外文翻譯--公允價(jià)值的價(jià)值相關(guān)性

1、<p>　　1490單詞，2100漢字</p><p>　　出處：Deaconu A, Buiga A, Nistor C S. The Value Relevance of Fair Value[J]. Transition Studies Review, 2010, 17(1) </p><p><b>　　原文 </b></p><

2、p>　　The Value Relevance of Fair Value</p><p>　　Author: Adela Deaconu Anut , a Buiga Cristina Silvia Nistor</p><p>　　This paper investigates the value relevance of revalued tangible assets and

3、 its variation depending on industry, size of the firm and age of revalued amounts. It examines the reaction of investors on the Romanian market, a developing market, in the period of economic growth between 2003 and 200

4、7, before Romania’s adherence to the European Union. Also, it suggests a model which allows for the comparative analysis of the influence over share price attributed to two equity growth sources: revaluati</p><

5、;p>　　The quality of accounting information is a complex and hard to establish concept. According to the internationally accepted accounting system of reference, relevance is one criterion under which quality can be as

6、sessed. This criterion can be measured through the differential analysis of the effect triggered by the implementation of certain alternative accounting models such as valuation models. At the moment, there are two model

7、s that compete and complete each other i.e. the historical cost mode</p><p>　　It is described in the academic literature, in regulations of professional bodies accounting, asset valuation, in papers issued b

8、y public authorities and capital markets, in presentations given by accounting experts and renowned accounting firms. The studies mentioned above are theoretical, technical or based on empirical tests. More often than no

9、t, in the context of financial reporting, the role played by fair value is underlined by comparison to historical cost, which represents its alternativ</p><p>　　The following authors conducted studies that f

10、ocused on the fair value model both from the theoretical and practical point of view: Casta and Colasse 2001, Holmes et al. 2002, Obert 2004. In addition there are accounting and asset valuation norms which have supporte

11、d the usage of fair value: the norms of the Financial Accounting Standards Board FASB, the International Accounting Standards Board IASB, the European Directives, the norms of the International Valuation Standards Commit

12、tee IVSC. Ther</p><p>　　Some studies are skeptical with respect to the benefits of fair value usage. Its main weaknesses are shaped by its volatility and the risk involved when stakeholders want to make rele

13、vant decisions. Other studies, in larger numbers, consider fair value more relevant than historical cost which would represent the main argument for the decreased trust in disclosed information Lev and Zarowin 1999. The

14、multiple advantages identified by certain authors can be summed up in the following attributes of</p><p>　　Fair value is not generalized in any accounting system, it coexists with historical cost. Its stipul

15、ation in the professional standards, hence its implementation into practice and the academic studies on its impact, has started with the implementation of financial instruments, then has spread to investment property, in

16、vestments in agriculture and other transactions which call for discounting and market comparison. </p><p>　　Accounting Information and Fair Value </p><p>　　The three measurement criteria for rel

17、evance developed by the American norms are verified by the advocates of fair value through comparison with historical cost. Moreover, the comparison between the two valuation models is undertaken by simultaneously referr

18、ing to relevance and reliability which represents another qualitative characteristic. Finally, along with these four criteria, we believe it is essential to analyze the relation between relevance and the possibilities fo

19、r fair value implement</p><p>　　(a) The predictive value is mostly cited by authors of different studies whenever they wish to establish relevance. They have empirically tested the dependence of predictions

20、their dispersion upon the disclosed accounting informatioLivnat and Zarowin 1990; Barth 1991; Francis and Schipper 1999. In what concerns fair value there is the assumption that it increases the predictive value of accou

21、nting information, although there is not sufficient empirical evidence to support this Herrmann et al. 20</p><p>　　(b)Secondly, fair value assures the feedback expected by users from the accounting informati

22、on subsequent to their predictions. The argument is based on the fact that fair value, as opposed to historical cost, reflects the evolution of the market </p><p>　　(c )Timeliness is verified by the existenc

