Abstract We argue that managers’ choice to manage earnings depends on the trade-off in the present value of expected future net benefits associated with that choice. Specifically, we examine if discount rates are associated with the likelihood that managers engage in earnings management to meet or beat various earnings targets. We find that discount rates are positively associated with income-increasing earnings management. This means that managers increase both accrual-based and real earnings management when discount rates are higher. However, the economic magnitude of this association is relatively moderate.

中文翻译：

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盈余管理对折现率敏感吗？

摘要我们认为，管理者选择管理收益的方式取决于与该选择相关的预期未来净收益的现值的权衡。具体来说，我们检查折现率是否与经理从事盈余管理以达到或超越各种盈余目标的可能性相关。我们发现折现率与增加收入的收益管理呈正相关。这意味着，当贴现率较高时，经理们会同时增加基于应计制和实际盈余管理。但是，该协会的经济规模相对中等。