LITERATURE REVIEW文獻綜述

Introduction [100]介紹

文獻綜述將從三個影響公司財務(wù)績效的影響因素入手，其次是對中介機構(gòu)和機會主義理論的理論描述和逐步完善。其次，會計自由裁量權(quán)將側(cè)重于它的含義，兩個主要的分類，實際行為，他們的相應(yīng)的影響，在以前的研究研究的相關(guān)框架。此外，會計自由裁量權(quán)與隨后的財務(wù)表現(xiàn)的關(guān)系，將沉浸在引進財務(wù)業(yè)績及其現(xiàn)有的研究。同時，對會計自由裁量權(quán)和財務(wù)績效的關(guān)鍵措施進行了探討，為下面的測試。

The literature review will start with three influencing factors for corporations’ financial performance followed by the theoretical descriptions on agency and opportunism theories in a progressive elaboration. Next, the accounting discretion will be concentrated on with the emphasis on its meanings, two main classifications, practical behaviours, their corresponding influences in respect to related frameworks in the previous research studies. Moreover, the relation between accounting discretion and subsequent financial performance will be immersed in with an introduction of financial performance and its prior studies. Meanwhile, the key measures of accounting discretion and financial performance would be explored for the following tests.

1. Introduction [100] 2
2. Influencing Factors for Financial Performance 2
2.1. Economic Factors [330] 2
2.2. Corporate Governance [381] 3
2.3. Accounting Discretion [314] 5
3. Theoretical Review 6
3.1. Agency Theory [401] 6
3.2. Information Asymmetry [536] 7
3.3. Opportunism Theory [648] 9
4. Accounting Discretion 11
4.1. Meaning [173] 11
4.2. Classification [505] 12
4.3. Practical Behaviour [596] 13
4. Influence [510] 15
4.5. Measures of Accounting Discretion [118] 17
5. The Relationship between Accounting Discretion and Financial Performance 17
5.1. Financial Performance [281] 17
5.2. List of financial performance measures [245] 18
5.3. The Relationship between Accounting Discretion and Financial Performance [1514] 19

4. Conclusion總結(jié)

To sum up, the research findings mostly comply with the previous empirical results as well as the theoretical materials. First, the research equations in this research are proved to be proper to illustrate the researched relationship. Such goodness of research model enhances the credibility of empirical outcomes in this research. Furthermore, the individual impacts of influencing factors on financial performance are focused on. The research findings reveal a negative effect of SMOOTH on financial performance, but fail to disclose the specific influences of SPES on corporation’s financial position. In addition, the corporate governance proxies are also asserted to influence financial performance. Both of the BM and PD would positively affect financial position based on their positive coefficients. Nevertheless, the incentive compensation is likely to exert distinct influences on financial performance. Such research divergence could be explained with the corresponding theoretical literatures. Finally, the economic factors are proved insignificantly affect financial performance with references to their insignificant coefficients towards stock return and ROA. Meanwhile，the impacts on ROA in the second regression model are stronger than that on stock return. Such differences on research outcomes are caused by the different measures of ROA, which is more related with the financial information, such as net profits and assets account.

Furthermore, the significance of this research should be considered. First, this research further explores the relationship between accounting discretion and financial performance, which remedies the research failure of the previous studies. Second, this research enhances the research accuracy by updating the sample data and improving the research methods with two complementary research models. In spite of such achievements, there are still some developments on the research approaches, such as more precise determinations of key indicators as well as their measures. Such improvements are likely to decrease the research divergence, especially on the influences of managerial discretion on firm’s financial performance. 

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