches on project management. In multi-project environment ,the share are competition of resources such as capital , time and human resources often occur .Therefore , it’s critical to schedule projects in order to satisfy the different resource demands and to shorten the projects’ duration time with resources constrained ,as in [1].For many enterprises ,the human resources are the most precious asset .So enterprises should reasonably and effectively allocate each resource , especially the human resource ,in order to shorten the time and cost of projects and to increase the benefits .Some literatures have