英语翻译This study contributes to the understanding of accountin

英语翻译
This study contributes to the understanding of accounting conservatism by
demonstrating a link to real options.I present two different real option models.The first is a staged investment in which two investments are necessary to bring
the project to fruition.The second is an abandonment model in which the project
assets have value in an alternative use.In both models,an accounting signal
arrives before the last decision must be made.The basic tension in the accounting
system is that the accounting policy can reduce the rate of Type I errors
(mislabeling a Good project as Bad and failing to sell or pursue) only by increasing
the rate of Type II errors (mislabeling a Bad project as Good and failing to
drop or abandon to its alternative use).
The results of both models are similar.If the unconditional ex ante expected terminal
cash flow exceeds the amount of the second investment in the staged investment
(value of the project assets is their alternative use in the abandonment model),
the opportunity cost of failing to sell (abandoning) Good projects is the dominant
force.As a result,the regulator chooses an aggressive accounting policy.Otherwise,
it is the Type II errors that dominate,and the regulator sets a conservative accounting
policy.The main implication of the paper is that in the staged investment model,
conservative accounting is more likely to be the optimal policy when the proportion
of the investment occurring at the second date,a proxy for the importance of the real
option,is high.I argue that this is consistent with the expensing of R&D and the capitalization
of fixed assets because the former is more likely to entail sequential investment
than the latter.It is straightforward that extending the staged investment model
to additional periods could explain a sequence of accounting signals in which the
early ones are conservative and later ones are aggressive,which is consistent with the
capitalization of software after the establishment of technological feasibility.
There are limitations to the analysis.First,while the model potentially provides
an explanation for the evolution of different accounting treatments for investment in
R&D and fixed assets,it does not fully conform to institutional practice.In particular,
with the exception of software capitalization,there is no possibility of a High
signal under current GAAP treatment of R&D; the firm must expense all R&D
expenditures regardless of its assessment of the ultimate viability of the project.
Second,the model approaches conservatism from an information perspective—there
is no mapping between signal realizations and the income statement and balance
sheet.Although this is consistent with most of the conservatism theory literature,
the empirical literature typically adopts a measurement perspective.
翻译一下……OK了……

这项研究有助于理解会计保守,显示出真正的选项链接. I present two different real option models.The first is a staged investment in which two investments are necessary to bring the project to fruition.我提出两个不同的实物期权models.The首先是一个分阶段的投资,其中两个是必要的投资,使项目取得成果. The second is an abandonment model in which the project assets have value in an alternative use.第二个模型是一个被遗弃在该项目资产已作其他用途的价值. In both models, an accounting signal arrives before the last decision must be made.在这两种模式,会计信号到达的最后决定之前,必须作出. The basic tension in the accounting system is that the accounting policy can reduce the rate of Type I errors (mislabeling a Good project as Bad and failing to sell or pursue) only by increasing the rate of Type II errors (mislabeling a Bad project as Good and failing to drop or abandon to its alternative use). The results of both models are similar.