收入和現(xiàn)金流量的定價(jià)和權(quán)責(zé)發(fā)生制的確認(rèn)【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：ThepricingofearningscashflowsanaffirmationofaccrualaccountingThispaperexaminesaceideainaccountingdrummedintoeverybeginningaccountingstudent:accrualaccountingratherthancashaccountingisappropriatefbusin

2、essrepting.Accountinggoesbeyondamerecashbooktorept(accrual)earningsratherthancashflowasthemeasureofvaluedadded.Thepaperinvestigateswhethercommonsharesarepricedinthestockmarketaccdingtoaccountingpreionsonhowearningscashfl

3、owsaffectshareholders’equity.Todevelopanempiricalspecificationthatincpatesthepreionsthepaperfirstfmallylaysouthowearningscashflowsrelatetoshareholders’equityintheaccountingsystem.Withafocusontheshareholderitmakesthestard

4、distinctioninbothvaluationtheyaccountingbetweenthebusinesstheequityclaimonthebusiness.Underaccrualaccountingearningsfromthebusinessaddtoboththebookvalueofassetsthebookvalueoftheequityclaimonthoseassets.Thisofcourseiswell

5、appreciated.Lessappreciatedhoweverarepreionsaboutcashflowthatareimbeddedinaccrualaccounting:cashflowfromabusiness—commonlyreferredtoasfreecashflow—hasnoeffectofthebookvalueoftheequity(weshow)butreducesthebookvalueofbusin

6、essassetsdollarfdollar.Accrualaccountingtreatscashflownotasanadditiontobusinessvaluebutasapayoutfromthebusiness.Thatpayoutreducesthevalueofbusinesswithoutaffectingthecumdividendvalueoftheequity.Theempiricalanalysisshowst

7、hatthestockmarketpricesbusinessfirmsequityclaimsonfirmsaccdingtothispreion.Wefindthatonaverageannualchangesinboththemarketvalueofthefirmthemarketvalueofequitysharesareprinciples.Theresultsinthepaperseeminglyconflictwithp

8、reviousresearch.InRayburn(1986)Wilson(1987)Dechow(1994)Bowenetal.(1987)Clubb(1995)Francisetal.(2003)amongotherscashflowvariablesinreturnregressionsloadwithapositivecoefficientwithwithoutearningsincluded.Thedifferencerevo

9、lvesaroundtheissueofspecification.Thispaperdevelopsaregressionspecificationquitemethodically(inSect.1)sothedifferencesarewellunderstood.Indeedwhilethepricingofearningscashflowsisoursubstantiveconcerntheissueofspecificati

10、onincapitalmarketresearchisasubtext.InthisrespectthepaperrespondstotheHolthausenWatts’(2001)criticismthatcapitalmarketsresearchinaccountinghashadlittletocontributetonmativeissuesfacedbystardsetters.Withattentiontospecifi

11、cation—whichHolthausenWattsargueisnecessary—weareabletodrawconclusionsaboutaverybasicnmativeissuetheuseofcashaccountingversusaccrualaccountingfbusinessrepting.Ourresultinnowaynullifiestheresultsinotherpapersindeedweareab

12、letoreconcilewhatlooklikeverydifferentfindingstotheearlierresults.Theabilityofearningstoexplainchangesinmarketvaluesdependsofcourseonhowtheearningsaremeasured.Indeedoneexpectscashflowtobeinfmativeifearningsarepolymeasure

13、dthecomparisonofcashflowtoearningsisastarddiagnosticinearningsqualityanalysis(seefexampleSloan1996DechowDichev2002Dechowetal.2008).Webuildspecificationsthatexplicitlyrecognizethatcashflows(dividends)canhaveinfmationconte

14、ntinresponsetopoearningsmeasurement.NeverthelessusingUSGAAPearningsmeasureswefindthatcashflowsonaveragedonotexplainchangesinstockprices.TheemphasisthatthefindingsapplyonaverageisimptantfGAAPis(presumably)designedfbroadap

15、plicationinthecrosssection.Theaverageresultinnowayabrogatesthefindingsthataccrualaccountingmaybedeficientcashflowsrelevantinparticularcontexts.1SpecificationofreturnregressionsinvolvingearningscashflowsWhiledocumentingth