文献翻译阅外文题目全面收益观下的财务报告模式

Therelevanceofthevaluerelevanceli tureforfinancialaccountingstandardsetting:anotherview作者：MaryEBarth，WilliamHBeaver，WayneR.出处：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.出处：JournalofAccountingandEconomics312001)2.2，，一组关于公允价值的价值相关性研究涉及到了和其它退休后福利关于和其它退休后福利的一个基本问题是资产与负债和退休后福利负债是否将被投资者视作企业的资产与负债。在本研究中了这些问题，并它资产与负债，并且，其定价倍数通常较低（兰，1986；，1993）。这些研究结果符合该情况：与其它资产及负债相比及退休后福利资产与，，本研究还涉及到另一个相关问题在众多针对资产和负债的有效替代这些替代测量的相关性与准确性，并发现，与根据会计原则意见第8条(会计原则,1966)及财务会计准则公告第87条(财务会计标准,1985)所核算的资产账面价值相比，资产的公允价值能更准确地测积和预计的福利义务能更准确地测量暗含在股价中的负债。关于退休后响、，现金流，而与这种预测相一致的是，与工资的其它组成部分相比及退休别是，正如成本一样，过渡性负债分期偿还的定价倍数为零。，另一组价值相关性研究中论述的问题涉及了权益及的公允价值尤的根本问题是，该有价的公允价值的估算是否准确可靠。另一组价值相关性研究论述的问题涉及到银行的公允价值评估公算不可靠性足以使财务会计标准的可靠性准则失效与银行家的断言相反，款的公允价值可以体现具有相关性和可靠性的潜在价值，虽然，埃切尔（以较低资本的银行来说，自由裁量权削减了公允价值定价倍数的可靠性，理层决断自主权并没有完全消除其价值相关性相反和文卡塔查2000）致（，以及其他人，1989）。Iscomprehensive esuperiortonet easameasureoffirmperformance?作者：DanDhaliwal,K.R.Subramanyam,Robert出处：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