公允价值会计外文文献翻译财务2014年译文3200字

文献出处：Barth M E, Landsman W R. The influence of fair value accounting on the banking industry [J]. Journal of banking & finance, 2014, 19(3): 577-605s
（声明：本译文归百度文库所有，完整译文请到百度文库。

）
原文
The influence of fair value accounting on the banking industry
Barth M E, Landsman W R
Abstract
Since the eighties of the twentieth century，FASB and IASB decided to spare no effort to promote the application of the fair value in accounting standards in order to reduce the financial risks from Financial derivatives. However, banking and financial regulatory authorities have questioned the reliability of fair value. In addition, they have thought that the application of the fair value will increase the volatility of financial situation and business performance; and then, it can affect the stability of financial system. In 2007, the outbreak of sub-prime mortgage crisis made fair value become a hot topic. Basic economic theory using fair value accounting for financial institutions for financial report provides a reasonable basis (Heaton et al., 2010).The so-called Fair Value (Fair Value) is in the process of trading assets or liabilities, familiar with the market situation of the voluntary exchange assets or debt liquidation identified price. As a relatively new measurement model, fair value can provide more real-time, useful information to market participants, and thus more valuable.
Key words: Fair value; Banking; Financial instruments.
1 Introduction
In the traditional economic environment, historical cost has been in a leading position. In external market price is relatively stable, can generally accompanied by risks and rewards of complete transfer deals, the historical cost, despite of its rationality. And financial accounting emphasizes the fiduciary responsibility, pay more attention to the reliability of the accounting information authenticity, historical
cost measurement can meet the demand of this kind of information to a certain extent.
Historical cost measurement, however, is not perfect, began in the late 60 s inflation, said with nominal currency non-monetary assets continue to rise, the market price of the book value is much lower than market price, therefore, on the basis of the historical cost financial statements to distort the real performance of enterprise management. Through further research, points out that after the 1980 s due to the rapid development of the financial instruments, financial assets and financial liabilities of price fluctuations is very intense, on the basis of the historical cost measurement model can't reflect the market fluctuations caused by price fluctuations, therefore, fair value accounting arises at the historic moment. In addition, from the fiduciary duty to decision-making useful accounting target also create conditions for the emergence of the fair value measurement.
Different accounting objectives is different to the requirement of measurement, the decision-making useful concept requires fair value, the historical cost measurement and the concept of fiduciary duty requirement. About the causes of the fair value accounting, many scholars believe that fair value to the attention of the relevance of accounting information quality is the main reason. This is because, the usefulness of accounting information is a function of relevance and reliability. Different users of accounting information under the environment of there is a difference on the relevance and reliability requirements. When interest rates and asset values steady, the historical cost can be on the premise of guarantee the reliability of meet the relevant requirements. With the development of knowledge economy and the application of financial instruments, interest rate and asset values established stable this assumption is no longer, the correlation of accounting information users of accounting information demand.
2 In the banking industry faced by the use of fair value accounting problems
The application of fair value accounting in the banking sector after a from table to table, from simple to complex, from a specific financial instruments to the entire process, so that all assets and liabilities of financial instruments. But the application of fair value accounting is not plain sailing, bankers and regulators strongly opposed to
the fair value of sharply criticized the show the shortcomings in the practical application. Points out that, due to the use of fair value accounting, financial instruments during the surviving caused by changes in the profit and loss may not be able to provide very relevant information may even use personnel misleading statements.
This view in the subprime mortgage crisis in 2008 for."Apocalypse of the us subprime crisis to our country the article mentioned that us financial giants blame said, according to the fair value of asset-backed securities (ABS), mortgage backed securities (MBS) and collateralised debt obligation (CDO) measured grades: debt products, lead to financial institutions to confirm unrealized (unrealized) and no cash flow (non - cash flow) of huge losses. These paper losses caused investors panic to sell the stock holding subprime product financial institutions. This irrational speculation in turn forced financial institutions at any cost, reduce the risk of subprime products exposed positions in the account further confirm the impairment loss, the subprime crisis have been intensified. In addition to the pro-cyclical effect, the reliability of fair value accounting also has certain problem.
3 The influence of fair value accounting for the banking industry
