公允价值会计和经融危机：信差还是贡献者【外文翻译】.doc

1、本科毕业论文外文翻译外文题目FAIRVALUEACCOUNTINGANDTHEFINANCIALCRISISMESSENGERORCONTRIBUTOR出处SERIESCIENTIFIQUESCIENTIFICSERIES作者MICHELMAGNAN原文FAIRVALUEACCOUNTINGANDTHEFINANCIALCRISISMESSENGERORCONTRIBUTORDIDFAIRVALUEACCOUNTINGPLAYAROLEINTHECURRENTFINANCIALCRISISTHISAPPENDIXEXPLORESTHEISSUEFAIRVALUEACCOUNTINGIMPLIE

2、STHATASSETSANDLIABILITIESGETMEASUREDANDREFLECTEDONAFIRMSFINANCIALSTATEMENTSATTHEIRMARKETVALUE,ORCLOSESUBSTITUTESEXTENSIVEACADEMICRESEARCHDONEOVERTHEPAST20YEARSSHOWSTHATFINANCIALSTATEMENTSTHATREFLECTTHEMARKETVALUESOFASSETSORLIABILITIESPROVIDEINFORMATIONTHATISRELEVANTTOINVESTORSINOTHERCONTEXT,FAIRVALU

3、EACCOUNTINGISJUSTAMESSENGERCARRYINGBADNEWSINCONTRAST,THEREISALSOANOTHERRESEARCHSTREAMWHICHISQUITECRITICALOFTHEPERCEIVEDMERITSOFFAIRVALUEACCOUNTING,ANDWHICHWORRIESABOUTHOWITUNDERMINESWHATCONSTITUTESTHECOREOFFINANCIALREPORTINGMORESPECIFICALLY,ITISARGUEDTHATFAIRVALUEACCOUNTINGISDIFFICULTTOVERIFY,MAYBEB

4、ASEDONUNRELIABLEASSUMPTIONSORHYPOTHESESANDPROVIDESMANAGEMENTWITHTOOMUCHDISCRETIONINTOTHEPREPARATIONOFFINANCIALSTATEMENTSHENCE,ACCORDINGTOTHISVIEW,FAIRVALUEACCOUNTINGISNOTNECESSARILYANEUTRALORUNBIASEDMESSENGERMOREOVER,FAIRVALUEACCOUNTINGCREATESACIRCULARDYNAMICINFINANCIALREPORTING,WITHMARKETSPROVIDING

5、THEINPUTFORTHEMEASUREMENTOFMANYASSETS,THUSAFFECTINGREPORTEDEARNINGSWHICHARETHENUSEDBYANALYSTSANDINVESTORSTOASSESSAFIRMSMARKETVALUEIFMARKETSBECOMEVOLATILE,ASHASBEENTHECASEINRECENTMONTHS,REPORTEDEARNINGSALSOBECOMEMOREVOLATILE,THUSFEEDINGINVESTORSAPPREHENSIONSTHEREFORE,SINCEFAIRVALUEACCOUNTINGISASSOCIA

6、TEDWITHMOREVOLATILEANDLESSCONSERVATIVEFINANCIALSTATEMENTSAND,ITMAYHAVEALLOWEDMANAGERSTODELAYTHEDAYOFRECOGNITIONASWELLASDISTORTEDINVESTORSANDREGULATORSPERCEPTIONSOFFINANCIALPERFORMANCEANDSTABILITYATTHEENDOFTHEFINANCIALBUBBLEHOWEVER,ONCETHEECONOMICPENDULUMSWUNGBACK,FAIRVALUEACCOUNTINGMAYHAVEMAGNIFIEDT

7、HEIRVIEWSASTOTHESEVERITYOFTHECURRENTFINANCIALCRISIS,HENCEACCELERATINGSOMENEGATIVETRENDSTHEPURPOSEOFTHEAPPENDIXISTOPROVIDEADDITIONALINSIGHTSINTOTHEROLEPLAYEDBYFAIRVALUEACCOUNTINGINTHEFINANCIALCRISISSINCETHECRISISISSTILLONGOING,THEREISNODIRECTORFORMALEMPIRICALEVIDENCEABOUTSUCHROLE,WHICHMAYBEPERCEIVED,

