以财务报告为目的的资产评估初探

以财务报告为目的的资产评估,就是将会计和资产评估两门学科有机结合,既能充分发挥资产评估在发现潜在价值方面的优势,提高财务报告的质量,又能有效拓展评估业务的实施范围,摆脱长期的行业发展困境。公允价值是连接财务报告和评估行为的有效基础。资产评估人员基于会计行业财务报告的特定需要,对企业内部的各项资产、负债等进行科学合理的分析,以实现财务报告的有效性。本文首先对以财务报告为目的的资产评估发展背景进行了界定,接着对我国以财务报告为目的的资产评估产生的原因进行了分析,最后对构建和强化我国以财务报告为目的的资产评估制度体系提出系统化建议。     

上市公司财务报告目的评估价值相关性研究——来自A股市场的经验证据

公允价值在会计准则中的广泛运用引致了以财务报告为目的的评估业务需求。本文选取了2004~2008年上市公司为研究样本,检验了以财务报告为目的的资产评估总体价值相关性以及基于资产减值测试的评估价值的市场反应。研究结果表明,新会计准则实施后的价值相关性显著提高,而资产减值的计提受投资者的关注度则有所减弱。这说明以财务报告为目的的评估有效地提高了会计信息的质量和信息含量,并在一定程度上抑制了滥用公允价值进行盈余管理的行为。从长远来看,深化经济的市场化程度,努力构建一个完整、统一、开放、充分竞争的市场,实现评估界与会计审计界的良性互动,同时加强会计监管及行业自律并对滥用公允价值及虚假评估行为予以严惩,仍是未来一段时期的重中之重。     

以财务报告为目的的资产评估

上个世纪八九十年代发生在美国的储贷危机被认为是储贷机构使用历史成本计量法的财务报告掩盖了问题贷款,没能真实地反映企业真实的财务状况,影响了投资者对经营风险的判断,从而导致了多家金融机构破产。2006年美国财务会计准则委员会（FASB）发布《美国财务会计准则第157号公告：公允价值计量》（SFASNo.157[1]）,公允价值概念开始在会计准则中大规模地应用和推广。     

以财务报告为目的的特许经营权评估探析

随着财务报告中公允价值的引入,以财务报告为目的的评估受到了会计界和评估界的高度关注,越来越多的会计实务要求对财务报告中的资产或者负债进行公允价值计量,这就要求注册资产评估师能够合理公允评估出资产或者负债的价值,以服务于财务报告的要求。其中,特许经营权是经常碰到的以财务报告为目的的无形资产,由于对以财务报告为目的的特许经营权评估与传统的特许经营权评估存在较大差异认识不足,导致评估师在评估以上两     

关注资产重估增值带来的投资机遇

企业采用公允价值模式计量的,不对投资性房地产计提折旧或进行摊销,应当以会计期末投资性房地产的公允价值为基础调整其账面价值,公允价值与原账面价值之间的差额计入当期损益。     

以财务报告为目的的资产评估与证券市场的稳定

本文通过对证券市场的稳定、公允价值运用的意义以及公允价值运用对上市公司盈余的影响几方面的分析,提出涉及敏感资产及复杂资产的公允价值的确定,应由外部的专业评估机构进行。为了证券市场的稳定,应发挥资产评估在公允价值计量中的作用。     

股指"大跃进"与资产重估冷思考

在2006年末上演的股指“大跃进”中，伴随新会计准则而来的资产重估预期扮演了一个重要角色。然而，在品尝了证券投资与投资性房地产饕餮之时，回归证券估值原理，会多一份清醒，少一分狂热。[编者按]     

资产重估下的价值创造

2008年3月28日,北京世纪金源大酒店,自《首席财务官》杂志社举办的“CFO价值创造论坛暨2007年中国杰出CFO评选颁奖典礼”如期召开。     

浅析资产全面重估的根本原因

中国股票、房地产、债券等资产的价格在近期直线攀升,整体资产面临重新估价的局面。本文着重分析引起资产重估乃至高估的两个原因,并指出这两方面的原因会导致一个客观事实,即企业资产配置失衡。从宏观层面讲,企业资产配置失衡正是导致全国性资产重估的根本原因。     

Earnings Management Using Asset Sales: An International Study of Countries Allowing Noncurrent Asset Revaluation

Bartov (1993) demonstrates that US firms time asset sales to smooth income and affect debt/equity relationships. This study examines earnings management behavior through asset sales in countries that allow asset revaluation: Australia/New Zealand (ANZ) and the United Kingdom (UK). Earnings management behavior differs across these two country groups when their accounting rules differed prior to 1993, but is similar during the 1993–95 period when the UK implemented FRS 3 . The results also find that revaluer companies do not use asset sales to smooth income in ANZ nor in the UK after FRS 3 was implemented in 1993. UK revaluers (prior to FRS 3 ) and both countries' non-revaluers sell assets consistent with income smoothing.     

