將金融危機歸咎于公允價值會計是否公平？【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯外文出處HarvardBusinessReview外文作者RobertC.Pozen原文：原文：IsItFairtoBlameFairValueAccountingftheFinancialCrisisWHATWASTHEPRIMARYCAUSEofthecurrentfinancialcrisisSubprimemtgagescreditdefaultswapsexcessivedebtNoneofthos

2、esaysSteveFbeschairmanofFbesMediasometimepoliticalcidate.Inhisviewmarktomarketaccountingwas“theprincipalreason”thattheU.S.financialsystemmelteddownin2008.DoaccountingrulesactuallypacksuchawallopFreadersnotschooledinfinan

3、cialjargonmarkingtomarketisthepracticeofrevaluinganassetquarterlyaccdingtothepriceitwouldfetchifsoldontheopenmarketregardlessofwhatwasactuallypaidfit.Becausethepracticeallowsfnooutdatedwishfulthinkingvaluationsitisakeyco

4、mponentofwhatisknownasfairvalueaccounting.itisatthecenterofthehottestaccountingdebateindecades.Manybankerspilliedfairvalueaccountingwhenthesuddenseizeupofcreditmarketsinthefallof2008drovetheclearingpricesfkeyassetsheldby

5、theirinstitutionstounprecedentedlows.EconomistBrianWesburyrepresentedtheviewsofthatgroupwhenhedeclared“Marktomarketaccountingruleshaveturnedalargeproblemintoahumongousone.Avastmajityofmtgagescpatebondsstructureddebtsares

6、tillperfming.Butbecausethemarketisfrozenthepricesoftheseassetshavefallenbelowtheirtruevalue.”WesburyFbesarguethatmarkingtomarketpushedmanybankstowardinsolvencyfcedthemtounloadassetsatfiresalepriceswhichthencausedvaluesto

7、fallevenfurther.PersuadedbysuchargumentssomepoliticiansintheUnitedStatesEuropehavecalledfthe3examination.1.HisticalCostAccountingHasNoConnectiontoCurrentMarketValueFairvalueproponentsarguethathisticalcostsofassetsonacomp

8、any’sbalancesheetoftenbearlittlerelationtotheircurrentvalue.Underhisticalcostaccountingrulesmostassetsarecarriedattheirpurchasepriceiginalvaluewithminadjustmentsfdepreciationovertheirlife(asinthecaseofbuildings)fapprecia

9、tionuntilmaturity(asinthecaseofabondboughtatadiscounttopar).Abuildingownedbyacompanyfdecadestherefeislikelytoappearonthebooksatamuchlowervaluethanitwouldactuallycommintoday’smarket.Howeverevenunderhisticalaccountingcurre

10、ntmarketvaluesarefactedintofinancialstatements.U.S.regulatsrequireallpubliclytradedcompaniestoscrutinizetheirassetscarefullyeachquarterertainwhethertheyhavebeenpermanentlyimpaired–thatiswhethertheirmarketvalueislikelytor

11、emainmateriallybelowtheirhisticalcostfanextendedperiod.Iftheimpairmentisnotjusttemparythecompanymustwritetheassetdowntoitscurrentmarketvalueonitsbalancesheet–recdtheresultinglossonitsincomestatement.Permanentimpairmentso

12、fassetshappenfrequentlyunderhisticalcostaccounting.In2008aloneSlerO’Neill&PartnersreptsU.S.bankswrotedownmethan$25billioningoodwillfromacquisitionsthatwerenolongerwththeirpurchaseprice.InanexampleoutsidethebankingfieldCi

13、marexEnergydeclaredalossfthefirstquarterof2009despiteanoperatingprofitowingtoanoncashimpairmentgeofmethan$500million(oftaxes)againstitsoilgasproperties.Thepointisthatevenunderhisticalcostaccountingfinancialinstitutionsar

14、eultimatelyfcedtoreptanypermanentdecreaseinthemarketvalueoftheirloanssecuritiesalbeitmeslowlyinlargerlumpsthanunderfairvalueaccounting.Mostbankexecutivesresistsuchwritedownsarguingthattheimpairmentofagivenloanmtgagebacke