8、ACTUALORPOTENTIALHOWEVER,BYANALYZINGTHECONCEPTUALANDEMPIRICALFOUNDATIONSOFFAIRVALUEACCOUNTING,ITMAYBEPOSSIBLETODRAWSOMEINFERENCESANDTOASSESSIFANDHOWFAIRVALUEACCOUNTINGUNDERLIESSOMEOFTHERECENTTURMOILINFINANCIALMARKETSINTHATREGARD,THEAPPENDIXAIMSTOACHIEVETHEFOLLOWINGOBJECTIVESFIRST,IINTENDTOPROVIDEABR

9、IEFOVERVIEWOFFAIRVALUEACCOUNTING,INCLUDINGITSIMPACTONFINANCIALSTATEMENTSTHEOVERVIEWINCLUDESASUMMARYOFTHEOPPOSITEVIEWPOINTSONTHEMERITSOFFAIRVALUEACCOUNTINGSECOND,IPRESENTANDDISCUSSTHETHEORETICALANDEMPIRICALUNDERPINNINGSOFFAIRVALUEACCOUNTINGTHIRDLY,IANALYZETHEMEASUREMENTANDVALUATIONCHALLENGESTHATARISE

10、FROMTHEUSEOFFAIRVALUEACCOUNTINGFINALLY,ONTHEBASISOFTHEABOVEANALYSES,ISKETCHATENTATIVEFRAMEWORKTOUNDERSTANDFAIRVALUEACCOUNTINGSROLEANDPOTENTIALCONTRIBUTIONTOTHEFINANCIALCRISISWHILEFAIRVALUEACCOUNTINGCANCONCEPTUALLYAPPLYTOALLASPECTSOFAFIRMSFINANCIALSTATEMENTS,IWILLPURPOSEFULLYFOCUSONITSAPPLICATIONTOFI

11、NANCIALINSTRUMENTSANDFINANCIALINSTITUTIONSFAIRVALUEISDEFINEDASTHEPRICEATWHICHANASSETCOULDBEEXCHANGEDINACURRENTTRANSACTIONBETWEENKNOWLEDGEABLE,WILLINGPARTIESFORLIABILITIES,FAIRVALUEISDEFINEDASTHEAMOUNTTHATWOULDBEPAIDTOTRANSFERTHELIABILITYTOANEWDEBTORUNDERFAIRVALUEACCOUNTINGFVA,ASSETSANDLIABILITIESARE

12、CATEGORIZEDACCORDINGTOTHELEVELOFJUDGMENTSUBJECTIVITYASSOCIATEDWITHTHEINPUTSTOMEASURETHEIRFAIRVALUE,WITHTHREE3LEVELSBEINGCONSIDEREDATLEVEL1,FINANCIALINSTRUMENTSAREMEASUREDANDREPORTEDONAFIRMSBALANCESHEETANDINCOMESTATEMENTATTHEIRMARKETVALUE,WHICHTYPICALLYREFLECTSTHEQUOTEDPRICESFORIDENTICALASSETSORLIABI

13、LITIESINACTIVEMARKETSITISASSUMEDTHATTHEQUOTEDPRICEFORANIDENTICALASSETORLIABILITYINANACTIVEMARKETPROVIDESTHEMOSTRELIABLEFAIRVALUEMEASUREMENTBECAUSEITISDIRECTLYOBSERVABLETOTHEMARKETMARKTOMARKETHOWEVER,IFVALUATIONINPUTSAREOBSERVABLE,EITHERDIRECTLYORINDIRECTLY,BUTDONOTQUALIFYASLEVEL1INPUTS,THELEVEL2FAIR

14、VALUEASSESSMENTOFAFINANCIALINSTRUMENTWILLREFLECTAQUOTEDPRICESFORSIMILARFINANCIALINSTRUMENTSINACTIVEMARKETS,BQUOTEDPRICESFORIDENTICALORSIMILARFINANCIALINSTRUMENTSINMARKETSTHATARENOTACTIVE,CINPUTSOTHERTHANQUOTEDPRICESBUTWHICHAREOBSERVABLEEG,YIELDCURVEORDCORRELATEDPRICESFINALLY,CERTAINFINANCIALINSTRUME

15、NTSWHICH,FOREXAMPLE,ARECUSTOMIZEDORHAVENOMARKET,WILLBEVALUEDBYAREPORTINGENTITYONTHEBASISOFASSUMPTIONSTHATPRESUMABLYREFLECTMARKETPARTICIPANTSVIEWSANDASSESSMENTSEG,PRIVATEPLACEMENTINVESTMENTS,UNIQUEDERIVATIVEPRODUCTS,ETCSUCHVALUATIONISDEEMEDTOBEDERIVEDFROMLEVEL3INPUTSANDISCOMMONLYREFERREDAS“MARKTOMODE

