1、1本科毕业论文外文翻译外文文献译文标题金融工具的公允价值计量一些银行规例的影响资料来源HTTP冒号/TRANSLATE点GOOLE点COM作者韦恩同人摘要我找出如果公允价值计量被管理层用于做银行监管资本时管理层需要考虑这个问题。在财务报告中，美国和国际会计准则委员会制定颁布了若干披露计量和识别准则的这些承认金融工具的公允价值的迹象。为了帮助确定银行监管的重要问题，我简要地回顾资本市场关于公允价值计量对投资者效用的研究，并归结为“金融工具的公允价值确定市场的实施问题”。这样做，我确定几个关键问题。首先，监管机构需要考虑如何让经理揭示其公允价值的私人信息，同时尽量减少战略操作模型的输入，管理收入和
2、监管成本。第二，监管机构需要考虑在投资者和债权人进行投资决策时如何最好地减少公允价值的测量误差，最大限度地发挥其效用，并确保银行经理有效选择投资，最大限度地提高银行系统的经济效率。第三，不同国家的制度差异有可能对确定进入市场的会计财务报告和银行监管产生重大影响。引言在世界各地的许多司法管辖区的会计标准制定者，包括美国，英国，澳大利亚和欧盟，发布标准承认公允价值对资产负债表上金额的影响，并承认公允价值计量对损益表金额的影响。例如，在美国，财务会计准则委员会按公允价值的认可，需要一些投资证券及衍生工具。此外，因会计准则的演变，许多其他资产负债表金额的变动已部分依赖于各种特殊情况下的公允价值规则，包
3、括减值准备（如商誉及贷款）和衍生工具是否运用于规避公允价值变动（如存货，贷款和固定租赁款项）。美国财务会计准则委员会和国际会计准则委员会（以下简称FASB和IASB）联合研究关于在财务报表上认同金融资产和负债的公允价值的可行性。在美国，金融资产和负债的公允价值的认同似乎享受证券交易委员会（以下简称SEC）的支持。在最近的一份美国证券交易委员会（SEC，2005）报告中，国家要求证券交易委员会的首席会计师说明金融工具的公允价值会计的两个主要优点。首先，它会减少使用会计动机的交易结构，旨在利用当前的盈余管理产生的基础混合会计模式“部分的历史成本，部分的公允价值”。例如，它2会利用资产证券化作为一种
4、手段消除诱因，承认出售应收账款或贷款收益。第二，所有金融工具的公允价值会计将减少财务报告所产生的混合由于模型的复杂性。但是，在美国证券交易委员会的报告指出，有公平的应用以及相关的成本价值会计。一个关键的问题是，有公允价值项目的财务报表是否可以可靠地计量，特别是对那些随时存在但不活跃市场的金融工具（如专门的应收账款或私人配售贷款）。FASB和IASB在他们的概念陈述中，认为评估成本/效益之间的相关性和可靠性最好的是在衡量具体会计金额时，是否有足够的识别财务报表可靠的测量。一个成本公允价值计量的投资者，有些甚至很多公认的金融测量仪器，因没有足够的测量精度，无法帮助他们充分评估该公司的财务状况和盈利
5、能力。这加剧了成本更低，可靠性的问题。在活跃的市场中没有一个特定的金融工具，管理层必须估计其公允价值，可自由裁量权或操纵。公允价值会计标准制定的背景公允价值的定义FASB将公允价值定义为“可以交换资产和负债的价格，无关当事人的自愿”（财务会计准则文员会的交易，2004）。美国财务会计准则委员会注意到公允价值的目标是在一个资产或负债被测量的实际情况下，来估计交换的资产或负债的价格。在这个目标的隐含公允价值的概念明确界定，资产或负债的交换价格，充分捕捉其价值。也就是说，价格在两个实体之间交换，一项资产可以不依赖于从事交换的实体，而这个价格也等于任何实体使用中的价值。例如，一家银行的掉期衍生工具的价
6、值等于价格，它可以购买或出售衍生工具，交换的价值不依赖于现有银行资产负债表上的资产或负债。对于这样的银行，巴特和同人（1995）注意到，这是一个强烈的假设，尤其是当许多资产和负债不能随时买卖。标准制定中的应用在美国，美国财务会计准则委员会发布了若干批准，强制披露或承认大量使用公允价值会计。其中最显著相关的条款为金融机构的标准，明确涉及金融工具。美国财务会计准则119号要求披露估计公允价值金融衍生工具，包括期货，远期，掉期，期权合约。它还要求披露估计为持作买卖用途仪器的收益和损失。国际研究由于澳大利亚和英国公认会计准则允许向上的资产重估，但与美国公认会计原则，需要向下重估资产减损的情况下，就有一
7、些研究考察在这些国家的相关重估价值尺寸。大多数的研究，包括伊斯顿，DDDEY和哈里森（1993），巴特和克林奇（1996），巴特和克林奇（1998）,PEASNELL和林（2000），注重对有3形的固定资产价值重估。然而，ABOODY,巴特和KASZNIK（1999）研究协会之间的金融资产重估，其样本为19911995年澳大利亚公司的有形资产和无形资产。ABOODY，巴特和KASZNIK着眼于金融资产，发现重估金融公司以及非金融公司一贯显著于股票价格。伯纳德，默顿和巴莱普（1995）有一个有趣的研究，关于丹麦银行，它侧重于反对价值相关性的标志进入市场的会计监管资本的影响对投资者的公允价值。丹麦
