The role of financial reporting in debt contracting and in stewardship
回顾了财务会计在缓解股东与经理人、股东与债权人之间代理问题的契约中的作用，讨论了财务数据如何用于债务和受托责任契约，并分析了保守主义和公允价值会计对契约相关性的影响。
In this paper, I review the role that financial accounting plays in contracts aimed at mitigating agency problems between shareholders and managers and between shareholders and debtholders. The paper discusses the reasons why and how financial accounting numbers are used in debt and stewardship contracting. It further considers the effects of conservatism and fair-value accounting on the relevance of financial reports for contracting. The paper provides some key takeaways from academic literature for accounting practice and regulation.