23、e of information available to decision makers before it loses its capacity to influence their decisions Herrmann et al. 2006. The study mentioned supports the importance of fair value in assuring timeliness, through the

24、argument that current values are being asked for by financial creditors in exchange for the guarantees to the loans that they offer, and the government uses current values for tangible assets when negotiating with certai

25、n strategic indust</p><p>　　(d) With respect to the relevance? reliability relation, it is argued that relevance is the advantage of fair value whilst reliability is assured in a higher degree by historical

26、cost. However, as we have shown above, reliability has a direct connection with predictive value and timeliness of information two of the three subdivisions of relevance. Relevance and reliability are the most important

27、criteria indicated by the FASB to be used when choosing between accounting alternatives Barth 1994. T</p><p>　　The purpose of this study does not involve providing detailed information regarding values that

28、represent fair value applications for tangible assets market value, value in use and net replacement cost, nor does it imply details concerning the contribution of national bodies to the assurance of fair value reliabili

29、ty and relevance. However, we consider that where the regulatory body or authority does not provide implementation guides, the exigency of other organizations involved in this respect </p><p>　　公允價(jià)值的價(jià)值相關(guān)性<

30、;/p><p>　　本文考察了有形資產(chǎn)的價(jià)值重估以及對(duì)相關(guān)行業(yè)影響的不同變化,還有重估金額年齡的大小。它探討了從2003年至2007年期間,投資者對(duì)羅馬尼亞的經(jīng)濟(jì)市場(chǎng)加入歐盟的反應(yīng)。此外,還提出一種模式,用來(lái)對(duì)比分析其影響。股價(jià)公平的增長(zhǎng)歸因于兩個(gè)來(lái)源:重估儲(chǔ)備和經(jīng)營(yíng)利潤(rùn)。調(diào)查結(jié)果證實(shí)了有形資產(chǎn)價(jià)值的有關(guān)金額,并確認(rèn)了關(guān)于反饋價(jià)值的預(yù)測(cè),包括及時(shí)性、可靠性。通過(guò)公允價(jià)值實(shí)施的可能性,以選定特征測(cè)試中心的假說(shuō)。然而,由

31、于利潤(rùn)導(dǎo)致了結(jié)果不一致現(xiàn)象,反應(yīng)了公平的增長(zhǎng)發(fā)展。那么在結(jié)果一致而又導(dǎo)致了溫和價(jià)值的情況下,公允價(jià)值要重新評(píng)估與有形資產(chǎn)相關(guān)的案件。對(duì)集群價(jià)值相關(guān)性分析,驗(yàn)證了關(guān)于制造業(yè)的價(jià)值優(yōu)勢(shì)。由此建立了相關(guān)的假設(shè),而不是采用最近兩年以上的重估比。該假說(shuō)對(duì)價(jià)值較高的中小企業(yè)進(jìn)行比較,公司重新披露數(shù)額的相關(guān)性沒(méi)有得到證實(shí),因?yàn)橹挥泻笳叱尸F(xiàn)明顯的統(tǒng)計(jì)值。 </p><p>　　會(huì)計(jì)信息的質(zhì)量是一個(gè)復(fù)雜和難以建立的概念。根據(jù)國(guó)際公

32、認(rèn)的會(huì)計(jì)制度的參考,相關(guān)性是在一個(gè)標(biāo)準(zhǔn)下的質(zhì)量進(jìn)行評(píng)估。這一標(biāo)準(zhǔn)可以衡量通過(guò)由某些估價(jià)模型的選擇,如會(huì)計(jì)模式的實(shí)施所引發(fā)的效應(yīng)差異性分析。目前有兩種模式,互相競(jìng)爭(zhēng)和補(bǔ)充,即歷史成本模式與公允價(jià)值模式。關(guān)于公允價(jià)值的研究途徑是從歷史到社會(huì)各方面,包括財(cái)政和經(jīng)濟(jì)影響。 </p><p>　　這是學(xué)術(shù)文獻(xiàn)中描述的,在專(zhuān)業(yè)機(jī)構(gòu)(會(huì)計(jì),資產(chǎn)評(píng)估)和資本市場(chǎng)上發(fā)行的文件、規(guī)定,由會(huì)計(jì)專(zhuān)家和著名的會(huì)計(jì)師事務(wù)所給予介紹。上述論文

