1、 2 外文翻译 3 原文 The Value Relevance of Fair Value Material Source:Transit Stud Rev (2010) Author:Adela Deaconu Anut， a Buiga Cristina Silvia Nistor This paper investigates the value relevance of revalued tangible assets and its variation depending on industry, size of the firm and age of revalued amoun
2、ts. It examines the reaction of investors on the Romanian market, a developing market, in the period of economic growth between 2003 and 2007, before Romanias adherence to the European Union. Also, it suggests a model which allows for the comparative analysis of the influence over share price attrib
3、uted to two equity growth sources: revaluation reserves and operational profit. The findings confirm the central hypothesis of the studyrevaluated amounts of tangible assets are value relevantand verify the predictive and feedback value, timeliness, reliability, and the possibilities for fair value
4、implementation, characteristics which have been selected for testing. However, the results are less consistent than the o utcome of the variable which reflects the equity growth due to profit, which leads to a moderate value relevance of fair value in the case of revaluated tangible assets. The valu
5、e relevance analysis on clusters verifies the established hypotheses regarding the superiority of value relevance for the manufacturing sector as opposed to the service sector and of revaluations older than 2 years compared to more recent revaluations. The hypothesis regarding higher value relevance
6、 of revaluated amounts disclosed by large firms compared to SME is not confirmed, as only the latter presented significant statistical values. The quality of accounting information is a complex and hard to establish concept. According to the internationally accepted accounting system of reference, r
7、elevance is one criterion under which quality can be assessed. 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 models that compete and comple
8、te each other i.e. the historical cost model and the fair value model. With respect to fair value, approaches go from historical to social aspects, comprising both fiscal and economic implications. Moreover, fair value is considered both from a conceptual and implementation of techniques perspective
9、. 4 It is described in the academic literature, in regulations of professional bodies (accounting, asset valuation), in papers issued by public authorities and capital markets, in presentations given by accounting experts and renowned accounting firms. The studies mentioned above are theoretical, te
10、chnical or based on empirical tests. More often than not, in the context of financial reporting, the role played by fair value is underlined by comparison to historical cost, which represents its alternative in the valuation of assets or firms. Fair value is designated as a paradigm, model, principl
11、e or valuation base. The following authors conducted studies that focused 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 supported the u
12、sage 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 Committee (IVSC). There is also another category of stud ies which is closer to our resea
13、rch as it has analyzed, through an empirical approach, the relation between fair value disclosed in financial reporting and the reaction of the market, providing solutions for measuring this relation (e.g. Barth 1994; Barth et al. 1992; Muller and Riedl 2002; Herrmann et al. 2006). Some studies are
14、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 relevant decisions. Other studies, in larger numbers, consider fair value more relevant than historical cost which would represent the mai
15、n argument for the decreased trust in disclosed information (Lev and Zarowin 1999). The multiple advantages identified by certain authors can be summed up in the following attributes of the fair value: utility, relevance, transparency, superior accuracy of the entitys result and cash-flow, the accou
16、ntability of managers. All these advantages exist as long as fair value enables users of accounting information to make decisions and predictions in relation to their own actions. In this study we will develop these ideas to the extent in which this allows us to support the relevance and the importa
17、nce of fair value with respect to accounting information quality assurance (Deaconu et al. 2008). Fair value is not generalized in any accounting system, it coexists with historical cost. Its stipulation in the professional standards, hence its implementation into practice and the academic studies o
18、n its impact, has started with the 5 implementation of financial instruments, then has spread to investment property, investments in agriculture and other transactions which call for discounting and market comparison. Accounting Information and Fair Value The three measurement criteria for relevance
19、 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 referring to relevance and reliability which represents another qualitative characteristic.
20、Finally, along with these four criteria, we believe it is essential to analyze the relation between relevance and the possibilities for fair value implementation. (a) The predictive value is mostly cited by authors of different studies whenever they wish to establish relevance. They have empirically
21、 tested the dependence of predictions (their dispersion) upon the disclosed accounting informatio(Livnat 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 accounting information, although there is n
22、ot sufficient empirical evidence to support this (Herrmann et al. 2006). These authors state that it is easier to demonstrate the predictive value in two particular cases: the liquidation of the entity and the dividend restrictions in some countries. Another study shows that fair value established f
23、or revaluated assets is more relevant than historical cost if the impacts on the share price and on the share return are analyzed (Barth and Clinch 1999). The argument behind this correlation is the fact that fair value improves the predictions on futures earnings, hence the prediction on dividends.