8、是一个有趣的研究环境，因为丹麦银行银行监管机构已采用市值计价会计计量监管资本很长一段时间。伯纳德，默顿和巴莱普（1995）发现，尽管有证据表明盈余管理，但没有可靠地证据表明市值数设法避免监管资本约束。此外，丹麦银行的市值净资产账面价值相比美国银行更可靠地估计其市场价值，从而提供间接的证据表明，公允价值会计可能对投资者和储户有益。4外文文献原文TITLEFAIRVALUEACCOUNTINGFORFINANCIALINSTRUMENTSOMEIMPLICATIONSFORBANKREGULATIONMATERIALSOURCEHTTP冒号/TRANSLATE点GOOLE点COMAUTHORWAY
9、NERLANDSNANABSTRACTIIDENTIFYISSUESTHATBANKREGULATORSNEEDTOCONSIDERIFFAIRVALUEACCOUNTINGISUSEDFORDETERMININGBANKREGULATORYCAPITALANDWHENMAKINGREGULATORYDECISIONSINFINANCIALREPORTING,USANDINTERNATIONALACCOUNTINGSTANDARDSETTERSHAVEISSUEDSEVERALDISCLOSUREANDMEASUREMENTANDRECOGNITIONSTANDARDSFORFINANCIAL
10、INSTRUMENTSANDALLINDICATIONSARETHATBOTHSTANDARDSETTERSWILLMANDATERECOGNITIONOFALLFINANCIALINSTRUMENTSATFAIRVALUETOHELPIDENTIFYIMPORTANTISSUESFORBANKREGULATORS,IBRIEFLYREVIEWCAPITALMARKETSTUDIESTHATEXAMINETHEUSEFULNESSOFFAIRVALUEACCOUNTINGTOINVESTORS,ANDDISCUSSMARKINGTOMARKETIMPLEMENTATIONISSUESOFDET
11、ERMININGFINANCIALINSTRUMENTSFAIRVALUESINDOINGSO,IIDENTIFYSEVERALKEYISSUESFIRST,REGULATORSNEEDTOCONSIDERHOWTOLETMANAGERSREVEALPRIVATEINFORMATIONINTHEIRFAIRVALUEESTIMATESWHILEMINIMISINGSTRATEGICMANIPULATIONOFMODELINPUTSTOMANAGEINCOMEANDREGULATORYCAPITALSECOND,REGULATORSNEEDTOCONSIDERHOWBESTTOMINIMISEM
12、EASUREMENTERRORINFAIRVALUESTOMAXIMISETHEIRUSEFULNESSTOINVESTORSANDCREDITORSWHENMAKINGINVESTMENTDECISIONS,ANDTOENSUREBANKMANAGERSHAVEINCENTIVESTOSELECTINVESTMENTSTHATMAXIMISEECONOMICEFFICIENCYOFTHEBANKINGSYSTEMTHIRD,CROSSCOUNTRYINSTITUTIONALDIFFERENCESARELIKELYTOPLAYANIMPORTANTROLEINDETERMININGTHEEFF
13、ECTIVENESSOFUSINGMARKTOMARKETACCOUNTINGFORFINANCIALREPORTINGANDBANKREGULATIONINTRODUCTIONACCOUNTINGSTANDARDSSETTERSINMANYJURISDICTIONSAROUNDTHEWORLD,INCLUDINGTHEUNITEDSTATES,THEUNITEDKINGDOM,AUSTRALIA,ANDTHEEUROPEANUNION,HAVEISSUEDSTANDARDSREQUIRINGRECOGNITIONOFBALANCESHEETAMOUNTSATFAIRVALUE,ANDCHAN
