英语翻译2 AssumptionIn general,we assume that there are n firms in financial market,which need capital.At time t = 1,2 ,any firm iÎ{1,2,L ,n} learns about the realization of economic earnings i t i t i t x x ,,,= + e ,and i t x ,is firm’s

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英语翻译2 AssumptionIn general,we assume that there are n firms in financial market,which need capital.At time t = 1,2 ,any firm iÎ{1,2,L ,n} learns about the realization of economic earnings i t i t i t x x ,,,= + e ,and i t x ,is firm’s
英语翻译
2 Assumption
In general,we assume that there are n firms in financial market,which need capital.At time t = 1,2 ,any firm iÎ{1,2,L ,n} learns about the realization of economic earnings i t i t i t x x ,,,= + e ,and i t x ,is firm’s expected cash flow,e N s .Firm i which knows its real earnings can perceive the reported earnings of other firms.All firms which pursue values maximum will disclosure policies depending on firms’ stock market prices.In any time,each firm decides disclosure policy at the same time,earnings management in the first period has important effect on earnings management in the second period.In 0 period,there are n firms which need equity capital in the market.In the first period,each firm receives real earning information about itself and decides whether manage earnings.After the disclosures are witnessed in the first period,investors establish a period 1 price for each firm.These firms again make their disclosure decisions independently and simultaneously.Then investors establish a second-period price for each firm’s shares based on all information released over the two periods.

英语翻译2 AssumptionIn general,we assume that there are n firms in financial market,which need capital.At time t = 1,2 ,any firm iÎ{1,2,L ,n} learns about the realization of economic earnings i t i t i t x x ,,,= + e ,and i t x ,is firm’s
假想2
一般来说,我们假设有n个公司从事金融行业的工作.这需要一定的资本……我们怎么会知道我们的公司和其它公布收益的公司的真正收益?每个公司追求利益最大化的政策可以影响到该公司的股票市场价格.不论何时,任何公司决定公布政策的同时,收益者在第一期影响到第二期的收益.在此期间,有n个公司因为股权资本市场的需要.在第一个时期,每个公司收到真正的收益和一些其它的关于自身收益的信息,决定是否管理收入.这些在第一个时期的投资者建立一部分价值为每
一个公司使用.这些公司又使他们的信息外送的同时、独立.那然后投资者建立的价值使每一个公司的股票基于所有信息在两个时期发布.
纯人工翻译润色,

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