文獻(xiàn)翻譯閱外文題目全面收益觀下的財(cái)務(wù)報(bào)告模式

Therelevanceofthevaluerelevanceli tureforfinancialaccountingstandardsetting:anotherview作者：MaryEBarth，WilliamHBeaver，WayneR.出處：JournalofAccountingandEconomics312001)2.2.Findings:whathaveweThissectionsummarizeswhatwehavelearnedfromthesubsetofvaluerelevanceresearchrelatedtofairvaluesasthebasisforaccountingamounts.Wesummarizethissubsetbecausefairvalueaccountingisaprimaryfocusofasubstantialnumberofvaluerelevancestudies,andhasbeenamajorfocusoftheFASB.11.Althoughoursummaryisnotexhaustive,itservestoillustratewhatwehavelearnedfromvaluerelevanceresearch.Onesetofvaluerelevancestudiesfocusingonfairvaluesrelatestopensionsandotherpostretirementobligations(OPEB).AfundamentalquestionrelatingtopensionsandOPEBiswhetherpensionassetsandliabilitiesandOPEBliabilitiesareperceivedbyinvestorsasassetsandliabilitiesofthefirm.Findingsfromstudiesexaminingthesequestionsindicatethattheyare.However,thestudiesalsofindthattheseassetsandliabilitiesarepriceddifferentlyfromotherrecognizedassetsandliabilities,andtheirpricingmultiplestendtobesmaller(Landsman,1986;Amir,1993).ThesefindingsareconsistentwithpensionandOPEBassetsandliabilitiesbeinglessreliablymeasuredthanotherassetsandArelatedquestionaddressedbythisresearchiswhichoftheavailablealternativemeasuresofpensionassetsandliabilitiesmostcloselyreflectstheunderlyingassetsandliabilitiesofthefirm.Barth(1991)comparestherelevanceandreliabilityofthesealternativemeasuresandfindsthatthefairvalueofpensionassetsmeasuresthepensionassetimplicitinsharepricesmorereliablythanthebookvaluesofpensionassetscalculatedunderAccountingPrinciplesBoardOpinionNo.8(APB,1966)andStatementofFinancialAccountingStandards(SFAS)No.87(FASB,1985a).Relatingtopensionliabilities,Barth(1991)findsthattheaccumulatedandprojectedbenefitobligationsmeasurethepensionliabilityimplicitinsharepricesmorereliablythanthevestedbenefitobligationandthebookvalueofthepensionliabilityunderSFASNo.87.RelatingtoOPEBliabilities,Choietal.(1997)findsthattheaccumulatedpostretirementbenefitobligationismarginallyvaluerelevantandmeasurestheOPEBliabilityimplicitinsharepriceslessreliablythanpensionobligationsdisclosedunderSFASNo.87measurepensionliabilities.RelatingtopensionandOPEBexpense,otherstudiesaddressquestionsregardingtheeffectsofdifferentialriskinessandpersistenceofpensionandOPEBcostsandtheircomponents(e.g.Barthetal.1992;Amir,1996).Findingthecomponentshavepredictablepricingdifferencessuggeststhatdisaggregatedcostsarepotentiallymoreinformativetoinvestorsthanaggregatecosts.Thesestudiesfindthat,consistentwithpredictionsthatpensioncashflowsarelessriskythanothercashflows,pensionandOPEBcostshavelargerabsolutepricingmultiplesthanothercomponentsofearnings.Relatingtothecomponentsofpensioncost,consistentwithpredictions,Barthetal.