16、L“SINCEITISOFTENTHEOUTCOMEOFAMATHEMATICALMODELLINGEXERCISEWITHVARIOUSASSUMPTIONSABOUTECONOMIC,MARKETORFIRMSPECIFICCONDITIONSINALLCASES,ANYUNREALIZEDGAINORLOSSONFINANCIALINSTRUMENTSHELDBYANINSTITUTIONTRANSLATESINTOANINCREASEDECREASEINITSSTOCKHOLDERSEQUITYAND,CONSEQUENTLY,ANIMPROVEMENTDETERIORATIONINI

17、TSCAPITALIZATIONRATIOSDETRACTORS,AMONGTHEMDAVIDDODGE,THEFORMERGOVERNOROFTHEBANKOFCANADA,ARGUEVEHEMENTLYTHATFVAHASACCELERATEDANDAMPLIFIEDTHECURRENTFINANCIALCRISISTHEIRARGUMENTCANBESUMMARIZEDASFOLLOWSSTARTINGIN2007,THEDROPINTHEPRICEOFMANYTYPESOFFINANCIALINSTRUMENTSLEDFINANCIALINSTITUTIONSTOMARKDOWNTHE

18、ASSETVALUESREPORTEDONTHEIRBALANCESHEETS,THUSWEAKENINGTHEIRCAPITALIZATIONRATIOSLETSTHINKABOUTTHEFIRSTWRITEOFFSFOLLOWINGTHESTARTOFTHESUBPRIMECRISISTOIMPROVETHEIRFINANCIALPROFILEANDTOENHANCETHEIRSAFETYZONEWITHRESPECTTOREGULATORYCAPITALREQUIREMENTS,THESEINSTITUTIONSSTARTEDTOSELLSECURITIESORCLOSEDOWNPOSI

19、TIONSONSOMEFINANCIALINSTRUMENTSINMARKETSTHATWEREINCREASINGLYSHALLOWASARESULTOFTHEEMERGENCEOFALIQUIDITYCRISISTHESESALESMAGNIFIEDTHEDOWNDRAFTINQUOTEDPRICES,THUSBRINGINGADDITIONALDEVALUATIONS,ETCALONGTHESELINES,WILLIAMISAAC,FORMERCHAIRMANOFTHEUSFEDERALDEPOSITINSURANCECORPORATION,ARGUESTHAT“MARKTOMARKET

20、ACCOUNTINGHASBEENEXTREMELYANDNEEDLESSLYDESTRUCTIVEOFBANKCAPITALINTHEPASTYEARANDISAMAJORCAUSEOFTHECURRENTCREDITCRISISANDECONOMICDOWNTURN“HOWEVER,FVACANCOUNTONBROADSUPPORTFROMTHEACCOUNTINGPROFESSION,STANDARDSETTERSANDREGULATORSFORINSTANCE,INARECENTSPEECH,NICKLEPAN,CANADASFORMERSUPERINTENDENTOFFINANCIA

21、LINSTITUTIONS,ARGUEDTHATFVAISONLYAMESSENGERANDSHOULDNOTBECRITICIZEDFORMERELYREFLECTINGTHEPOORUNDERLYINGECONOMICOUTLOOKBARBARAROPER,FROMTHECONSUMERFEDERATIONOFAMERICA,ARGUESTHATSOUNDACCOUNTINGPRINCIPLES,SUCHASFVA,LEDTOTHEEXPOSUREOFUNDERLYINGPROBLEMASSETSINHERVIEW,FVAPROVIDESMOREACCURATE,TIMELYANDCOMP

22、ARABLEINFORMATIONTOINVESTORSTHANANYOTHERACCOUNTINGALTERNATIVETHEORETICALANDEMPIRICALFOUNDATIONSUNDERLYINGFVAFAVSTHEORETICALANDEMPIRICALPREMISESARERELATIVELYSOLIDINFACT,ITISONEOFTHEFEWACCOUNTINGSTANDARDTHATCANBETRACEDBACKDIRECTLYTOACCOUNTINGBASEDSCIENTIFICRESEARCHMORESPECIFICALLY,THEREISCONSISTENTEMP