14、GESINTHEIRFAIRVALUESININCOMEFOREXAMPLE,INTHEUNITEDSTATES,THEFINANCIALACCOUNTINGSTANDARDSBOARDREQUIRESRECOGNITIONOFSOMEINVESTMENTSECURITIESANDDERIVATIVESATFAIRVALUEINADDITION,ASTHEIRACCOUNTINGRULESHAVE5EVOLVED,MANYOTHERBALANCESHEETAMOUNTSHAVEBEENMADESUBJECTTOPARTIALAPPLICATIONOFFAIRVALUERULESTHATDEPE
15、NDONVARIOUSADHOCCIRCUMSTANCES,INCLUDINGIMPAIRMENTEGGOODWILLANDLOANSANDWHETHERADERIVATIVEISUSEDTOHEDGECHANGESINFAIRVALUEEGINVENTORIES,LOANS,ANDFIXEDLEASEPAYMENTSTHEFINANCIALACCOUNTINGSTANDARDSBOARDANDTHEINTERNATIONALACCOUNTINGSTANDARDSBOARDHEREAFTERFASBANDIASBAREJOINTLYWORKINGONPROJECTSEXAMININGTHEFE
16、ASIBILITYOFMANDATINGRECOGNITIONOFESSENTIALLYALLFINANCIALASSETSANDLIABILITIESATFAIRVALUEINTHEFINANCIALSTATEMENTSINTHEUNITEDSTATES,FAIRVALUERECOGNITIONOFFINANCIALASSETSANDLIABILITIESAPPEARSTOENJOYTHESUPPORTTHESECURITIESANDEXCHANGECOMMISSIONHEREAFTERSECINARECENTREPORTPREPAREDFORACONGRESSIONALCOMMITTEES
17、EC,2005,THEOFFICEOFTHECHIEFACCOUNTANTOFTHESECSTATESTWOPRIMARYBENEFITSOFREQUIRINGFAIRVALUEACCOUNTINGFORFINANCIALINSTRUMENTSFIRST,ITWOULDMITIGATETHEUSEOFACCOUNTINGMOTIVATEDTRANSACTIONSTRUCTURESDESIGNEDTOEXPLOITOPPORTUNITIESFOREARNINGSMANAGEMENTCREATEDBYTHECURRENT“MIXEDATTRIBUTE”PARTHISTORICALCOST,PART
18、FAIRVALUESACCOUNTINGMODELFOREXAMPLE,ITWOULDELIMINATETHEINCENTIVETOUSEASSETSECURITIZATIONASAMEANSTORECOGNISEGAINSONSALEOFRECEIVABLESORLOANSSECOND,FAIRVALUEACCOUNTINGFORALLFINANCIALINSTRUMENTSWOULDREDUCETHECOMPLEXITYOFFINANCIALREPORTINGARISINGFROMTHEMIXEDATTRIBUTEDMODELBUT,ASNOTEDINTHESECREPORT,THEREA
19、RECOSTSASWELLASSOCIATEDWITHTHEAPPLICATIONOFFAIRVALUEACCOUNTINGONEKEYISSUEISWHETHERFAIRVALUESOFFINANCIALSTATEMENTITEMSCANBEMEASUREDRELIABLY,ESPECIALLYFORTHOSEFINANCIALINSTRUMENTSFORWHICHACTIVEMARKETSDONOTREADILYEXISTEGSPECIALISEDRECEIVABLESORPRIVATELYPLACEDLOANSBOTHTHEFASBANDIASBSTATEINTHEIRCONCEPTSS
20、TATEMENTSTHATTHEYCONSIDERTHECOST/BENEFITTRADEOFFBETWEENRELEVANCEANDRELIABILITYWHENASSESSINGHOWBESTTOMEASURESPECIFICACCOUNTINGAMOUNTS,ANDWHETHERMEASUREMENTISSUFFICIENTLYRELIABLEFORFINANCIALSTATEMENTRECOGNITIONACOSTTOINVESTORSOFFAIRVALUEMEASUREMENTISTHATSOMEOREVENMANYRECOGNISEDFINANCIALINSTRUMENTSMIGH
