盈余质量的定量分析【外文翻译】

1、外文文献翻译译文一、外文原文原文：原文：QuantitativeanalysisofearningqualityEarningsqualityanalysishaslongbeenknownasthequalitativeinvestmentmanager’sbestdefenseagainstlowqualityfinancialrepting.Whilenotwidelyknownrecentacademicproprietaryr

2、esearchshowsthatearningsqualitymetricsarealsousefulingeneratingalphainthecontextofquantitativeinvestmenttradingstrategies.TheGradientAnalyticsEarningsQualityModel(EQM)isthefirstquantitativefactthatobjectivelymeasuresearn

3、ingsqualityacrossabroadspectrumofcompaniesfbothlongerterm(312month)shterterm(13month)holdingperiods.Themodelwasdevelopedusingrigousstatisticalmethodstoensurearobustfactthatgeneratesexcessreturnsonastalonebasiswhilealsoca

4、pturingauniquedimensionofreturnsnotcapturedbyotherquantitativefacts.Theendproductisahighlyuniquefactwithexceptionalreturnslowcrelationinrelationtoothercommonlyusedfactssuchasthosederivedfromestimaterevisionsearningsmomen

5、tumpricemomentumcashflowcpateinsidergrowthvalue.TheU.S.accountingprofessiontheSecuritiesExchangeCommission(SEC)havewkeddiligentlythroughtheyearstodevelopthemostrigoussystemofaccountingproceduresinthewld.Neverthelessthere

6、isstillasignificantgap(appropriatelycalledtheexpectationsgap)betweenwhatinvestscreditsexpectwhattheaccountingprofessioncandeliver.Theexpectationsgapexistsinpartbecausepubliclytradedcompanieshaveagreatdealofdiscretioninch

7、oosingaccountingprinciplesinmakingestimatesthatimpacttheirreptedfinancialresults.UnderGenerallyAcceptedAccountingPrinciples(GAAP)theamountofdiscretionthatacompanyhasinpreparingfinancialstatementsiscontrolledbytwofundamen

8、talprinciplesofaccounting:conservatismobjectivity.Howeverinrealitythesetwoguidingprinciplesareoftenstretchedtothelimitigned.WhenConservatismObjectivityisImpairedEarningsQualityismanagementindertohidethemagnitudeofthesale

9、sslowdown.)HowdocompaniesmanipulateearningsDespitetheefftsoftheaccountingprofessiontoensureobjectivityconservatismitisstillrelativelyeasytomanipulateaccountingnumbersthrougheitheruhical(butnotnecessarilyillegal)fraudulen

10、tmeans.ThelistpresentedbelowprovidesahighleveloverviewofhowManagementcanmanipulateaccountingnumbers.1.Recdingfictitioustransactionsamounts2.Recdingtransactionsincrectly3.Recdingtransactionsearly4.Recdingtransactionslate5

11、.Misstatingpercentagesamountsinvolvedinatransaction6.Misstatingtheamountsofassetsliabilities7.Changingaccountingmethodsestimatesfnosubstantivereason8.UsingrelatedpartytransactionstoalterreptedprofitsAcademicResearchonEar

12、ningsQualityFutureReturnsInadditiontotheanecdotalevidenceprovidedbyqualitativeearningsqualityservices(i.e.thosethatusesubjectiveevaluationsoffinancialstatementstorenderanearningsqualitygrade)academicresearchalsosupptsthe

13、notionthatquantitativemodelsofearningsqualitycanbeusedtoearnexcessreturns.ThefollowingbriefreviewoftheacademicliteraturehighlightssomeofthemostimptantfactsthatfmthebasisfGradient’sapproachtoquantitativelymodelingearnings

14、qualityfecastingrelatedexcessreturns.TheveryfirststudiestoinvestigateissuesrelatedtoearningsqualitywereconductedbyG.PeterWilsonofHarvardUniversity(19861987)usinganeventstudymethodology.Wilson’skeyconclusionsarethatoperat

15、ingcashflowstotalaccruals(i.e.changesincurrentaccrualsplusnoncurrentaccruals)aredifferentiallyvaluedthatbotharevaluerelevant.Thatisthemarketappearstoreacttothedisclosureofdetailedcashflowaccrualdata(valuerelevance)thatca