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来源：百度知道 编辑：UC知道 时间：2024/05/13 05:17:40
While the usual intuition holds in most settings, it fails to recognize that there may be an equilibrium relation between accounting information and an endogenously determined share price. A reduction in the level of noise in accounting information motivates investors to curtail private information acquisition, which dilutes the information content of price and thus lessens the usefulness of price as a measure of managerial performance. Therefore, the optimal level of noise in accounting information is a tradeoff between the usefulness of price relative to the usefulness of accounting information as measures of managerial performance. It is important to emphasize that, in this paper, the benefit of distorted accounting information (bias or noise) that accrues to shareholders is independent of any managerial motivations to manipulate the disclosure system that characterize the "earnings management" literature (see Schipper 1989). Moreover, by focusing exclusively on the stewar
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而一般直觉认为在大多数场合, 它不承认有可能成为平衡关系的会计信息,以及一个endogenouslydetermined股价. 减少噪音会计信息motivates投资者限制私人信息的采集, 而淡化了的信息内容,价格,从而缓解了有用的价格,作为衡量管理绩效. 因此, 最佳的噪音会计信息是一种折衷的用处价格相对的用处 会计信息的措施的管理绩效. 但重要的是要强调,在这个文件中, 对会计信息失真(偏见或噪音),将使股东是独立于任何管理的动机. 操纵信息披露制度的特点是"收益管理"的文学(见博尔1989). 另外,由专门的指导价值的信息, 我们证明了偏见和噪音是必要的,因为它们创造了一种"饼"是由所有人分享. 但是,我们并不考虑对偏见和噪音等方面的股东福利. 偏见和噪音的会计披露还将影响投资者的风险分担的机会,无论是通过直接的效果,扭曲 向公众披露,并间接地影响私人信息的采集(见,例如钻石,1985年). 任何整体平衡,当然会考虑互动所有这些部队. 的确切性质,这些tradeoffs仍然是一个悬而未决的问题.