21、TNOTBEMEASUREDWITHSUFFICIENTPRECISIONTOHELPTHEMASSESSADEQUATELYTHEFIRMSFINANCIALPOSITIONANDEARNINGSPOTENTIALTHISRELIABILITYCOSTISCOMPOUNDEDBYTHEPROBLEMTHATINTHEABSENCEOFACTIVEMARKETSFORAPARTICULARFINANCIALINSTRUMENT,MANAGEMENTMUSTESTIMATEITSFAIRVALUE,WHICHCANBESUBJECTTODISCRETIONORMANIPULATIONBACKGR
22、OUNDOFFAIRVALUEACCOUNTINGINSTANDARDSETTINGDEFINITIONOFFAIRVALUE6THEFASBDEFINES“FAIRVALUE”AS“THEPRICEATWHICHANASSETORLIABILITYCOULDBEEXCHANGEDINACURRENTTRANSACTIONBETWEENKNOWLEDGEABLE,UNRELATEDWILLINGPARTIES”FASB,2004AASTHEFASBNOTES,“THEOBJECTIVEOFAFAIRVALUEMEASUREMENTISTOESTIMATEANEXCHANGEPRICEFORTH
23、EASSETORLIABILITYBEINGMEASUREDINTHEABSENCEOFANACTUALTRANSACTIONFORTHATASSETORLIABILITY”IMPLICITINTHISOBJECTIVEISTHENOTIONTHATFAIRVALUEISWELLDEFINEDSOTHATANASSETORLIABILITYSEXCHANGEPRICEFULLYCAPTURESITSVALUETHATIS,THEPRICEATWHICHANASSETCANBEEXCHANGEDBETWEENTWOENTITIESDOESNOTDEPENDONTHEENTITIESENGAGED
24、INTHEEXCHANGEANDTHISPRICEALSOEQUALSTHEVALUEINUSETOANYENTITYFOREXAMPLE,THEVALUEOFASWAPDERIVATIVETOABANKEQUALSTHEPRICEATWHICHITCANPURCHASEORSELLTHATDERIVATIVE,ANDTHESWAPSVALUEDOESNOTDEPENDONTHEEXISTINGASSETSANDLIABILITIESONTHEBANKSBALANCESHEETFORSUCHABANK,BARTHANDLANDSMAN1995NOTESTHATTHISISASTRONGASSU
25、MPTIONTOMAKEPARTICULARLYIFMANYOFITSASSETSANDLIABILITIESCANNOTREADILYBETRADEDIWILLRETURNTOTHEIMPLICATIONSOFTHISPROBLEMWHENDISCUSSINGIMPLEMENTATIONOFMARKINGTOMARKETISSUESBELOWAPPLICATIONSTOSTANDARDSETTINGINTHEUS,THEFASBHASISSUEDSEVERALSTANDARDSTHATMANDATEDISCLOSUREORRECOGNITIONOFACCOUNTINGAMOUNTSUSING
26、FAIRVALUESAMONGTHEMOSTSIGNIFICANTINTERMSOFRELEVANCETOFINANCIALINSTITUTIONSARETHOSESTANDARDSTHATEXPLICITLYRELATETOFINANCIALINSTRUMENTSSFASNO119REQUIRESDISCLOSUREOFFAIRVALUEESTIMATESOFDERIVATIVEFINANCIALINSTRUMENTS,INCLUDINGFUTURES,FORWARD,SWAP,ANDOPTIONCONTRACTSITALSOREQUIRESDISCLOSUREOFESTIMATESOFHO
