資源描述：
《asset valuation and performance measurement in dynamic agency settings.” review of account》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在教育資源-天天文庫。
1、AssetValuationandPerformanceMeasurementinaDy-namicAgencySettingSunilDuttadutta@haas.berkeley.eduStefanReichelsteinreich@haas.berkeley.eduHaasSchoolofBusiness,UniversityofCalifornia,BerkeleyAbstract.Thispaperexaminesthechoiceofassetvaluationrulesfromamanagerialcontrolper-spe
2、ctive.Amanagercreatesvaluefora rmthroughhise ortchoices.Tosupportitsoperatingactivities,the rmalsoengagesin nancingactivitiessuchascreditsalestoitscustomers.Sincesuch nancingactivitiesmerelychangethepatternofcash
owsacrossperiods,anoptimalcom-pensationschememustshieldtheman
3、agerformtheriskassociatedwiththe nancingactivities.Weshowthatresidualincomecombinedwithfairvalueaccountingforreceivableseliminatesthisriskandprovidesanoptimalperformancemeasure.Incontrast,compensationschemesbasedonlyonrealizedcash
owscanbeoptimalonlyunderexceptionalcircumst
4、ances.Wealsoconsiderasettinginwhichthereissucientlydisaggregatedinformationaboutperiodiccash
owssoastoeliminatenotonlytheriskassociatedwith nancingactivitiesbutalsotheriskassociatedwithcustomerdefaults.Theprincipalthenwantstodepartfromfairvalueaccounting.A rm'speriodiccash
5、
owappearstobeanimperfectmeasureofvalueaddedinmostbusi-nessenvironments.Thispaperstudiesamultiperiodagencymodelinwhichthemanager'sunobservableactioncontributestothe rm'scash
owineachperiod.Inaddition,cash
owisa ectedby nancingactivitieswhichresultbecausethe rm'sordinarytran
6、sactionsinvolvereceivables(payables),e.g.,the rmmakescreditsales.Forincentivecontracting1purposes,the rmcanrelyonbothrealizedcash
owsandprojectedfuturecash
ows.Ourobjectiveistoidentifyaccountingrulesandperformancemeasureswhichaggregatetheseinformationvariablessoastocreateop
7、timalincentiveprovisions.While nancingactivitiesalwayshavezeronetpresentvalueinourmodel,theirintertem-poraldistributionisassumedtoberandomandbeyondthemanager'scontrol.Itthereforebecomesdesirablefortheprincipaltoshieldtheagentfromtheriskassociatedwith nanc-ingactivities.Wees
8、tablishthatthisriskwillindeedbeeliminatedifthe rmcapitalizesreceivablesattheirfair
