公允價值的利率施行【外文翻譯】

1、本科畢業(yè)論文（設計）外文翻譯外文出處NewYkCity外文作者AlfredM.King原文：原文：FAIRVALUEFRATEPURPOSESInconsideringfairvaluefratepurposesitisimptanttobearinmindthatthedeterminationoffairvalueisapartoftheprocessofdeterminingareasonablerateofge.Theconte

2、ntoffairvaluemaytherefedependlargelyonourconceptionofwhatconstitutesratereasonableness.Itwillaidtoaclearerdeterminationofthisintricateproblemiffthemomentwefget“fairvalue“concentrateourattentiononthefundamentalsofareasona

3、blerateofge.By“reasonablerate“ashereusedwemeanthereasonablenessoftheratescheduleasawholenottheadjustmentofthevariousspecificratesthatgotomakeupthecompleterateschedule.Itisthetotalpricecompensationcollectedfromthepublicfi

4、tsentireserviceratherthanthepricefanyparticularserviceclassofservices.Areasonablerateofgeinthissenseofareasonableratescheduleisaratethatgivesthecompanyreasonablecompensationftheentireservicewhichitrendersthepublic.Whatth

5、enisreasonablecompensationinthecaseoftheappropriatenmallysuccessfulpublicutilityenterprisesReasonablecompensationishereequivalenttothenmalcostofproduction.Whatotherbasiscantherebefthedeterminationofafairpriceinthecaseofa

6、virtualmonopolyIfacommoditycanbefreelyquicklyproduceditsmarketpricewillfollowquitecloselyitscostofproduction.Thismustbesobecauseundertheassumedconditionstherecouldbenoreasonfpayingmethanthecostofproduction.Ifacommodityma

7、ybefreelyproducedbutonlybyspeciallytrainedwkmenalargefixedinvestmentgreatbusinessrisksthecostofproductionwillstillinthelongruntendtolimitmarketprice.Itisclearthattheproductionofaparticulartheamountthatwillsecureanequilib

8、riumbetweendemsupply.Inthecaseofacommodityrequiringnocapitaloutlaythenmalcostofproductioniseasilydetermined.Itisthepresentnmalcostofthelabmaterialsenteringintoitsproduction.Costconsistsmerelyof“operatingexpenses“isnotcom

9、plicatedbythequestionofcapitalcostinterestprofitsthereon.Inthecasehoweverofacommodityrequiringalargefixedinvestmentthedeterminationofanmalcostofproductionisacomplexprocessinthewkingoutofwhichthereisroomfawidedivergenceof

10、opinion.Tothenmalcostoflabmaterialstheremustbeaddedafairestimatefdepreciationafairreturnoncapitalcost.Thenmalcostoflabmaterialsiscomplicatedbythenecessityofincludingprovisionfmaintenancerepairsdepreciation.Thedeterminati

11、onofanmalreturnonanmalcapitalcostrequiresadeterminationoftwoverydifficultcomplicatedproblems:(i)Whatistheamountofthenmalcapitalcost(2)whatconstitutesanmalreturnonsuchamount.Nmalcapitalcostasappliedtoanewenterpriseisacomp

12、arativelysimpleconcept.Butwhatisitasappliedtoalongestablishedenterprise—toawatersupplyplantagasplantarailroadsystemIsitnmalcostatthetimeiginallyinstalledlastrenewedontheotherhisitthepresentcostofreproductionIsitactualcos

13、treproductioncostWestartwiththepremisethatthereasonablerateofgeistobedeterminedbythefaircostofproduction.Thepointatissuebetweenactualcostreproductioncostisreallywhetherbycostofproductionwemeancostataparticularmomentcosta

14、veragedoveraperiodofyears.Infavofpresentmomentcostitisassertedthatwhatthepublicisentitledtoisserviceatarateofgesufficientonlytopayafairreturnunderpresentinvestmentconditionsuponthecapitalcostthatwouldberequiredatpresentt

15、ofurnishthisserviceconverselywhatthecompanyisentitledtoreceiveisafairreturnunderpresentinvestmentconditionsonthecapitalcostthatitanothercompanywouldhavetoexpendatpresentindertoprovidetheservice.Arateofgemeasuredonthisbas