27、LDINGGAINSANDLOSSESFORINSTRUMENTSTHATAREHELDFORTRADINGPURPOSESINTERNATIONALRESEARCHBECAUSEAUSTRALIANANDUKGAAPPERMITUPWARDASSETREVALUATIONSBUT,ASWITHUSGAAP,REQUIREDOWNWARDREVALUATIONSINTHECASEOFASSETIMPAIRMENTS,SEVERALSTUDIESEXAMINETHEDIMENSIONSOFVALUERELEVANCEOFREVALUATIONSINTHESECOUNTRIESMOSTSTUDIE
28、S,INCLUDINGEASTON,EDDEY,ANDHARRIS1993,BARTHANDCLINCH1996,BARTHANDCLINCH1998,ANDPEASNELLANDLIN2000,FOCUSONTANGIBLEFIXEDASSETREVALUATIONSHOWEVER,ABOODY,BARTHANDKASZNIK1999EXAMINETHEASSOCIATIONBETWEENASSETREVALUATIONSFORFINANCIAL,TANGIBLE,ANDINTANGIBLEASSETSFORASAMPLEOFAUSTRALIANFIRMSIN199195FOCUSINGON
29、THEFINANCIALASSETS,ABOODY,BARTHANDKASZNIK1999FINDTHATREVALUEDINVESTMENTSFORFINANCIALFIRMSASWELLASNONFINANCIALFIRMSARECONSISTENTLYSIGNIFICANTLYASSOCIATEDWITHSHAREPRICES7ONEINTERESTINGSTUDYOFDANISHBANKS,BERNARD,MERTONANDPALEPU1995,FOCUSESONTHEIMPACTOFMARKTOMARKETACCOUNTINGONREGULATORYCAPITALASOPPOSEDT
30、OTHEVALUERELEVANCEOFFAIRVALUESFORINVESTORSDENMARKISANINTERESTINGRESEARCHSETTINGBECAUSEDANISHBANKREGULATORSHAVEUSEDMARKTOMARKETACCOUNTINGTOMEASUREREGULATORYCAPITALFORALONGPERIODOFTIMEBERNARD,MERTONANDPALEPU1995FINDTHATALTHOUGHTHEREISEVIDENCEOFEARNINGSMANAGEMENT,THEREISNORELIABLEEVIDENCETHATMARKTOMARK
31、ETNUMBERSAREMANAGEDTOAVOIDREGULATORYCAPITALCONSTRAINTSMOREOVER,DANISHBANKSMARKTOMARKETNETEQUITYBOOKVALUESAREMORERELIABLEESTIMATESOFTHEIREQUITYMARKETVALUESWHENCOMPAREDTOTHOSEOFUSBANKS,THEREBYPROVIDINGINDIRECTEVIDENCETHATFAIRVALUEACCOUNTINGCOULDBEBENEFICIALTOUSINVESTORSANDDEPOSITORSFAIRVALUESMEASUREME
32、NTERRORTHEFIRSTOBVIOUSISSUEBANKREGULATORSFACEISTHATFAIRVALUEESTIMATESOFBANKASSETSANDLIABILITIESWHICHAREPRINCIPALLYFINANCIALINSTRUMENTSARELIKELYTOCONTAINMEASUREMENTERRORIFTHEFINDINGSINBARTH,LANDSMANANDWAHLEN1995RELATINGTOINVESTMENTSECURITIESAREGENERALISEDTOOTHERBANKASSETSANDLIABILITIES,IMPLEMENTATION
33、OFAFULLFAIRVALUEMODELFORRECOGNITIONOFFINANCIALINSTRUMENTSATFAIRVALUECOULDYIELDUNRECOGNISEDGAINS/LOSSESTHATCOULDCAUSEEARNINGSANDREGULATORYCAPITALTOBEMOREVOLATILETHANEARNINGSANDREGULATORYCAPITALBASEDONTHECURRENTHISTORICALCOSTMODELTHISWOULDBEEXPECTEDTOOCCURPARTICULARLYIFMEASUREMENTERRORINBANKASSETSFAIR