Because the United States have developed capital market and the perfect regulation system, relatively easy to eliminate the noise of other factors on the use of the fair value interference, therefore at present about the fair value of the empirical studies are mainly concentrated in the securities market. In general, the scholars on the research of the fair value on the banking industry can be roughly divided into the following three aspects: the fair value of the impact on the volatility of earnings and capital, the influence of fair value accounting on banking market behavior and the influence of fair value accounting for banking supervision behavior.
Based on the concept of assets and liabilities, the fair value of assets and liabilities have been reflected on the balance sheet, and practice relation between financial statements determines the change of a report item is bound to cause another corresponding changes in the project, so the profit and loss account confirmation of unrealized profits inevitably affected by fair value.Hodder, Hopkins and wahlen (2006)
to 202 American Banks of financial data from 1996 to 2004 as samples, to calculate the net income and comprehensive income (including the part of the fair value of financial instruments) and the fair value of the comprehensive income (including all of the fair value of financial instruments) of the three alternative income index fluctuation degree, and examined the different degree of volatility index of risk., according to the results of comprehensive income is twice the net income, and the fair value of income is three times under the comprehensive income, net income of 5 times. Barth (2004) should be based on economic substance behind the fluctuation of earnings volatility. Although some may question the volatility by factors such as the reliability of the valuation models and management manipulation, but the empirical research results show that the increase in earnings volatility to a certain extent, reflects the real business environment faced by firms, the risk early warning effect. While Plantin Sapra and Shin (2004) study put forward different views. Mark-to-market accounting they think will make the market price fluctuations under the influence of artificial factors. This volatility to reduce the information content of market prices, led to economic inefficiencies. For comments, the author thinks that, relative to the historical cost, fair value can more reflect the market value of bank assets and liabilities in a timely manner, and can be reflected in the income statement and balance sheet. In the normal operation of the external market, fair value can be more fair to reveal the bank's business performance, financial status and risk management information, increased the transparency of financial information, more conducive to investors to make decisions.
Ernst & Young in 1993 and 1993, two years in a row against SFASll5 effect of questionnaire. In the questionnaire for the first time, more than half of the respondents believe that using SFAS115 will change their investment behavior, more than 95% claimed that can shorten the duration of the debt securities investment, about 40% think that increases the hedging activities, there are also some reply that may reduce the proportion of securities investment. The second questionnaire in the criterion has run after a period of time.60% of respondents claimed that actually has been changed the investment strategy, shortened the duration of the portfolio, and to reduce the
mortgage securities. Beatty (1995) study is in line with the results of the questionnaire. To cope with the due to the influence of SFAS115 implementation, Banks to reduce the proportion of holdings of securities investment, shorten the term securities, and when the bank average leverage and rights and interests of the average declines, the classified as available for sale securities held by the proportion of class will decline. Rule of the evidence suggests that the bank of the rights and interests of fluctuations caused by concerns led to the changes of bank portfolio management practices.Hara, m. (1993) focuses on the influence of market value accounting for loan maturity date, the study found that in the long-term of non-current assets fair value information asymmetry may result in an increase in long-term interest rates, Banks tend to make short-term loans to borrowers face excessive settlement problem.
Hodder (2002) to 230 listed commercial Banks from 1993 to 1995 data as sample, the study found that, regardless of the implementation rule of SFAS115 successively, Banks into available for sale financial assets (AFS) was down; The early implementation of SFAS115 weak capital bank more assets to divide the available for sale financial assets, because this kind of bank intends to use securities regulatory capital unrealized gains. And when the regulatory capital falls, bank interest rate risk and credit risk according to modify portfolio holdings, which reduced portfolio, reduce the interest rate risk and credit risk; The interest rate of bank's loan portfolio risk after implementing SFAS115 increased. Securities management can not divided into AFS (for example, all securities classified as held-to-maturity) to eliminate the impact of regulation, but the division and the bank's liquidity.
Under fair value accounting, conform to the requirements of the standards of financial instruments must be confirm measurement in the report, making it easier for the bank performance is affected by the capital market and presents the volatility, trigger regulatory intervention. For such situation, Banks tend to decompose and externalized the risk of those who belong to the traditional banking activities, through the hedging accounting, securitization, or transfer the risk to the customer (such as a floating interest rate or short-term loan contract) means of minimizing exposure risk positions in the fair value measurement, and at the expense of long-term customer
relationships and investment needs at the expense of the pursuit of short-term goals.
译文
公允价值会计对银行业的影响
巴斯，兰兹曼
摘要
20 世纪80 年代以来，金融衍生工具大量出现，为了减少随之而来的金融风险，财务会计准则委员会（FASB）和国际会计准则理事会(IASB)决定不遗余力地推广公允价值在会计准则中的应用。

