英语翻译5.ConclusionsThe requirement to adopt SSAP 20,following

英语翻译
5.Conclusions
The requirement to adopt SSAP 20,following a period with unclear regulatory framework regarding the accounting treatment of translation differences,and significant flexibility in financial reporting,had substantial effects on firms’ behaviour.The fact that some firms adopted before the effective date,while others deferred the adoption of the standard raises a lot of questions about firms’ needs and priorities.This paper studies the various
dimensions of firms’ behaviour and decision-making process given their financial situation and market conditions.The primary issues that have been explored refer to liquidity,the TIMES 1000 Index,hedging,foreign currency loans,translation exposure,management
compensation,pre- and post SSAP 20 treatment of translation differences.The findings of the study are consistent with the theoretical predictions and are summarised below.Adopters generally tend to exhibit higher liquidity measures.Adopters that belong to the TIMES 1000 Index tend to exhibit higher size,profitability,dividend payout and leverage,while they present lower liquidity and management payout.Similar characteristics are generally found for adopters that have translation gains compared to the relevant set of non-adopters.Adopters that use hedging are larger and display lower profitability and management payout,but higher dividend payout (as opposed to adopters that did not use hedging).Adopters with FX loans tend to be larger than adopters without FX loans,and display higher leverage measures,but lower liquidity,
dividend and management payout.Comparing adopters with non-adopters with compensation plans,adopters are observed to be larger and exhibit higher profitability,liquidity and leverage,but lower management payout.Adopters that used the same translation rate consistently tend to be smaller and exhibit higher dividend payout,liquidity and leverage compared to adopters that used different rates.
Adopters that prior to adoption treated the translation differences as extraordinary items (method a) tend to exhibit higher profitability and leverage in their actual adoption period compared to their pre-actual adoption period.On the other hand,adopters that prior to adoption used the discretionary combination of profit and loss statement/reserves (method b) to account for translation differences tend to display higher leverage and lower profitability and dividend yield.It is noteworthy that adopters that used different translation methods prior to adoption tend to exhibit different financial characteristics (e.g.higher leverage) in the pre-actual adoption period.In contrast,they present no substantial differences in the actual adoption period.

5.结论
采用准则要求20,经过一段时间和含糊不清的规管架构对于会计处理的差异,且重要的灵活性的翻译在财务报告,有实质性影响企业的行为.有些公司采用的生效日期前,而其他的标准延期养了许多关于公司的需求,优先考虑的问题.本文研究了不同
公司的行为和规模决策过程中给予他们的财务状况、市场状况.主要的问题,探讨了参考的流动性,《纽约时报》1000指数,套期保值、外汇贷款、翻译曝光、管理补偿,售前和邮政准则的翻译不同20.这个结果符合以下理论预测和综述.采用一般倾向于展览较高的流动资金额的措施.采用属于次倾向于展览更高1000指数大小、盈利能力、派息、杠杆作用,而他们现在低流动性和管理.一般而言,类似的特点,采用转换盈利相比,non-adopters有关的.套期保值是更大的动物使用和显示低利润率和管理的支出,但高派息率(与领养者没有使用套期).与外汇贷款的动物往往比采用无外汇贷款,并显示高杠杆的措施,但是低流动性,支付股息及管理.non-adopters采用者补偿与对比观测计画,采用大、展览、流动性和杠杆效益高,但是较低的管理.领养,使用相同的翻译速度始终倾向于小、展览、流动性、派息率高,使用杠杆相比,采用不同的税率.
领养前处理不同的翻译收养的物品(方法)的非凡高利润率往往展览于自己的实际和杠杆相比,他们的pre-actual收养期间收养期间.另一方面,领养前的自由组合,采用使用损益表,/储备(b)的方法来解释翻译差异往往展示和低利润更高的杠杆和股息.值得注意的是,采用不同的翻译方法,使用前,采用不同的财务表现往往特性(例如高杠杆)在pre-actual收养期间.相反,他们现在没有实质性差别的实际收养期间.