盈余質(zhì)量與盈余的定價模式的影響【外文翻譯】

1、原文：原文：EarningsQualitythePricingEffectsofEarningsPatternsEarningsPatternsEarningsQualityPreviousresearchonpricingeffectsofearningspatternshasconsideredincreasingearningsearningsthatmeetexceedanalystfecastssmoothearnings.T

2、heresearchismotivatedbytheobservationthatmanagersappeartofocusonmaintainingsuchpatterns.Webuildonthisobservationbyexplingthenotionthatmanagers’accrualschoiceseitherreinfceundercutthepricingeffectsofearningspatterns.Inthi

3、ssectionwedescribepreviousresearch(section2.1)discusswhythethreeearningspatternsweconsidermightbeeconomicallydistinctasopposedtomanifestationsofasingleunderlyingconstruct(section2.2)discussthelinksbetweenearningspatterns

4、earningsquality(section2.3).1、PreviousresearchonpricingeffectsofearningspatternsBeginningwiththeobservationthatmanymanagersappeartostrivetoreptsteadilyincreasingearningsBarthElliottFinn[1999]documentrewardstosuchbehavi:f

5、irmswithincreasingearningshavehigherpriceearningsmultiplesthanotherfirmsaftercontrollingfgrowthrisk.Thecontrolfgrowthisbasedonbothincreasesinbookvalueofequityanalystearningsgrowthfecaststhecontrolfriskisthevarianceofthem

6、ostrecentsixyears’percentageearningschanges.Theyattempttoruleoutthepossibilitythatfirmswithlongpatternsofincreasingearningsalsoshareavaluationrelevantfactthatisknownbefetheearningspatterndevelopsresultsaremixedalthoughth

7、eauthsconcludethattheweightoftheevidencedoesnotsuppttheexistenceofsuchafact.Barthetal.donotconsiderwhetherthequalityofearningsmightaffecttheirresultsalthoughtheynotethatifearningsincreasesareobtainedviaearningsmanagement

8、whichinvestsdiscerndiscounttheirtestswillbebiasedagainstfindingpricingeffectsassociatedwithpatternsofincreasingearnings(seetheirnote6).KasznikMcNichols[2002]BartovGivolyHayn[2002]focusonmarketeffectsofmeetingexceedingana

9、lystfecasts.KasznikMcNicholspremiumtomeetingexceedinganalystexpectationsthatthe“economicallymin”(p.198)effectofearningsmanagementmightbeduetolowpower.Weextendtheseanalysesbyprovidingdirecttestsofwhetherthepricingeffectso

10、fconsistentlymeetingexceedinganalystfecastsareafunctionofearningsqualityaninversemeasureofearningsmanagement.ThomasZhang[2002]repthigherpriceearningsmultiplesffirmswithsmoothearnings.Theirmeasuresofearningssmoothnessared

11、erivedfromthestarderrsofregressionsofearningsontimefromthestarddeviationsofseasonallydifferencedquarterlyearningspershare.Theyconditiononintrinsicearningsvolatility(proxiedbytheovertimevariabilityofanalystearningsfecasts

12、)tocapturethevaluationeffectsofmanagerialinterventionstosmoothearnings.Resultsindicatethatbothlowerintrinsicearningsvolatilityearningssmoothnessareassociatedwithhigherpriceearningsratiosthatthisrelationisdueatleastinpart

13、toanassociationbetweenlowerrisklowerintrinsicearningsvolatility.LikeThomasZhangHuntMoyerShevlin[2000]reptthatearningsmultiplesincreasewithearningssmoothness.Theirmeasuresofsmoothnessarederivedfromaseparationofearningsint

14、ocashtotalaccrualstotalaccrualsintoitsdiscretionarynondiscretionarycomponentsusingtheJones[1991]modelasmodifiedbyDechowSloanSweeney[1995].Controllingfthestarddeviationofcashflows(presumablyasaproxyfunsmoothedearnings)Hun

15、tetal.assesstheincrementaleffectsonpricingmultipleswhen(1)thestarddeviationofcashplusnondiscretionaryaccrualsissmallrelativetothestarddeviationofcashflows(2)thestarddeviationofreptedincomeissmallrelativetothestarddeviati

16、onofcashplusnondiscretionaryaccruals.Thefmermeasureisinterpretedassmoothnessinducedbynondiscretionaryaccrualsthelatterassmoothnessinducedbydiscretionaryaccruals.Huntetal.concludethatdiscretionarysmoothnessisassociatedwit