信息不對稱,企業(yè)信息披露和資本市場：信息披露的實(shí)證文獻(xiàn)回顧【外文翻譯】

外翻譯原isycporatdisl,ahecilmakeAvieweidiscliAcandcs4054

ly,KrisG.

lepu

kaMarkets1anIntsreports.examinesWethatfinancialasymmetryandconflicts

identify3

financial

values,

and’.of,financialandthatfinancialtheirrecommendations.However,intsconflictingWhilelittleevidencetosubstantiateit.economic’fibycostmarket2theinstitutionsbetweenmanagersroleTheframeworkweinofmanynewwhichd,tossihilsaverseneueachmatchingtwobetterthansaversoftotheiran‘3Managerns

Researchonmana’r

inancialFieldscomprehensiveononmotivesformakingaccountingwhenforminandand(seeWattsandZimmerman,roleof

Twoareexamined,andcontracts),andconcernabout

in

whether

managers

in

Whilepositiveonprocessitself.HolthausenandLeftwich(1983),WattsSmithanWattsthattheofassetsanditsinvestmentopportunitysetsimultrelationsandmethodandZimmerman(1983)examinetheanexroleofexaminedZimmer(1986),ChristieAlthoughstudiess’aal.K.G.PalepuAccountingEconomics40540bymanagersinfinancialinpart

disclosureliterature

Ronroleforassumethat,

market’eerseconomicstoamanagersbetweenerformancetoinvestors,andtomanagereportedperformanceforcontractincalcreasons.Managementinteresting4varietyInstitutionaldiversifyofAccountingandEconomics31405433aroundcapitaliteasierincapitalofcapitalaccompaniedseveralfinancialwhateconomicwhicheconomicconsequencesofsuch

changefinancialmodela

of

toandmarketwewherelimited.an譯信不對，企信息露和本市：信披露實(shí)證獻(xiàn)回].會45-020lHealKrishPalepu1??然2????303.1出,971986合，19831986Zimmerman1992年1993）,9198619938;如，andDeAngeloet，K.2001）405-4404193.2愿露重點(diǎn)的作，金資al本4He,AccountingandEconomi440總之，經(jīng)濟(jì)變革的步伐加快，可增加了可靠的市場信息在資本市的價(jià)值。然而，但