23、IRICALEVIDENCE,ACCUMULATEDOVERTHEPAST20YEARS,THATAFIRMSSTOCKPRICEISMORECLOSELYASSOCIATEDWITHTHEMARKETVALUEOFITSUNDERLYINGFINANCIALORREALASSETSTHANWITHTHEIRHISTORICALCOST,IE,THEIRPURCHASEPRICEPLUSRELATEDEXPENSESTHESUPERIORRELEVANCEOFMARKETDERIVEDVALUESISEVENMOREOBVIOUSINTHECASEOFFINANCIALDERIVATIVESW

24、HICHHISTORICALCOSTISOFTENCLOSETOZEROBUTWHICHMARKETVALUECANFLUCTUATEWIDELYINOTHERWORDS,FAIRVALUES,ORMARKEDTOMARKETVALUES,HAVEBEENFOUNDTOBEMORERELEVANTINDICATORSOFFIRMVALUETHANTRADITIONALHISTORICALCOSTBASEDFIGURESANINTERESTINGEARLYSTUDYONTHERELEVANCEANDIMPLICATIONSFROMFVAWASPERFORMEDBYBERNARD,MERTONAN

25、DPALEPU1995FORMANYYEARS,DENMARKSACCOUNTINGSTANDARDSETTINGANDBANKINGREGULATORYAUTHORITIESHAVERELIEDONMARKTOMARKETVALUATIONFORTHEASSETSOFTHEIRCOMMERCIALBANKSBERNARD,MERTONANDPALEPUFINDTHATDANISHBANKSBOOKVALUES,WHICHREFLECTMARKTOMARKETVALUATIONS,SEEMTOPROVIDEMORERELIABLEINFORMATIONTOINVESTORSTHANHISTOR

26、ICALCOSTBASEDFIGURESTHENPROVIDEDBYUSBANKSMOREOVER,THEYDONOTFINDEVIDENCETHATDANISHBANKEXECUTIVESMANIPULATEMARKTOMARKETNUMBERSTOCIRCUMVENTREGULATORYCAPITALRATIOSHOWEVER,THEYALSOPOINTOUTTHATTHATTHEDANISHANDUSAPITALMARKETSARENOTQUITESIMILARANDTHATTHEIRFINDINGSMAYNOTCOMPLETELYHOLDINAUSSETTINGMEASUREMENTA

27、NDVALUATIONCHALLENGESDESPITEITSMANYTANGIBLEORPERCEIVEDBENEFITSTOINVESTORS,THEADOPTIONANDUSEOFFVAUNDERMINESSEVERALCRITICALFOUNDATIONSOFFINANCIALREPORTINGTOWHICHWEHAVEBECOMEACCUSTOMEDMORESPECIFICALLY,THEIMPLEMENTATIONOFFVAEXPLICITLYCONFIRMSTHEPRIMACYOFFINANCIALMARKETSANDOFINVESTORSINTHEDETERMINATIONOF

28、ACCOUNTINGSTANDARDSESSENTIALLY,THEBROADERSOCIALISSUESANDIMPLICATIONSARISINGFROMACCOUNTINGSTANDARDSFORSTAKEHOLDERSBEYONDINVESTORSAREASSUMEDAWAYTHEPOTENTIALDANGEROFRELYINGONCAPITALMARKETSBASEDFINDINGSTODIRECTLYPRESCRIBEACCOUNTINGSTANDARDHASBEENHIGHLIGHTEDMORETHAN30YEARSAGOBYGONEDESANDDOPUCHFOLLOWINGAI

29、RSTWAVEOFCAPITALMARKETSBASEDSTUDIESTHATMAPPEDTHEIRFINDINGSDIRECTLYINTOSTANDARDSETTINGISSUES,GONEDESANDDOPUCHEXPLAINTHATOBSERVINGANEMPIRICALRELATIONBETWEENACCOUNTINGAMOUNTSANDEQUITYPRICESORRETURNSDOESNOTPROVIDESUFFICIENTEVIDENCEABOUTTHEDESIRABILITYOREFFECTSOFAPARTICULARSTANDARD,EVENIFMARKETSAREINFORM