24、 It is argued that the more reliable the accounting information is, considering fair value as well, the more accurate the predictions are (Inder and Myung-Sun 2003). (b) Secondly, fair value assures the feedback expected by users from the accounting information subsequent to their predictions. The a
25、rgument is based on the fact that fair value, as opposed to historical cost, reflects the evolution of the market. (c) Timeliness is verified by the existence of information available to decision makers before it loses its capacity to influence their decisions (Herrmann et al. 2006). The study menti
26、oned supports the importance of fair value in assuring timeliness, through the 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 6 current values for tangible assets when negotiating with certa
27、in strategic industries. Barth and Clinch (1999) show that provided fair value is reliably measured from the point of view of investors it assures timeliness. (d) With respect to the relevancereliability relation, it is argued that relevance is the advantage of fair value whilst reliability is assur
28、ed in a higher degree by historical 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 criteria indicated by the FASB to be used
29、when choosing between accounting alternatives (Barth 1994). The influence of relevance and reliability can be established by measuring the effect of historical cost and fair value over the share price. A confirmation of the association between the reliability given by investors to fair value measure
30、ments and the timeliness of recognizing tangible assets at such a value can be found in the article written by Muller and Riedl (2002). The study shows that resorting to an external valuer rather than an internal valuation (conducted by the manager) offers a higher reliability to fair value because
31、it reduces the information asymmetry and the cost of capital. In the US the advocates of fair value accounting, such as the FASB, use the argument that fair value for assets, liabilities and earnings has a higher relevance than historical cost (Barth 1994; Inder and Myung-Sun 2003). This point of vi
32、ew has also been adopted by the Securities and Exchange Commission (SEC). The purpose of this study does not involve providing detailed information regarding values that represent fair value applications for tangible assets (market value, value in use and net replacement cost), nor does it imply det
33、ails concerning the contribution of national bodies to the assurance of fair value reliability 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 would decrease the risk