合并会计报表审计的研究

合并会计报表审计是随着市场经济的发展 ,企业集团大量涌现而产生的一种新的审计项目。作者认为合并会计报表审计的内容 ,应当为合并范围的审计 ,会计政策的审计、母子公司个别会计报表的审计、合并会计报表、编制程序的审计以及合并会计报表附注的审计等五大部分。     

Externalities of Financial Statement Fraud on the Incoming Accounting Labor Force

Financial statement fraud generates many negative effects, including reducing people's willingness to participate in the stock market. If it also stigmatizes accounting, it may similarly adversely affect the quantity and quality of workers willing to become accountants, thereby potentially creating negative effects for years to come. We examine the impact of fraud on the labor force entering the accounting profession, which is a key input into the production of accounting information (i.e., the output). Using data describing millions of college students across the United States, we find incoming students are actually more likely to major in accounting when local frauds occur during their formative years. These students are also more likely to have attributes desired by the accounting profession (e.g., high academic aptitude) and are more likely to subsequently serve in public accounting and become Certified Public Accountants. In the context of other fields (i.e., all college majors), we find that fraud similarly spurs interest in other business disciplines, but not in majors outside of business schools. Those attracted to other business disciplines, however, generally possess different traits. Specifically, students entering accounting are distinctively more likely to exhibit values espoused by the accounting profession, including a predisposition to public service and less commercial orientation. Thus, nonpecuniary motives appear to uniquely drive accounting student enrollment following fraud. Collectively, our findings suggest that, while fraud is unmistakably bad, it appears to have the positive unintended consequence of attracting labor into business disciplines and, in accounting, increasing the prevalence of desirable traits among entrants.     

财务报表国际趋同的重大进展——IASB与FASB《财务报表列报初步意见》之分析

财务报表作为公司对外财务报告的核心载体,其结构、内容及繁简在国际上充满争议。如何使财务报表最为及时、准确、有效地传递公司财务信息给使用者,是理论和实务界的共同努力方向。国际会计准则理事会(IASB)和美国财务会计准则委员会(FASB)联合发布的《财务报表列报初步意见》讨论稿提出了颠覆性的方案。针对讨论稿中提出的变革方案,我们需要从强化资产负债观、逐步引入综合收益表、加强对新报表分类模式理论研究三个方面努力,以改进我国财务报告,实现我国会计准则与国际财务报告准则持续和动态趋同。     

Fixed Asset Revaluation and Equity Depletion in the UK

UK GAAP has traditionally allowed the write-off of purchased goodwill directly to reserves, resulting in the widespread depletion of book equity. Companies have also been permitted to revalue fixed assets at management's discretion. This study examines whether upward revaluations have been associated with the depletion of book equity and with other costly contracting explanations identified in prior research. Our results provide strong support for the equity depletion hypothesis, both with regard to the decision to revalue and the timing of the revaluations. Indebtedness, liquidity, size and fixed asset intensity are also consistently associated with upward revaluation.     

Fixed Asset Revaluation and Equity Depletion in the UK

UK GAAP has traditionally allowed the write-off of purchased goodwill directly to reserves, resulting in the widespread depletion of book equity. Companies have also been permitted to revalue fixed assets at management's discretion. This study examines whether upward revaluations have been associated with the depletion of book equity and with other costly contracting explanations identified in prior research. Our results provide strong support for the equity depletion hypothesis, both with regard to the decision to revalue and the timing of the revaluations. Indebtedness, liquidity, size and fixed asset intensity are also consistently associated with upward revaluation.     

Using Asset Turnover and Profit Margin to Forecast Changes in Profitability

Financial statement analysis textbooks advocate disaggregating profitability into asset turnover and profit margin in performing financial analysis. In spite of the prominence of this technique, there is no evidence demonstrating its usefulness in a forecasting context. We provide evidence that disaggregating return on assets into asset turnover and profit margin does not provide incremental information for forecasting the change in return on assets one year ahead, but that disaggregating the change in return on assets into the change in asset turnover and the change in profit margin is useful in forecasting the change in return on assets one year ahead.     

Predicting Stock Returns Using Financial Statement Information

We examine the profitability of the Ou and Penman (1989a) Pr trading strategy and the Holthausen and Larcker (1992) Prob trading strategy over the period 1980–1992 in the UK. This is a test of whether an investor can earn abnormal returns by exploiting fundamental accounting data. We employ alternative abnormal return metrics and research designs to control for risk. Using a UK dataset offers an independent test because the UK differs from the US in its formal and informal financial reporting environment, its structure of share ownership, and the behaviour of its economy over the study period. We find consistent evidence that an investor could have used a summary measure of financial statement information to predict future abnormal returns by indirectly predicting one-year-ahead earnings changes, but only weak and inconsistent evidence that an investor could have used a summary measure of financial statement information to predict one-year-ahead stock returns directly. We offer some thoughts on the reasons for these different results.     

从金融外部性视角分析不良资产与金融脆弱性

不良资产一直是困扰我国银行业健康发展的重要问题,其负面影响放大了金融脆弱性的风险。大量的不良资产损害了商业银行的安全性原则,同时降低了商业银行资产的收益性,严重影响中国银行业的竞争力。在这个意义上,不良资产具有巨大的金融负外部性。当前,一方面要采取措施防止不良资产反弹,包括引入经济资本管理理念,加强行业风险研究,推行全面风险管理,加快现有不良资产的处置等;另一方面,为了消除其金融负外部性的影响,有必要通过建立明晰的银行业产权制度,增加金融激励,引进民营银行等手段促使外部性内部化,保障中国银行业的健康发展。     

从金融外部性视角分析不良资产与金融脆弱性

不良资产一直是困扰我国银行业健康发展的重要问题，其负面影响放大了金融脆弱性的风险。大量的不良资产损害了商业银行的安全性原则，同时降低了商业银行资产的收益性，严重影响中国银行业的竞争力。在这个意义上，不良资产具有巨大的金融负外部性。当前，一方面要采取措施防止不良资产反弹，包括引入经济资本管理理念，加强行业风险研究，推行全面风险管理，加快现有不良资产的处置等；另一方面，为了消除其金融负外部性的影响，有必要通过建立明晰的银行业产权制度，增加金融激励，引进民营银行等手段促使外部性内部化，保障中国银行业的健康发展。