33、理論或技術(shù)以經(jīng)驗(yàn)為依據(jù)測(cè)試。通常情況下,在財(cái)務(wù)報(bào)告中,公允價(jià)值所起的作用是強(qiáng)調(diào)了與歷史成本相比較,這代表著公允價(jià)值在資產(chǎn)或企業(yè)估值的選擇。公允價(jià)值被作為一個(gè)范例模型、原則或計(jì)價(jià)基礎(chǔ)。 </p><p>　　這些作者:Casta和Colasse (2001),Holmes(2002),Obert (2004)從理論和實(shí)踐的角度對(duì)公允價(jià)值模式進(jìn)行了重點(diǎn)研究。此外,資產(chǎn)評(píng)估規(guī)范支持了公允價(jià)值的用法:如財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)

34、、國(guó)際會(huì)計(jì)準(zhǔn)則委員會(huì)、國(guó)際評(píng)估準(zhǔn)則委員會(huì)。還有一個(gè)研究的類(lèi)別更接近我們的研究,就是采用實(shí)證分析在財(cái)務(wù)報(bào)告中披露公允價(jià)值與市場(chǎng)的反應(yīng)的關(guān)系(Barth1994;Barth1992;Muller和Riedl2002;Hermann 2006年)。 </p><p>　　一些研究是對(duì)公允價(jià)值使用帶來(lái)的好處表示懷疑。它的主要缺點(diǎn)是它的波動(dòng)性,會(huì)給利益相關(guān)者作出決定的帶來(lái)風(fēng)險(xiǎn)。其他多數(shù)的論文考慮公允價(jià)值與歷史成本相比哪個(gè)能

35、更好的披露會(huì)計(jì)信息(Lev與Zarowin 1999年)。某些作者認(rèn)為公允價(jià)值可能具有多重優(yōu)勢(shì),并總結(jié)了公允價(jià)值的下列屬性:實(shí)用程序、相關(guān)性、透明度、具體的成果和現(xiàn)金流量,以及管理人員問(wèn)責(zé)制。所有這些優(yōu)勢(shì),只要存在公平值,就會(huì)使會(huì)計(jì)信息使用者作出有利于自己的行動(dòng)和預(yù)測(cè)。在本次研究中我們會(huì)發(fā)展這些認(rèn)識(shí)的思想程度,并允許我們?nèi)ブС止蕛r(jià)值關(guān)于會(huì)計(jì)信息質(zhì)量保證的重要性(Deaconu等人2008)。 </p><p>

36、　　公允價(jià)值不包括在任何會(huì)計(jì)制度內(nèi),它與歷史成本并存。公允價(jià)值有規(guī)定的專(zhuān)業(yè)標(biāo)準(zhǔn),因此它實(shí)踐并影響的學(xué)術(shù)研究,已開(kāi)始蔓延到金融工具的實(shí)施,如在貼現(xiàn)和調(diào)用時(shí)與其他交易市場(chǎng)做投資比較。 </p><p>　　會(huì)計(jì)信息與公允價(jià)值 </p><p>　　這三個(gè)測(cè)量標(biāo)準(zhǔn)由美國(guó)人最先提倡,規(guī)范地驗(yàn)證了公允價(jià)值的實(shí)施并主張通過(guò)與歷史成本計(jì)價(jià)相比較。此外,比較這兩個(gè)估價(jià)模型同時(shí)又具有相關(guān)性和可靠性,代表另一