30、ATIONALEFFICIENTTHEIRCONCLUSIONRESTSONTHEFACTTHATACCOUNTINGSTANDARDSAREESSENTIALLYAPUBLICGOODTHEREFORE,STANDARDSETTERSMANDATEANDRESPONSIBILITYISTODEVELOPSTANDARDSAFTERMAKINGTHEAPPROPRIATESOCIALWELFARETRADEOFFS,WHICHDOINVOLVEMOREPARTIESTHANJUSTINVESTORSHENCE,DECIDINGABOUTAPARTICULARACCOUNTINGSTANDARD

31、REQUIRESTHATSOCIALPREFERENCESBESPECIFIEDFROMADIFFERENTPERSPECTIVE,HOLTHAUSENANDWATTS2001PUTFORWARDTHEARGUMENTTHATTHEVALUERELEVANCELITERATUREHASLITTLETOSAYABOUTSTANDARDSETTINGISSUESINTHEIRVIEW,WITHOUTANUNDERLYINGTHEORYTHATEXPLAINS,PREDICTSANDLINKSACCOUNTING,STANDARDSETTING,ANDVALUATION,VALUERELEVANCE

32、STUDIESSIMPLYREPORTASSOCIATIONSFVAANDTHEFINANCIALCRISISSOMETHOUGHTSITISSTILLTOOEARLYTOCONCLUDEONFVASROLEINTHECURRENTFINANCIALCRISISNOTALLDATAISAVAILABLE,ADDITIONALANALYSESMUSTBECOMPLETEDANDALLITSCONSEQUENCESCANNOTBEOBSERVEDHOWEVER,RELYINGONPRIORRESEARCHFINDINGSANDONAVAILABLEDATA,ITISPOSSIBLETODRAWSO

33、MEINFERENCESABOUTTHECONTRIBUTIONOFFVATOTHEFINANCIALCRISISMOREVOLATILEFINANCIALRESULTSMOSTPRIORRESEARCHSHOWSTHATTHEADOPTIONOFFVATRANSLATESINTOMOREVOLATILEFINANCIALRESULTSEARNINGSHENCE,FINANCIALMARKETSEXTREMEVOLATILITYOVERTHEPASTTWOYEARSHASCONTRIBUTEDTORAISEFINANCIALINSTITUTIONSVOLATILITY,POTENTIALLYA

34、MPLIFYINGTHEPERCEPTIONBYINVESTORS,REGULATORSANDGOVERNMENTSASTOTHESERIOUSNESSOFTHECRISISMOREPRACTICALLY,THEDROPINREPORTEDEARNINGSISEVENMOREDRAMATICINLIGHTOFTHERECORDEARNINGSREPORTEDINPRIORYEARS,WITHFVAPUSHINGDOWNEARNINGSINTHECURRENTPERIODBUTBOOSTINGEARNINGSINPRIORYEARSTWOEXAMPLESILLUSTRATETHEPOTENTIA

35、LIMPACTOFFVAONTHEVOLATILITYOFREPORTEDEARNINGSCRDITSUISSEWITHINTHECONTEXTOFTHESUBPRIMECRISIS,THESTOCKMARKETVALUEOFMOSTFINANCIALINSTITUTIONSDEPENDSEXTENSIVELYUPONINVESTORSASSESSMENTOFTHEIRDIRECTANDINDIRECTEXPOSURETOSUBPRIMERELATEDLOANSORDERIVATIVESTHEVALUATIONINFORMATIONDISCLOSEDBYFINANCIALINSTITUTION

36、STHATEVOLVEINTHESAMEMARKETSLARGELYINFLUENCESSUCHANASSESSMENT,WITHMORERECENTMARKETQUOTESDRIVINGSUCHVALUATIONINTHATREGARD,THESAGASURROUNDINGCRDITSUISSESRELEASEOFITS2007EARNINGSISQUITEENLIGHTENINGONFEBRUARY12,2008,CRDITSUISSEREPORTSRECORDINCOMEFROMCONTINUOUSOPERATIONSOF85BILLIONSWISSFRANCSONFEBRUARY19,

37、2008CRDITSUISSEANNOUNCESTHATSOMEADDITIONALCONTROLPROCESSESHAVELEDTOTHEREPRICINGOFCERTAINASSETBACKEDPOSITIONSINITSSTRUCTUREDCREDITTRADINGBUSINESS,WITHTHECURRENTTOTALFAIRVALUEREDUCTIONOFTHESEPOSITIONSBEINGREDUCEDBYANESTIMATEDUS285BILLIONFINALLY,ONMARCH20,2008,CRDITSUISSEREPORTSTHATITS2007OPERATINGINCO