34、of establishing less reliable fair values on the market in question. 公允价值的价值相关性 资料来源 ： 交通梭哈牧师 (2010)17:151 169 作者：阿德拉安娜妮西尔维娅克里斯蒂娜 本文考察了有形资产的价值重估以及对相关行业影响的不同变化，还有重估金额年龄的大小。它探讨了从 2003 年至 2007 年期间，投资者对罗马尼亚的经济市场加入欧盟的反应。此外，还提出一种模式，用来对比分析其影响。股7 价公平的增长归因于两个来源：重估储备和经营利润。调查结果证实了有形资产价值的有关金额，并确认了关于反馈价值的 预测，包括及
35、时性、可靠性。通过公允价值实施的可能性，以选定特征测试中心的假说。然而，由于利润导致了结果不一致现象，反应了公平的增长发展。那么在结果一致而又导致了温和价值的情况下，公允价值要重新评估与有形资产相关的案件。对集群价值相关性分析，验证了关于制造业的价值优势。由此建立了相关的假设，而不是采用最近两年以上的重估比。该假说对价值较高的中小企业进行比较，公司重新披露数额的相关性没有得到证实，因为只有后者呈现明显的统计值。 会计信息的质量是一个复杂和难以建立的概念。根据国际公认的会计制度的参考，相关性是在一 个标准下的质量进行评估。这一标准可以衡量通过由某些估价模型的选择，如会计模式的实施所引发的效应差异
36、性分析。目前有两种模式，互相竞争和补充，即历史成本模式与公允价值模式。关于公允价值的研究途径是从历史到社会各方面，包括财政和经济影响。 这是学术文献中描述的，在专业机构（会计，资产评估）和资本市场上发行的文件、规定，由会计专家 和著名 的会计师事务所给予介绍。上述论文理论或技术以经验为依据测试。通常情况下，在财务报告中，公允价值所起的作用是强调了与历史成本相比较，这代表着公允价值在资产或企业估值的选择。公允价值被作 为一个范例模型、原则或计价基础。 这些作者： Casta 和 Colasse （ 2001） ， Holmes（ 2002） ， Obert （ 2004）从理论和实践的角度对公允
37、价值模式进行了重点研究。此外，资产评估规范支持了公允价值的用法：如财务会计准则委员会、国际会计准则委员会、国际评估准则委员会。还有一个研究的类别更接近我们的研究，就是采用实证分析 在财务报告中披露公允价值与市场的反应的关系（ Barth1994； Barth1992； Muller和 Riedl2002； Hermann 2006 年）。 一些研究是对公允价值使用 带来的好处表示怀疑。它的主要缺点是它的波动性，会给利益相关者作出决定的带来风险。其他多数的论文考虑公允价值与历史成本相比哪个能更好的披露会计信息 （ Lev 与 Zarowin 1999 年） 。 某些作者认为公允价值可能具有多重优
38、势，并总结了公允价值的下列属性：实用程序、相关性、透明度、具体的成果和现金流量，以及管理人员问责制。所有这些优势，只要存在公平值，就会使会计信息使用者作出有利于自己的行动和预测。在本次研究中我们会发展这些认识的思想程度，并允许我们去支持公允价值关于会计信息质量保证的重要性 （ Deaconu 等人 2008） 。 公允价值不包括在任何会计制度内，它与历史成本并存。公允价值有规定的专业标准，因此它实践并影响的学术研究，已开始蔓延到金融工具的实施，如在贴现和调用时与其他交易市场做投资比较。 8 会计信息与公允价值 这三个测量标准由美国人最先提倡，规范地验证了公允价值的实施并主张通过与历史成本计价相
39、比较。此外 ， 比较这两个估价模型同时又具有相关性和可靠性，代表另一个定性的特点。最后 ， 根据这四个标准 ， 我们相信这样分析公允价值实现的可能性是有必要的。 （一）预测值主要是引用不同作者的研究联想并建立的相关性。他们实践检验了 过分依赖分散会计信息披露后的预测结果（ Livnat 和 Zarowin 1990；Barth1991 年； Francis 和 Schipper1999 年）：公允价值的假设虽然没有足够的经验和证据能去证明，但它可以增加会计信息的预测价值 （ Herrmann 等人， 2006年 ） 。这些作者的论述，更容易证明在两个具体案件的预测价值 ： 在一些国家有清算实体
40、和股息的限制。另一项研究表明 ， 如果对股价和股票收益的影响进行分析，重新评估资产的公允价值比历史成本更重要 （ Barth 和 Clinch1999 年）。这些论点的背后相关的事实是 ， 公允价 值提高了期货盈利。我们可以认为，公允价值是更可靠的会计信息，它能考虑到会计信息的准确性并能准确的预测信息 （ Inder 和 Myung-Sun2003 年 ）。 （二） 其次，公允价值保证会计信息使用者预测后所期望的结果。这个论点是基于这样一个事实：公允价值不同于历史成本，它反映市场的发展。 （三） 及时性验证了信息可用性对决策者决策的影响 （ Herrmann 等人2006） 。 该研究支持了公
41、允价值确保时效的重要性，要求金融债权人为交换提供担保的贷款。实证 表明（ Barth 和 Clinch1999 年）， 公允价值是确保投资者及时 性方面提供可靠计量。 （四）关于相关性可靠性的关系，有人认为公允价值的可靠性优势，是在一个比历史成本更高的程度为保证。然而正如我们上面所说，公允价值有一个可靠的预测值和较高的时效性信息。相关性和可靠性是最重要会计处理方法（ Barth 1994） ，建立在股票价格基础上的历史成本和公允价值可以通过测量来判断相关性和可靠性的影响 （ Muller 和 Riedl 2002 年）。 研究表明，外部评估师不同于内部评估（由经理进行），他可以提供更高的可靠性以及公平价值，因此减少了信息不对称和资本成本。在美国，公允价值计量模式的倡 导者，如财务会计准则委员会，认为公允价值比历史成本具有更高的相关性 （ Barth 1994；Inder 和 Myung-Sun 2003） ，这种观点证券交易委员会也表示赞同 （ SEC） 。 本 文 研究目的不包括提供公允价值 相关 （市场价值，使用价值与净重置成本）应用的详细资料 ，也不提供国家机构对公允价值可靠性与相关性的保证 。但是我们认为，如果在监督管理机构或者执行机关并没有提供实施指南，会降低公允价值在相关市场组织的可靠性。