(1992)findsthatthetransitorypensioncostcomponent,thedeferredreturnonnassets,hasasmallerpricingmultiplethanothermorepermanentcostcomponents,i.e.,servicecost,interestcost,andtherealizedreturnonnassets.Theamortizationofthetransitionassetorliability,whichhasnopermanentearningsimplications,hasazeropricingmultiple.12Amir(1996)testspredictionsrelatingtocomponentsofOPEBcostandfindsthatthecomponentsalsohavepricingmultiplesthatdifferfromeachother.Inparticular,aswithpensioncost,theamortizationofthetransitionliabilityhasazeropricingmultiple.Anothersetofvaluerelevancestudiesaddressesquestionsrelatingtofairvaluesofdebtandequitysecurities,particularlythoseheldbybanksandinsurancecompanies(e.g.,Barth,1994a,b;AhmedandTakeda,1995;Bernardetal.,1995;PetroniandWahlen,1995;Barthetal.,1996;Eccheretal.,1996;Nelson,1996;BarthandClinch,1998).Thefundamentalquestionthesestudiesaddressiswhetherfairvaluesofthesesecuritiesarereliablyestimated.Thestudiesconsistentlyfindthatinvestorsperceivefairvalueestimatesforthesesecuritiesasmorevaluerelevantthanhistoricalcostamounts.Somestudiesalsofindthatthereliabilityofthesecurities’fairvalueestimatesvariespredictablyacrosstypesofsecuritieswiththeextentofexpectedfairvalueestimationerror.Inparticular,theyfindthatthinlytradedsecurities,whichhavemorefairvalueestimationerrorthanmoreactivelytradedsecurities,evidencelessreliability.Finally,somestudiesaddressthequestionofwhethertheassetfairvalueestimatesandfairvaluesecuritiesgainsandlossesareequallyreliable.Inparticular,Barth(1994a,b)findsthatfairvalueestimationerrorisexacerbatedforsecuritiesgainsandlosses,whicharebasedonchangesinfairvalues,relativetoestimationerrorassociatedwithfairvaluesthemselves.Infact,theestimationerrorinsecuritiesgainsandlossescanbesubstantialenoughtoeliminateitsvaluerelevance.Anothersetofvaluerelevancestudiesaddressesquestionsrelatingtofairvalueestimatesofbankloans.Reliabilityofloansfairvaluesisquestionablebecausebankmanagerswhoreportthemassertthattheestimates’purportedlackofreliabilityissufficienttofailtheFASB’sreliabilitycriterion.Contrarytobankers’assertions,Barthetal.(1996)findsthatinvestorsperceivefairvaluesofbankloansasreflectingunderlyingvalueswithmorerelevanceandreliabilitythanhistoricalcostamounts,althoughEcheretal.(1996)andNelson(1996)donotfindthis.Becausebankmanagershaveincentivestoexercisetheirdiscretioninestimatingloanfairvalues,somestudiesaddresswhetherexerciseofthisdiscretionreducestheestimates’reliability.Barthetal.(1996)findsevidenceconsistentwithdiscretionreducingreliabilityinthatpricingmultiplesonloanfairvaluesarepredictablylowerforbankswithlowerregulatorycapital.managementdiscretioninestimatingloanfairvaluesdoesnotcompleyeliminatetheirvaluerelevance.Incontrast,BeaverandVenkhalam(2000)findsthatpricingmultiplesonthediscretionarycomponentofloanfairvaluesarehigherthanthoseonthenon-discretionarycomponent,whichisconsistentwithasignallingmotivationforthediscretionarybehavior(Beaveretal.,1989).Anothersetofvaluerelevancestudiesaddressesquestionsrelatingtofairvalueestimatesofderivatives.Aswithallfinancialinstruments,afundamentalquestionthesestudiesaddressiswhetherderivativefairvalueestimatesarereliable.However,thereliabilityofderivatives’fairvaluesisparticularlyquestionablebecauseestimationtechnologyandmarketsfortheseinstrumentsareonlydevelo.Thestudiesfindthatinvestorsperceivederivatives’fairvaluesasreflectingunderlyingeconomicamountswithmoreprecisionthantheirnotionalamounts(e.g.,Venkhalam,1996).However,Wong(2000)showsthattheestimationerrorinherentinderivatives’fairvaluespermitsnotionalamountstoconveyincrementalinformation.