38、MEHASBEENREVISEDDOWNWARDBY118BILLIONSWISSFRANCS789MILLIONSWISSFRANCSAFTERTAX,CLOSETOA10DIFFERENCEWITHTHEINITIALLYREPORTEDFIGURETHECRDITSUISSESTORYILLUSTRATESTHEDIFFICULTYOFPINNINGDOWNTHEFAIRVALUEOFMANYASSETSWHENTHEUNDERLYINGVALUATIONMETHODOLOGYISCOMPLEXANDSUBJECTTOSHIFTINGHYPOTHESESANDASSUMPTIONSABO

39、UTTHEFUTURECRDITSUISSESEXPERIENCEALSOSHOWSTHATREPORTEDRESULTSFORAGIVENPERIODMAYBESUBJECTTOAWIDEMARGINOFERROR,ORDISCRETION,OREVENRESTATEDLEHMANBROTHERSINITSLASTREPORTEDFINANCIALSTATEMENTSBEFOREITWENTBANKRUPT,LEHMANBROTHERSREPORTEDALOSSOFUS24BILLIONFORTHEFIRSTSIXMONTHSENDEDMAY31,2008VSANETINCOMEOFUS24

40、BILLIONFORTHEFIRSTSIXMONTHSENDEDMAY31,2007THESHIFTOFUS48BILLIONINNETINCOMEISLARGELYDRIVENBYADRAMATICFALLOFUS85BILLIONINLEHMANSREVENUESFROMPRINCIPALTRANSACTIONS,WHICHINCLUDEREALIZEDANDUNREALIZEDGAINSORLOSSESFROMFINANCIALINSTRUMENTSANDOTHERINVENTORYPOSITIONSOWNEDASIGNIFICANTPORTIONOFTHEDOWNWARDSHIFTIN

41、PRINCIPALTRANSACTIONSREVENUESISACTUALLYEXPLAINEDBYUNREALIZEDLOSSESOFUS16BILLIONINTHEFIRSTSEMESTEROF2008VSUNREALIZEDGAINSOFUS200MILLIONINTHEFIRSTSEMESTEROF2007THUS,ACCOUNTINGATFAIRVALUEFORSOMEFINANCIALASSETSAMPLIFIEDLEHMANSDOWNWARDEARNINGSPERFORMANCEHENCE,ITCANBEPUTFORWARDTHATFVA,THROUGHITSMAGNIFYING

42、IMPACTONEARNINGSVOLATILITY,MAYHAVECONTRIBUTEDTOAGGRAVATEINVESTORS,REGULATORSANDGOVERNMENTSPERCEPTIONSWITHRESPECTTOTHESEVERITYOFTHECRISIS,ITSELFCHARACTERIZEDBYRECORDVOLATILITYINTHEPRICESOFMANYSECURITIESANDGOODSONARELATEDNOTE,THEINCREASEDVOLATILITYBROUGHTFORWARDBYFVAISCONDUCIVETOTHEUSEOFEQUITYBASEDCOM

43、PENSATION,ESPECIALLYSTOCKOPTIONS,WHICHVALUEISTHENENHANCEDACCORDINGTOTHEBLACKSCHOLESMODEL,VOLATILITYISONEOFTHEKEYINPUTSINOPTIONVALUATIONPRIORRESEARCHSUGGESTSTHATTHEREISASTRONGASSOCIATIONBETWEENPERFORMANCEVOLATILITYANDTHEUSEOFSTOCKOPTIONSTHROUGHFVA,THEOUTCOMESFROMAGGRESSIVERISKTAKINGININVESTMENTANDFIN

44、ANCINGSTRATEGIESWILLDIRECTLYFLOWINTOREPORTEDEARNINGS,THUSFURTHERLEVERAGINGTHEPOTENTIALGAINSTOBEDERIVEDFROMSTOCKOPTIONSANDOTHERINCENTIVESMANYFINANCIALINSTITUTIONSINVOLVEDINTHECURRENTCRISISMADEEXTENSIVEUSEOFSTOCKOPTIONSANDOTHERINCENTIVES,ALLOWINGUNREALIZEDGAINSONASSETSTOBECONVERTEDINTOCOLDHARDCASH译文公允