但是，银行业和金融监管当局一直质疑公允价值的可靠性，认为公允价值的使用会增加财务状况和经营业绩的波动性，进而影响到金融系统的稳定。

次贷危机的爆发更是将公允价值推到风口浪尖上。

基础经济学理论为金融机构采用公允价值会计进行财务报告提供了合理依据(Heaton et al.,2010)。

所谓公允价值(Fair Value)指的是在资产或负债的交易过程中,熟悉市场交易情况的双方自愿进行资产的交换或债务清算时所确定的价格。

作为一种较为新兴的计量模式,公允价值可以向市场参与者提供更加实时、有用的信息,因而更具价值相关性。

关键词：公允价值银行业金融工具
1引言
在传统的经济环境中，历史成本一直处于主导地位。

在外部市场价格相对稳定，风险和报酬一般能伴随着交易的完成而完全转移的情况下，历史成本有其存在的合理性。

并且财务会计强调受托责任，更加注重财务信息的可靠性余真实性，历史成本计量在一定程度上可以满足这种信息需求。

然而，历史成本计量不是完美无缺的，60 年代后期开始的通货膨胀，以名义货币表示的非货币性资产的市场价格不断上涨，账面价值远远低于市场价格，因此以历史成本为基础的财务报表歪曲了企业经营的真实业绩。

通过进一步研究指出，20 世纪80 年代之后由于金融工具的迅速发展，金融资产和金融负债的价格波动非常剧烈，以历史成本为基础的计量模式无法反映经市场波动所带来的
价格波动，因此，公允价值会计应运而生。

除此以外，会计目标由受托责任向决策有用转变也为公允价值计量的出现创造了条件。

不同的会计目标对计量的要求存在差异，决策有用观要求公允价值计量，而受托责任观要求历史成本计量。

关于公允价值会计的产生原因，很多学者认为，对相关性会计信息质量的重视是公允价值产生的主要原因。

这是因为，会计信息的有用性是相关性和可靠性的函数。

不同的环境之下会计信息使用者对相关性和可靠性的要求存在差别。

在利率和资产价值稳定时，历史成本可以在保证可靠性的前提下满足相关性要求。

随着知识经济的发展和金融工具的大量应用，利率和资产价值稳定这一假定不再成立，会计信息使用者对会计信息的相关性要求提高。

2银行业中运用公允价值会计所面临的问题
公允价值会计在银行业的应用经过了一个从表外到表内、从简单到复杂、从特定的金融工具到全部金融工具以至全部资产负债的过程。

但公允价值会计的应用并非一帆风顺，银行界及其监管机构强烈反对采用公允价值，大力抨击其在实际应用中表现出的缺点。

指出，由于使用公允价值会计，金融工具在其存续期间引起的损益的变动可能不能提供非常相关的信息甚至可能误导报表使用人员。

这种观点在2008 年发生的次贷危机中得到了印证。

美国金融巨头们指责说，按公允价值对资产支持证券(ABS)、抵押贷款支持证券(MBS)和抵押债务债券(CDO)等次债产品进行计量，导致金融机构确认未实现(unrealized)且未涉及现金流量(non-cash flow)的巨额损失。

这些“账面损失”造成投资者恐慌性地抛售持有次债产品金融机构的股票。

这种非理性的投机行为反过来又迫使金融机构不惜代价降低次债产品的风险暴露头寸，在账上进一步确认减值损失，这又加剧了次贷危机。

除了顺周期效应外，公允价值会计的可靠性也存在一定的问题。

3公允价值会计对银行业的影响
由于美国有发达的资本市场和较完善的监管制度，比较容易排除了其他因素对公允价值运用的干扰，因此目前关于公允价值的实证研究主要集中在美国证券市场。

