信息披露質(zhì)量和現(xiàn)金流【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：DisclosureQualityCashFlowWestudyarelativelyrecentchangeinvoluntarydisclosurepracticesbymanagementnamelytheissuanceofmanagementcashflowfecasts.Whilewefindsomemanagementcashflowfecastsintheearly1980sthe

2、incidenceofsuchdisclosuresislowuntilrecentyears.Howeversince2000therehasbeenadramaticincreaseintheissuanceofmanagementcashflowfecaststhenumberofsuchfecastshasmethantripledfrompre2000levels.Onepotentialexplanationfthistre

3、ndisRegulationFDwhichwentintoeffectin2000.FexampleifmanagersweredisclosingcashflowfecastsprivatelytoanalystspritoRegulationFDtheywouldhavetopubliclydisclosesuchfecaststoallpartiesafterRegulationFDcurtailtheirmanagementca

4、shflowfecastscompletely.RegulationFDpotentiallyincreasescompanydisclosureofawidearrayoffinancialinfmationincludingcashflowinfmation.Consistentwiththiswealsodocumentanincreasingfrequencyofmanagementearningsfecastsinrecent

5、years.Anotherpotentialexplanationftherecenttrendofmemanagementcashflowfecastsisinvestsanalystspayingmeattentiontocashflowinfmationthanbefe.RecentcpatescalsinvolvingEnronWldComothershaveheightenedinvestconcernoverpotentia

6、laccountingearningsmanipulations.SuchconcernswererecentlynotedinaBusinessWeekarticleentitled“FuzzyNumbers”.Consistentwithanincreaseinthedemfcashflowinfmationbyinvestswealsofindanalystfecastsofcashflowduringthe20002003per

7、iodmethandoubledfrompre2000levels.Westudyvoluntarymanagementcashflowfecaststesthypothesesonreleasesthatearningswillbeeitherbelowaboveexpectationswhenfirmisyoung.Inadditionwefindthatthelikelihoodofmanagementcashflowfecast

8、sdecreasesinperiodswithextremepositivediscretionaryaccruals.Wedocumentthatfirmsissuingmanagementcashflowfecaststendtohavebettercashflowinfmationthanthosewithoutafecastthatmanagementcashflowfecaststendtobeatexistingexpect

9、ations.Thisappliestosituationswherethereisverybadverygoodnewsinearningswhenthefirmisyoungsuggestingthatmanagementusescashflowfecaststomitigatethenegativeimpactofbadnewsinearningstolendcredibilitytogoodnewsinearningstosig

10、naleconomicviabilityinyoungfirms.Weprovideevidenceonhowmanagementreptsactualcashflowinfmationin(subsequent)pressreleases.Wedocumentthatmanagersusediscretioninreptingrealizedcashflowsinearningsannouncementrelatedpressrele

11、asesadoptalternativedefinitionsofcashflows(visvisGAAPdefinitionsofcashflowperthestatementofcashflows).SpecificallymanagementannouncedactualcashflowstendtoexceedactualGAAPcashflows.Asaresultmanagementannouncedactualcashfl

12、owsmeetbeatmanagementcashflowprojectionsmeoftenthanactualGAAPcashflowsmeetbeatmanagementprojectionsgeneratingsignificantlypositivecashflowfecasterrs.Thisfindingsuggeststhatasimilarpracticetomanagement’sannouncementofprof

13、maearningsalsoexistsfmanagementannouncementofcashflows.Sloan(1996)providesevidencethatinvestsoverestimatethepersistenceofaccrualsunderestimatethepersistenceofcashflow.Thisresultsinmispricing–labeledtheaccrualanomaly–wher

14、eatradingstrategydesignedtoexploitinvests’misunderstingofthepersistenceofearningscomponentsearnssignificantabnmalreturns.LiteratureextendingSloan(1996)primarilyfocusesonaccrualovervaluation(e.g.Xie[2001]ThomasCollinsGong