34、VALUESWHICHISLIKELYTOBEPOSITIVELYCORRELATEDACROSSASSETSISNOTFULLYOFFSETBYMEASUREMENTERRORINBANKLIABILITIESFAIRVALUESOFCOURSENOTALLEARNINGSORREGULATORYCAPITALVOLATILITYARISINGFROMTHEAPPLICATIONOFFAIRVALUEACCOUNTINGISTHERESULTOFMEASUREMENTERRORBARTH2004MAKESTHEOBSERVATIONTHATTHEREARETHREEPRIMARYSOURCE
35、SOF“EXTRA”VOLATILITYASSOCIATEDWITHFAIRVALUEBASEDACCOUNTINGAMOUNTSRELATIVETOTHOSEDETERMINEDUNDERHISTORICALCOSTTHEFIRSTISTRUEUNDERLYINGECONOMICVOLATILITYTHATISREFLECTEDBYCHANGESINBANKASSETSANDLIABILITIESFAIRVALUETHESECONDISVOLATILITYINDUCEDBYMEASUREMENTERRORINESTIMATESOFTHOSEFAIRVALUECHANGESTHETHIRD,I
36、NDUCEDVOLATILITYARISINGFROMUSINGAMIXEDATTRIBUTEMODELWOULDBELESSOFACONCERNIFALLINSTRUMENTSARERECOGNISEDATFAIRVALUETHERELEVANCE/RELIABILITYTRADEOFFTHATACCOUNTINGSTANDARDSETTERSCONSIDERISCERTAINLYAPPLICABLETOBANKREGULATORSAPRIMARYGOALOFREGULATORSWOULDAPPEARTODEVELOPAFRAMEWORKFORMEASURINGFINANCIALINSTRU
37、MENTSFAIRVALUESANDCHANGESINVALUESOASTOMAXIMISETHERATIOOFAADDITIONALECONOMICVOLATILITYINBANKEARNINGSORCAPITALRATIOSARISINGFROMUSINGFAIRVALUEACCOUNTINGINSTEADOFHISTORICALCOSTTOBADDITIONALVOLATILITYARISINGFROMMEASUREMENTERRORINFAIRVALUEESTIMATESASNOTEDABOVE,ASIGNIFICANTDIMENSIONTOTHISPROBLEMISDETERMINI
38、NGHOWMUCHDISCRETIONTOGIVEBANK8MANAGERSWHENTHEYESTIMATEFAIRVALUESOFTHEIRASSETSANDLIABILITIESBEFORELEAVINGTHEDISCUSSIONOFMEASUREMENTERROR,ITISIMPORTANTTONOTETHATALTHOUGHFAIRVALUEESTIMATESOFBANKASSETSANDLIABILITIESLIKELYCONTAINMEASUREMENTERRORRELATIVETOTRUEECONOMICVALUES,SODOBOOKVALUEESTIMATESCASTINGTH
39、EDEBATEINTERMSOFWHETHERFAIRVALUESARE“GOOD”OR“BAD”ISINAPPROPRIATETHEMOREAPPROPRIATEQUESTIONTOASKISWHETHERFAIRVALUEBASEDFINANCIALSTATEMENTSIMPROVEINFORMATIONINVESTORSRECEIVERELATIVETOINFORMATIONPROVIDEDBYHISTORICALCOSTBASEDFINANCIALSTATEMENTS,ANDWHETHERREGULATIONOFBANKCAPITALWILLBEMOREEFFICIENTUNDERONEACCOUNTINGSYSTEMORTHEOTHER