学者对公允价值关于银行业的研究大致可分为以下三个方面：公允价值对收益与资本波动性的影响、公允价值会计对银行市场行为的影响以及公允价值会计对银行监管行为的影响。

（本译文归百度文库所有，完整译文请到百度文库）
基于资产负债观，资产和负债的公允价值已经在资产负债表上反映，而财务报表之间的钩稽关系决定了一张报表项目的变化必然会引起另一张相应项目的变动，因此在损益表上确认的未实现利润必然受到公允价值计量的影响。

Hodder，Hopkins and wahlen(2006)以202 家美国银行1996 年至2004 年的财务数据为样本，计算了净收益、综合收益(包括部分金融工具的公允价值变化)和全面的公允价值收益(包括所有金融工具的公允价值变化)这三种替代收益指标的波动程度，并检验了这些不同波动程度指标的风险相关性。

结果显示，综合收益的波动程度是净收益的 2 倍，而公允价值收益的波动程度是综合收益下的 3 倍，净收益的 5 倍。

Barth(2004)认为应该根据波动背后的经济实质对收益波动性区别对待。

虽然有人质疑这种波动性可能受到估值模型的可靠性和管理层操纵行为等因素的不利影响，但是经验研究结果表明，增加的盈利波动在一定程度上反映了企业所面临的真实的经营环境，对风险起到预警的效果。

而Plantin，Sapra and Shin(2004) 的研究却提出了不同的观点。

他们认为盯市会计会使得市场价格波动受到人为因素的影响。

这种波动性减少了市场价格的信息含量，导致了经济的无效性。

对于上述言论，笔者认为，相对于历史成本而言，公允价值能更加及时地反映银行资产和负债的市场价值变化，并能在利润表和资产负债表中得以体现。

在外部市场正常运行的时候，公允价值计量能更加真实公允地揭示银行的经营业绩、财务状况和风险管理信息，增加了财务信息的透明度，更有利于投资者进行决策。

Ernst & Young 于1993 年和1994 年连续两年针对SFASll5 的影响进行问卷调查。

在首次问卷调查中，超过半数的回复者认为，采用SFAS115 将会改变他们的投资行为，其中超过95%宣称会缩短债务证券投资的期限，约40%认为会增加套期活动，还有一些回复认为可能会减少证券投资的比例。

第二次问卷调查发生在该准则己运行一段时期后。

60%的回复者宣称实际上己经改变了投资策略，缩短了投资组合的期限，并减少了抵押证券。

Beatty(1995)的研究印证了该问卷调查的结果。

为应对由于SFAS115 实施所带来的影响，银行减少所持有的证券投资的比例，缩短证券期限，并且当银行平均杠杆率和权益的平均回报率下降时，其归为可供出售类的证券所持比例会下降。

这些证据都表明银行对该准则所引起权益波动的担忧导致了银行投资组合管理实务的变化。

Hara M(1993)关
注市价会计对贷款到期日的影响，研究发现在估计长期非流动资产公允价值的信息不对称导致长期贷款利率的提高，银行倾向于发放短期贷款从而使借款者面临过度的清算问题。

Hodder(2002)以230家上市商业银行1993 年到1995 年间的数据为样本，研究发现，不考虑实施SFAS115 准则的先后时，银行划分到可供出售金融资产类(AFS)的比例下降;那些较早实施SFAS115 的弱资本银行划分了较多的资产到可供出售金融资产类，因为这类银行打算利用证券的未实现收益来增加监管资本。

而当监管资本下降时，银行根据利率风险和信用风险修改证券组合的持有比例，即减少证券组合，降低利率风险和信用风险;实施SFAS115 后，银行贷款组合的利率风险增加了。

管理层可以通过不将证券分为AFS(例如，将所有的证券划分为持有至到期)来消除监管的影响，但这样的划分又影响了银行的流动性。

在公允价值会计下，符合准则要求的金融工具都必须在报表中进行确认计量，使得银行业绩容易受到资本市场的影响而呈现波动性，引发监管干预。

针对此类情况，银行倾向于分解和外部化那些属于传统银行活动的风险，通过套期会计、证券化或把风险转移给客户(比如签订浮动利率或短期贷款合同)等手段尽可能减少暴露在公允价值计量中的风险头寸，并以牺牲长期的客户关系和投资需求为代价追求短期目标。