英语翻译Evolution Modern positive accounting research began flou

英语翻译
Evolution
Modern positive accounting research began flourishing in the 1960s when Ball and Brown (1968),Beaver (1968),and others introduced empirical finance methods to financial accounting.The subsequent literature adopted the assumption that accounting numbers supply information for security market investment decisions.and used this "information perspective" to investigate the relation between accounting numbers and stock prices.1 The "information perspective" has taught us much about the market's use of accounting numbers.But,except for the choice of inventory methods,the "information perspective" has not provided hypotheses to predict and explain accounting choices.The "information perspective" has not provided hypotheses to explain why entire industries switch from accelerated to straight-line depreciation without changing their tax depreciation methods.
An important reason that the information perspective failed to generate hypotheses explaining and predicting accounting choice is that in the finance theory underlying the empirical studies,accounting choice per se could not affect firm value.Information is costless and there are no transaction costs in the Modigliani and Miller (1958) and capital asset pricing model frameworks.Hence,if accounting methods do not affect taxes they do not affect firm value.In that situation there is no basis for predicting and explaining accounting choice.Accounting is irrelevant.
To predict and explain accounting choice accounting researchers had to introduce information and/or transactions costs.The initial empirical studies in accounting choice used positive agency costs of debt and compensation contracts and positive information and lobbying costs in the political process to generate value effects for and,hence,hypotheses about accounting choice.Finance researchers had introduced costs of debt that increase with the debt/equity ratio (Jensen and Mecklin 1976) to explain (in combination with differential taxes) how optimal capital structures could vary across industries.The debt costs first introduced were bankruptcy and agency costs.The agency costs were of particular interest to accountants because accounting appeared to play a role in minimizing them.Debt contracts apparently aimed at reducing dysfuncitonal behavior use accounting numbers (Smith and Warner 1979; Leftwich 1983).Accounting researchers recognized the implications for accounting choice and began using the accounting numbers in debt contracts to generate hypotheses about accounting choice (Watts 1977).2
可能太长了，翻译得差不多就行了，不要网上直接翻的。
The existence of contracting costs is crucial to models of both the organization of the firm and accounting choice.Meckling and Jensen (1986) suggest that within the firm the lack of a market price is replaced by systems for allocating decisions among managers,and measuring,rewarding,and punishing managerial performance.Accounting plays a role in these systems and so appears to be part of the firm's efficient contracting technology.Trying to predict and explain the organization of the firm with zero contracting costs is pointless (Coase 1937; Ball 1989).How the firm is organized,its financial policy,and its accounting methods,are as much a part of the technology used to produce the firm's product as are its production methods.Hence,modelling accounting choice while assuming zero contracting costs is not productive.

（问题补充 中的段落）
缔约成本的存在对于公司组织结构和会计选择的建模是至关重要的.Meckling 和 Jensen 认为,在公司内部,市场价格的作用是由 那些将决策分派给经理人并且评估、奖励或惩罚其管理行为的体系 来代替的.财会行为在这类体系中充当一定的角色,并且因此成为公司的高效缔约手段的一部分.企图预测和诠释一个零缔约成本的公司结构 是没有意义的.公司的组织结构、它的财务政策以及采用的会计方法,都是公司得以进行正常生产的不可或缺的手段,正如产品的生产工艺本身.因此,在零缔约成本的前提下对会计选择进行建模是没有意义的.
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