作者：MaryEBartha，WilliamHBeavera，WayneR.出處：JournalofAccountingandEconomics312001)2.2，，一組關(guān)于公允價(jià)值的價(jià)值相關(guān)性研究涉及到了和其它退休后福利關(guān)于和其它退休后福利的一個(gè)基本問(wèn)題是資產(chǎn)與負(fù)債和退休后福利負(fù)債是否將被投資者視作企業(yè)的資產(chǎn)與負(fù)債。在本研究中了這些問(wèn)題，并它資產(chǎn)與負(fù)債，并且，其定價(jià)倍數(shù)通常較低（蘭，1986；，1993）。這些研究結(jié)果符合該情況：與其它資產(chǎn)及負(fù)債相比及退休后福利資產(chǎn)與，，本研究還涉及到另一個(gè)相關(guān)問(wèn)題在眾多針對(duì)資產(chǎn)和負(fù)債的有效替代這些替代測(cè)量的相關(guān)性與準(zhǔn)確性，并發(fā)現(xiàn)，與根據(jù)會(huì)計(jì)原則意見第8條(會(huì)計(jì)原則,1966)及財(cái)務(wù)會(huì)計(jì)準(zhǔn)則公告第87條(財(cái)務(wù)會(huì)計(jì)標(biāo)準(zhǔn),1985)所核算的資產(chǎn)賬面價(jià)值相比，資產(chǎn)的公允價(jià)值能更準(zhǔn)確地測(cè)積和預(yù)計(jì)的福利義務(wù)能更準(zhǔn)確地測(cè)量暗含在股價(jià)中的負(fù)債。關(guān)于退休后響、，現(xiàn)金流，而與這種預(yù)測(cè)相一致的是，與工資的其它組成部分相比及退休別是，正如成本一樣，過(guò)渡性負(fù)債分期償還的定價(jià)倍數(shù)為零。，另一組價(jià)值相關(guān)性研究中論述的問(wèn)題涉及了權(quán)益及的公允價(jià)值尤的根本問(wèn)題是，該有價(jià)的公允價(jià)值的估算是否準(zhǔn)確可靠。另一組價(jià)值相關(guān)性研究論述的問(wèn)題涉及到銀行的公允價(jià)值評(píng)估公算不可靠性足以使財(cái)務(wù)會(huì)計(jì)標(biāo)準(zhǔn)的可靠性準(zhǔn)則失效與銀行家的斷言相反，款的公允價(jià)值可以體現(xiàn)具有相關(guān)性和可靠性的潛在價(jià)值，雖然，埃切爾（以較低資本的銀行來(lái)說(shuō)，自由裁量權(quán)削減了公允價(jià)值定價(jià)倍數(shù)的可靠性，理層決斷自主權(quán)并沒(méi)有完全消除其價(jià)值相關(guān)性相反和文卡塔查2000）致（，以及其他人，1989）。Iscomprehensive esuperiortonet easameasureoffirmperformance?作者：DanDhaliwal,K.R.Subramanyam,Robert出處：JournalofAccountingandEconomics26(1999)43-5.SummaryandThisstudy’smajorfindingsareasfollows.Wefindnoclearevidencethatcomprehensiveeisonaveragemorestronglyassociatedwithreturnsthan e,andcomprehensive eislessstronglyassociatedwiththemarketvalueofequityandpredictsfutureoperatingcashflowsand worsethannete.Further,themarketablesecuritiesadjustmentistheonlycomponentofSFAS130‘othercomprehensive e’thatimprovestheassociationbetween eandreturns.Additionalysisindicatesthatthelatterfindingisdrivenbyfinancialsectorfirms.Ourresultshavethefollowingimplications.First,ourresultsdonotsupporttheclaimthat emeasuredonacomprehensivebasisisabettermeasureoffirmperformancethanothersummary emeasures.Second,withtheexceptionofthemarketablesecuritiesadjustment,thecomponentsofSFAS130‘othercomprehensivee’merelyaddnoisetocomprehensivee.Thus,theFinancialAccountingStandardsBoardmaywanttoreexaminetherequirementtoincludetheseitemsincomprehensive e.Finally,ourinsignificantresultsfornon-financialindustriesbringintoquestiontheusefulnessofmandatinguniformcomprehensive edisclosuresforallTheinferencesdrawninthisstudyaresubjecttoanimportantcaveat.Althoughwedoprovideevidenceonwhichcomprehensiveeadjustments e’sabilitytosummarizefirmperfo