37、個(gè)定性的特點(diǎn)。最后,根據(jù)這四個(gè)標(biāo)準(zhǔn),我們相信這樣分析公允價(jià)值實(shí)現(xiàn)的可能性是有必要的。 </p><p>　　(一)預(yù)測(cè)值主要是引用不同作者的研究聯(lián)想并建立的相關(guān)性。他們實(shí)踐檢驗(yàn)了過(guò)分依賴(lài)分散會(huì)計(jì)信息披露后的預(yù)測(cè)結(jié)果(Livnat和Zarowin 1990;Barth1991年;Francis和Schipper1999年):公允價(jià)值的假設(shè)雖然沒(méi)有足夠的經(jīng)驗(yàn)和證據(jù)能去證明,但它可以增加會(huì)計(jì)信息的預(yù)測(cè)價(jià)值(Herrma

38、nn等人,2006年)。這些作者的論述,更容易證明在兩個(gè)具體案件的預(yù)測(cè)價(jià)值:在一些國(guó)家有清算實(shí)體和股息的限制。另一項(xiàng)研究表明,如果對(duì)股價(jià)和股票收益的影響進(jìn)行分析,重新評(píng)估資產(chǎn)的公允價(jià)值比歷史成本更重要(Barth和Clinch1999年)。這些論點(diǎn)的背后相關(guān)的事實(shí)是,公允價(jià)值提高了期貨盈利。我們可以認(rèn)為,公允價(jià)值是更可靠的會(huì)計(jì)信息,它能考慮到會(huì)計(jì)信息的準(zhǔn)確性并能準(zhǔn)確的預(yù)測(cè)信息(Inder和Myung-Sun2003年)。 </p&

39、gt;<p>　　(二)其次,公允價(jià)值保證會(huì)計(jì)信息使用者預(yù)測(cè)后所期望的結(jié)果。這個(gè)論點(diǎn)是基于這樣一個(gè)事實(shí):公允價(jià)值不同于歷史成本,它反映市場(chǎng)的發(fā)展。 </p><p>　　(三)及時(shí)性驗(yàn)證了信息可用性對(duì)決策者決策的影響(Herrmann 等人2006)。該研究支持了公允價(jià)值確保時(shí)效的重要性,要求金融債權(quán)人為交換提供擔(dān)保的貸款。實(shí)證表明(Barth 和Clinch1999年),公允價(jià)值是確保投資者及時(shí)性

40、方面提供可靠計(jì)量。 </p><p>　　(四)關(guān)于相關(guān)性可靠性的關(guān)系,有人認(rèn)為公允價(jià)值的可靠性?xún)?yōu)勢(shì),是在一個(gè)比歷史成本更高的程度為保證。然而正如我們上面所說(shuō),公允價(jià)值有一個(gè)可靠的預(yù)測(cè)值和較高的時(shí)效性信息。相關(guān)性和可靠性是最重要會(huì)計(jì)處理方法(Barth 1994),建立在股票價(jià)格基礎(chǔ)上的歷史成本和公允價(jià)值可以通過(guò)測(cè)量來(lái)判斷相關(guān)性和可靠性的影響(Muller和Riedl 2002年)。研究表明,外部評(píng)估師不同于內(nèi)部

41、評(píng)估(由經(jīng)理進(jìn)行),他可以提供更高的可靠性以及公平價(jià)值,因此減少了信息不對(duì)稱(chēng)和資本成本。在美國(guó),公允價(jià)值計(jì)量模式的倡導(dǎo)者,如財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì),認(rèn)為公允價(jià)值比歷史成本具有更高的相關(guān)性(Barth 1994;Inder 和Myung-Sun 2003),這種觀點(diǎn)證券交易委員會(huì)也表示贊同(SEC)。 </p><p>　　本文研究目的不包括提供公允價(jià)值相關(guān)(市場(chǎng)價(jià)值,使用價(jià)值與凈重置成本)應(yīng)用的詳細(xì)資料,也不提供國(guó)家