A MARKET BASED ANALYSIS OF INCOME SMOOTHING
A MARKET BASED ANALYSIS OF INCOME SMOOTHING
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基于市场的收入平滑分析
DOI：
10.1111/j.1468-5957.1995.tb00900.x
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发表时间：
1995
影响因子：
2.9
通讯作者：
C. Wootton
中科院分区：
文献类型：
--
作者：
Stuart E. Michelson;James Jordan;C. Wootton
在过去的三十年里，收入平滑已经被分析了各种方式。一些研究集中在三个问题上：（a）公司是否实际上平滑了收入;（B）各种会计技术的平滑能力;及（c）平滑有效的条件（Lev和Kunitzky，1974年，第268页），平滑研究也集中在（a）平滑的目标（管理动机），（B）平滑对象（营业收入，净收入），（c）平滑的维度（真实的或人为的），（d）平滑变量（即，非常项目，税收抵免）（Ronen和Sadan，t98 t，p，6），然而，很少有人注意到市场对收入平滑的反应。然而，四十年来，许多假设和结论涉及之间的关系，平滑和市场已经提出，赫普沃思（1953年）提出的想法，稳定的收益给业主和债权人对管理层更有信心的感觉，戈登（t964，p，262）提出，股东满意度随着公司收入的增长率和收入的稳定性而增加，Beidleman（1973，p，655）认为，随着分析师越来越热衷于自我平滑，平滑可能会间接地扩大公司股票的市场，对股票价值和资本成本应该有有利的影响。Lev和Kunitzky（1974，p，268）指出，他们的研究结果表明，收入波动性与整体和系统风险度量显著相关，Moses（1987，p，366）指出，平滑意味着收入波动和市场风险之间存在直接的因果关系。在这样做的时候，本文考察了（a）大公司成为收入平滑者的趋势，（B）平滑和非平滑普通股的平均回报率的差异，
Over the last three decades income smoothing has been analyzed in variousways. Several studies have focused on three issues: (a) do firms actually smoothincome; (b) the smoothing ability of various accounting techniques; and (c)conditions under which smoothing is effective (Lev and Kunitzky, 1974, p,268), Smoothing studies have also focused on (a) objectives of smoothing(management motivation), (b) objects of smoothing (operating income, netincome), (c) dimensions of smoothing (real or artificial), and (d) smoothingvariables (i,e,, extraordinary items, tax credits) (Ronen and Sadan, t98t, p, 6),However, little attention has been given to the reaction in the marketplaceto income smoothing. Yet for forty years, many assumptions and conclusionspertaining to relationships between smoothing and the marketplace have beenset forth, Hepworth (1953) advanced the idea that stable earnings give ownersand creditors a more confident feeling toward management, Gordon (t964,p, 262) proposed that stockholder satisfaction increases with the rate of growthin a company's income and the stability of its income, Beidleman (1973, p,655) suggested that as analysts become more enthusiastic about self smoothers,smoothing may indirectly widen the market for a firm's shares and there shouldbe a favorable effect on share value and cost of capital. Lev and Kunitzky (1974,p, 268) stated that their results indicate that income variability is significantlycorrelated with both overall and systematic risk measures, Moses (1987, p,366) stated that smoothing implies a direct, cause-and-effect relationshipbetween earnings fluctuations and market risk.The purpose of this paper is to test for an association between incomesmoothing and performance in the marketplace. In doing so, the paper examines(a) the tendency of major corporations to become income smoothers, (b) thedifference in the mean returns on the common stock of smoothing and non