Question

谁能帮我翻译一下，跪谢

A second contribution is to test the possibility that any relationship between total fees and perceived auditor independence may not be linear, as assumed in prior studies. Simunic (1984) for example, suggests that the process by which auditees determine the levels of audit and NAS to purchase involves management trading off the benefits of increased levels of audit and NAS against reduction in firm value resulting from compensation demanded by shareholders concerned over loss of auditor independence. In dropping the assumption of linearity we build on the contribution of Francis (2006) who speculates that impairment may only occur at high levels of NAS, by specifically allowing for a non-linear relationship in our analysis.
Thirdly, our sample frame, the six year period ending 2006, and its specification, allows the stability of any relationship to be analysed over a relatively long period of time and permits analysis both immediately prior to and post the collapse of Enron. This event is of interest as we can reasonably infer that in this period it has generated a high level of investor concern over auditor independence, matching that clearly evidenced in the case of regulators.Assuming that value enhancing aspects of audit and NAS did not change during this period, we interpret any change in the relationship between total relative fees and auditee valuation as being indicative of changing concerns or awareness over the issue of auditors’ economic dependence on its auditees and the resulting impact on actual or perceived auditor independence.
Our results can be summarised as follows: in general, total relative fees are value enhancing; only at relatively high levels do adverse effects on perceived independence outweigh beneficial valuation effects. Specifically, we find a concave relationship between total relative fees and market values, which is observed over both the six year period as a whole and in the majority of these years when examined separately. These results remain robust to the exclusion of Andersen audited firms and to alternative model specifications. Our results suggest a sophisticated response on the part of shareholders, which we interpret as lending support to regulatory demands for disclosure of fee levels, without which shareholders would be unable to evaluate the degree of risk and hence would be poorly protected. These results could also indicate that it is unnecessary to prohibit the provision of NAS given shareholders’ sophisticated awareness of potential impairment. Whether the current disclosure requirements are sufficient for shareholders to assess the full potential impact is not considered in this study.

Answer 1

第二个贡献是测试的可能性之间的任何费用和总审计师独立性的关系被认为可能没有线性的，在以前的研究假设。希穆尼奇（例如1984年），建议过程，审计决定审计和NAS的水平购买涉及过审计和NAS增加在企业层面上，对造成的赔偿价值减少的好处，对股东的损失，要求有关管理交易核数师的独立性。在下降的线性，我们对弗朗西斯（2006年）建造的贡献谁推测，减值可能只出现在高水平的NAS通过特别允许的非我们的分析的线性关系，假设。
第三，我们的抽样框架，6年2006年为止，其规格，允许任何关系的稳定性进行分析在一段相当长的时间，并允许分析开始之前都和后安然的崩溃。这一事件的利益，我们可以合理地推断，在这方面已产生了投资者对审计师的独立性高度关注的时期，显然在配套的regulators.Assuming的价值方面，加强审计和NAS的情况证明，在没有变化这期间，我们解释任何费用总额与相对估值和审计单位的关系变化是不断变化的担心或认识以上的核数师审计其经济依赖的问题，由此产生的影响实际或想象的指示审计的独立性。
我们的结果可以归纳如下：一般，总价值相对费用增加，仅在相对高的水平上认为不独立的不利影响大于有利的汇率变动影响。具体来说，我们找到一个亲戚之间的总费用和市场价值，这是两地观察了6年期间作为一个整体，并在这些年的多数党单独审查凹的关系。这些结果维持稳健，以经审计的安达信公司的排斥和替代规格型号。我们的结果表明对股东的一部分，我们理解复杂的响应，贷款支持的收费水平，否则，股东将无法评估的风险程度，从而将保护很差披露监管要求。这些结果也表明，没有必要禁止的NAS给股东的潜在损害提供先进的意识。现行的披露是否充分的要求，为股东评估的全部潜力的影响并非本研究考虑。