英语翻译Accounting numbers also are used in manager's compensation contracts and it is hypothesized that such use again minimizes agency costs (Smith and Watts 1982).This use of accounting numbers in bonus plans suggested the possibility that acc

英语翻译Accounting numbers also are used in manager's compensation contracts and it is hypothesized that such use again minimizes agency costs (Smith and Watts 1982).This use of accounting numbers in bonus plans suggested the possibility that acc
英语翻译
Accounting numbers also are used in manager's compensation contracts and it is hypothesized that such use again minimizes agency costs (Smith and Watts 1982).This use of accounting numbers in bonus plans suggested the possibility that accounting choice could affect wealth and so accounting researchers began employing that use to explain accounting choice.Watts and Zimmerman (1978) is an early example of this approach.
Borrowing from the industrial organization literature in economics (Stigler 1971; Peltzman 1976) which assumes positive information costs and lobbying costs,accounting researchers postulated that the political process generated costs for firms.These political costs are a function of reported profits.Thus,incentives are created to manage reported accounting numbers.Information and lobbying costs are part of the costs of "contracting" in the political process.The extent and form of the wealth transfers created by the political process (such as the tax code) are affected by these contracting costs.
While the early literature concentrated on using debt and compensation contracts and the political process to explain and predict accounting choice,the theory underlying the empirical work was more general and had its foundation in an economic literature on the theory of the firm.Since the 1970s,economists have strived to develop a theory of the firm by attempting to explain the organizational structure of the firm (e.g.,choice of corporate form,structure of contracts,management compensation,centralization-decentralization).The Underlying notion (Alchain 1950) is that competition among different forms of institutions leads to the survival of those forms most cost-effective in supplying goods and services.Productive activity can occur via the marketplace or by the inclusion of several activities within a firm (Coase 1937; Alchian and Demsetz 1972),In the marketplace,direction of productive activity and cooperation is by market prices; within the firm alternative mechanisms such as standard costs are used (Ball 1989).Which productive activities are carried out by markets and which by firms depends on which arrangement is cost effective.3 In competition among firms,those that organize themselves to minimize contracting costs are more likely to survive (Fama and Jensen 1983a,1983b).It was a short step to suggest that accounting methods affect the firm's organizational costs and so the accounting methods that survive are the result of a similar economic equilibrium (Watts 1974,1977).4 Accounting researchers have recently returned to using that notion of an efficient set of accounting methods to explain accounting choice (Zimmer 1986).
算了就翻译这一段吧，上面的我自己翻好了，分不能浪费了，翻译的差不多就行了，但是不要网上直接翻的，那个不行的。小弟拜谢！
Contracting costs arise in market transactions ,transactions internal to the firm and transactions in the political process Contracting costs consist of transaction costs ,agency costs ,information costs renegotiation costs ,and bankruptcy costs .Throughout this paper,we use the term "contracting costs" to incorporate this wide variety of costs.The term "contracting parties" is meant to include all parties to the firm including "internal" employees and managers and "external" parties,such as suppliers,claim holders,and customers.

英语翻译Accounting numbers also are used in manager's compensation contracts and it is hypothesized that such use again minimizes agency costs (Smith and Watts 1982).This use of accounting numbers in bonus plans suggested the possibility that acc
在市场交易,公司内部交易,还有政治过程中的交易,缔约成本增加了.缔约成本包括交易成本,代理成本,信息成本,重议成本和破产成本.纵观全文,我们用术语“缔约成本”来概括这些各种各样的成本.“缔约方”这个术语包含了公司所有的当事人,包括了内部的雇员、经理和外部的当事人,例如供应商、权利人和客户.

留记号。明天弄好~