在会计制度的基本紧张的是,会计政策,可以减少I类错误率（起假坏一个优秀的项目和不以出售或只追求增加的第二类错误率）（起假一良好坏项目并没有减少或放弃它的其他用途）.两种模型的结果是相似的. If the unconditional ex ante expected terminal cash flow exceeds the amount of the second investment in the staged investment (value of the project assets is their alternative use in the abandonment model), the opportunity cost of failing to sell (abandoning) Good projects is the dominant force.如果无条件事前预期终端的现金流量超过了在举行第二次投资的投资额（项目资产的价值是他们放弃的模式选择使用）,未能出售的机会成本（放弃）良好的项目是的主导力量. As a result, the regulator chooses an aggressive accounting policy.因此,监管机构选择一个激进的会计政策. Otherwise, it is the Type II errors that dominate, and the regulator sets a conservative accounting policy.否则,它是第二类错误统治,以及监管机构设置一个保守的会计政策. The main implication of the paper is that in the staged investment model, conservative accounting is more likely to be the optimal policy when the proportion of the investment occurring at the second date, a proxy for the importance of the real option, is high.该文件的主要含义是,在举行投资模式,保守的会计更可能是最佳政策时,在第二日发生的投资比例,一为代理实物期权的重要性是很高的. I argue that this is consistent with the expensing of R&D and the capitalization of fixed assets because the former is more likely to entail sequential investment than the latter.本人认为,这与研发和固定资产资本化费用化一致,因为前者更有可能比后者需要连续投资. It is straightforward that extending the staged investment model to additional periods could explain a sequence of accounting signals in which the early ones are conservative and later ones are aggressive, which is consistent with the capitalization of software after the establishment of technological feasibility. There are limitations to the analysis.它是直截了当的,扩大的投资模式,以举办更多的时间可以解释的会计信号序列,其中早期的有保守的野心,这是与软件后,建立技术可行性后的资本相一致.有限制的分析. First, while the model potentially provides an explanation for the evolution of different accounting treatments for investment in R&D and fixed assets, it does not fully conform to institutional practice.首先,尽管这种模式有可能提供了一个用于研发和固定资产投资的会计处理方法的不同解释的演变,它不完全符合体制的做法. In particular, with the exception of software capitalization, there is no possibility of a High signal under current GAAP treatment of R&D; the firm must expense all R&D expenditures regardless of its assessment of the ultimate viability of the project. Second, the model approaches conservatism from an information perspective—there is no mapping between signal realizations and the income statement and balance sheet.特别是随着资本的软件外,没有一个高信号根据目前公认的研究发展计划,公司必须牺牲所有的R＆D支出,不论其对项目的最终可行性评估治疗的可能性.其次,该模型的方法保守主义从信息角度看,两者之间没有信号,业务收入和收益表和资产负债表的映射. Although this is consistent with most of the conservatism theory literature, the empirical literature typically adopts a measurement perspective.翻译一下……OK了……虽然这是一致的保守主义理论的文学,文学典型的经验,采用测量角度.翻译一下... ...行了...最...
以上是我的回答,英文是你的原文章,中文字体是我写的,希望能令您满意,别忘了给分. 以下是纯中文的翻译：
这项研究有助于理解会计保守,显示出真正的选项链接. 我提出两个不同的实物期权models.The首先是一个分阶段的投资,其中两个是必要的投资,使项目取得成果.第二个模型是一个被遗弃在该项目资产已作其他用途的价值.在这两种模式,会计信号到达的最后决定之前,必须作出.在会计制度的基本紧张的是,会计政策,可以减少I类错误率（起假坏一个优秀的项目和不以出售或只追求增加的第二类错误率）（起假一良好坏项目并没有减少或放弃它的其他用途）.两种模型的结果是相似的.如果无条件事前预期终端的现金流量超过了在举行第二次投资的投资额（项目资产的价值是他们放弃的模式选择使用）,未能出售的机会成本（放弃）良好的项目是的主导力量. 因此,监管机构选择一个激进的会计政策. 否则,它是第二类错误统治,以及监管机构设置一个保守的会计政策.该文件的主要含义是,在举行投资模式,保守的会计更可能是最佳政策时,在第二日发生的投资比例,一为代理实物期权的重要性是很高的. 它是直截了当的,扩大的投资模式,以举办更多的时间可以解释的会计信号序列,其中早期的有保守的野心,这是与软件后,建立技术可行性后的资本相一致.有限制的分析. 特别是随着资本的软件外,没有一个高信号根据目前公认的研究发展计划,公司必须牺牲所有的R＆D支出,不论其对项目的最终可行性评估治疗的可能性.其次,该模型的方法保守主义从信息角度看,两者之间没有信号,业务收入和收益表和资产负债表的映射. 虽然这是一致的保守主义理论的文学,文学典型的经验,采用测量角度.