45、价值会计和经融危机信差还是贡献者公允价值会计在这次金融危机中是否起了重要作用本文来探讨这个问题。公允价值会计意味着资产和负债以市场价值或类似资产价值测量和表现在公司的财务报表上。在过去的20年里广泛的学术科研成果表明资产或负债的市场价值的财务报表提供的信息和投资者是相关的。在其他的背景下，公允价值会计只是一个坏消息的信号。相反,还有另外一个很重要的研究，表明了公允价值会计的优点。并担心它如何破坏核心的财务报表。更确切地说,有人认为公允会计有可能根据不可靠的假设或假说，难以确定。向管理层提供太多编制财务报表的风险。因此,根据这种观点,公允价值会计未必是中性或不带偏见的信使。此外,公允价值会计在财

46、务报告中创造一个循环的动态，并同市场一期提供许多资产的计量准则，从而影响了分析师和投资者评估公司的市场价值的财务报表。如果近几个月来市场变得不稳定,那么报告的收入也会变得更加不稳定,从而动摇投资者的信心。所以,公允价值会计伴随着越来越不稳定和更加保守的财务报表变动，它就可能使管理人员不承认金融泡沫的结束。然而,一旦经济再次回来,公允价值会计可以使他们放大当前的金融危机的严重程度,从而加速一些负面的趋势。关键词公允价值会计治理风险管理本文的目的是提供我们在金融危机中对公允价值会计更多的了解。由于危机正在继续,没有关于这种作用直接或正式的经验,这可能被看成实际或潜在的。然而,通过分析公允价值会计的

47、基础概念和经验,就可以得到一些推论,并评估公允价值会计是近来在金融市场上是否变动和如何变动。在这方面,本文旨在实现以下的目标。首先,我打算简单提供公允价值会计的介绍,包括它对财务报表的影响。摘要总结了对公允价值会计的优点所持相反观点。其次,我提出和讨论了公允价值会计的理论和实证基础。第三,我分析的测量与估价而产生的挑战,这是公允价值会计使用后出现的。最后,在此基础上分析了初步框架,我画出草图来理解公允价值会计所应起的作用和对金融危机潜在的贡献。公允价值会计适用于公司的财务报表,但我也将专注于金融工具和金融机构的应用。公允价值是指一项资产可以在了解和自愿交易的情况下交换价格。对于债务,公允价值计

48、量指的是将支付的责任转移到一个新的债务人的现实交易额，即交换价格。在公允价值会计前提下，资产、负债根据自己的判断主体性分类并与计量他们公允价值输入的资料相联系,有三个等级可考虑。在一级模型中,公司的资产负债表和损益表报告了他们的市场价值,这通常反映了在活跃的市场中相同资产或负债的报价。它假定所报的价为一个相同的资产或负债在活跃市场上提供最可靠的公允价值计量,因为它是直观市场以市值计价。然而,如果评估投入是直接或间接可见的,但不符合一级输入,二级金融工具的公允价值评估将反映为A在活跃的市场中类似金融工具报价,B非活跃市场相同或者类似金融工具的报价,C输入报价以外可见报价例如,收益率曲线或D相关的

49、价格。最后,某些金融工具比如定制或者没有市场德,将被一个报告主体在可能反映出市场参与者的意见和评估的假设的基础上进行评估如私募投资、独特的衍生产品等。这样的估值被认为是来自三级输入，一般称为“模型定价模式”,因为它假设数学模型在经济、市场或公司的特定条件下运行得出的结果。在所有情况下,任何未实现所得或亏损转换成股东权益的增加减少,从而改善恶化它的资本率。批评者,其中包括前加拿大银行长DAVIDDODGE认为FVA加快了FVA了当前的金融危机。他们的争论,可以概括如下2007年开始许多类型的金融工具价格下降，金融机构减少的资产价值体现在他们的资产负债表中,削弱他们的资本比率让我们想想第一次次贷危机之后的冲销证明。为了提高他们的财务状况和增强的安全地带与监管的资本要求,这些机构开始销售的证券或关闭当前一些金融工具,从而市场出现一个流动性危机。这些销售放大了下沉气流中带来额外的贬值等。通过这些线索,威廉艾撒克，美国联邦存款保险公司前主席认为,“按市价计算的会计和不必要的银行资本毁了他的在过去的一年里收益,是目前的信贷危机和经济下滑的主要原因”。然而,FVA可以依靠会计专业里规范的引领者和制定者。例如,在最近的一次讲话中,加拿大的前一任金融机构总监NICKLEPAN认为,FVA只是一个信使,只是反映了潜在经济前景而不应该批评