金融资产公允价值的价值相关性探讨

金融危机的爆发引起了人们对公允价值可靠性及相关性的质疑。那么,在国内经济波动较大的情况下,金融资产公允价值信息是否依然具备价值相关性？文章试图对不同经济环境下金融资产公允价值信息对股价的解释力进行比较分析,用以考察在不同背景下金融资产公允价值信息对股价的解释力是否相同。     

美国金融危机下金融工具计量属性的选择

一、引言 美国自上世纪80年代将公允价值运用到金融工具以来，这种被认为最符合经济学要求、基于现值概念和更具相关性的计量属性得到越来越广泛的应用。这主要是因为利用公允价值对金融工具进行计量，相对于传统的历史成本可以很好地体现金融资产负债的真实价值，从而向投资决策者提供更为有用、相关的会计信息，规避金融风险。     

合理运用公允价值计量的思考

新《企业会计准则》实施后,企业会计实务中不可避免地涉及到公允价值计量问题。公允价值计量如同一把双刃剑,运用得当与否将对企业财务信息的相关性、可靠性产生直接影响。本文拟通过分析当前采用公允价值计量的必要性和存在的问题,探讨企业如何合理运用公允价值计量。     

浅议公允价值计量的相关性与可靠性

新的《企业会计准则》中,将会计计量单列一章表述,并引入公允价值概念,作为会计计量属性之一,是本次会计变革的一大亮点。但在现实的经济环境和会计体系下,如何把握、运用,却争议颇多。本文试图通过对公允价值相关性和可靠性辨证统一关系的论述,得出公允价值计量属性在现实情况下应谨慎使用启示。     

公允价值计量在我国会计中的应用

90年代,以公允价值作为金融工具的计量属性在美国被首次提出.随后FASB于1991年10月正式接受有关公允价值的会计准则.至今,美国的财务会计准则委员会已经颁布了8个与公允价值有关的准则.这些准则可分为两类,一是针对金融工具,二是针对长期资产和长期负债.总体上看,公允价值的运用呈现出从金融工具向其他领域延伸的趋势.在国内,公允价值的运用最早是在《企业会计准则——债务重组》中.其后,公允价值又出现在投资和非货币交易性准则里.引入公允价值,能更好地反映企业的现实情况,对投资者等财务报告使用者的决策更加有用,提升了会计信息的相关性.     

按公允价值计价的新会计准则对我国企业绩效的影响评析

试图对公允价值在我国新会计准则中的应用进行研究,包括初始计量和后续计量中直接涉及公允价值的具体准则,深入评价其应用对企业绩效可能造成的影响,并针对公允价值在可靠性、可操作性等方面存在的问题提出相应的建议和对策。     

公司治理对公允价值相关性的影响研究

公允价值计量是我国会计准则的核心内容,也是与国际会计准则趋同的一个重要标志,但其是否提高了会计信息的价值相关性,公司治理又如何影响其价值相关性,是我国会计改革与公司治理亟待研究的重要问题.本文以我国上市公司2007～2009年数据为样本,研究了公允价值的价值相关性以及公司治理对公允价值相关性的影响.研究结果表明,公允价值信息增强了会计信息的解释能力,提高了会计信息的价值相关性;公司治理对公允价值相关性具有显著的正向作用,并且相较于可供出售金融资产,其对交易性金融资产的作用效果更强,公司治理是提高公允价值相关性的一条可靠途径.     

关于公允价值计量的思考

公允价值在西方是被广泛使用的计量方式,这种计量方式能充分体现相关性的会计信息质量要求。由于受我国国情的限制,我们只能适度、谨慎的使用公允价值这种计量方式。本文就公允价值的应用范围和使用公允价值的影响因素进行分析。     

公允价值是毒药

“公允价值变动损益”彻底颠覆了“历史成本原则”的底线，如果放出这个“公允价值”怪物，犹如打开了潘多拉魔盒，会计信息就丢掉了“可靠性”的根基     

知识经济对成本计价原则的挑战——以公允价值计量取代历史成本计量

长期以来历史成本因其客观性、可靠性和可核算性得到普遍的采用，而成为现代会计理论基础之一，但随着经济的发展，特别是知识经济的到来，历史成本无法适应知识经济带来的冲击。知识经济时代迫切期待一种新的计量基础的出现，而公允价值计量是以当前的市场价格、现行价值为计价基础的计量方法，正好弥补历史成本的不足。     

公允价值会计的反思

公允价值与历史成本之间的孰优孰劣一直就伴随着争议。我们不应该忽视公允价值固有的内涵缺陷及其与财务会计概念框架的冲突,以及在金融危机中的顺周期效应。文章将从会计决策有用目标和会计信息质量以及准则的经济后果角度重新反思公允价值会计。     

On Reliability Evaluation of Multistate Weighted k-out-of-n System Using Present Value

A new reliability evaluation methodology for multistate weighted k-out-of-n systems is presented in this article. The present value of the cash flow generated by the system components is used as a reliability value. We take a financial view of reliability and consider functioning periods and the time value of money in system reliability analysis. Two approaches, the universal generating function (UGF) and recursive algorithm, are applied to evaluate the reliability of the multistate weighted k-out-of-n system. An illustrative example is calculated based on the proposed system reliability evaluation methodology. It is shown that this evaluation method can also be used to find the value of the maintenance policy. Finally, the UGF and recursive algorithm approaches are compared with each other for large system reliability assessment.     

公允价值计量和金融资产减值相关理论研究

金融企业资产发生减值的情况已经大规模出现，由此产生的资产减值问题引起了人们的普遍关注。公允价值是会计发展的方向，新《企业会计准则》实现了与国际财务报告准则的趋同，其标志之一是公允价值的全面应用，这也意味着公允价值在我国面临的主要问题已经由“是否应当应用”转为“应当怎样应用、应当怎样更好的应用”。     

The Leveraged City

This study analyzes the effects of leverage on real estate developments. In urban growth models, a real estate developer converts land from agricultural to urban use. At the time at which such a land conversion occurs, a developer who maximizes the equity value obtains a defaultable construction loan at fair market value. By presenting a more general form of the irreversibility premium of Capozza and Helsley, I show that, with more leverage, uncertainty is less of a deterrent to the land conversion. Under uncertainty, a leveraged developer exercises the land conversion option earlier than an unleveraged developer would. Leverage expands equilibrium city size.     

Relevance of organizational capabilities and its dynamics: what to learn from entrants' product portfolios about the determinants of entry timing

The resource‐based view of the firm suggests that the timing of market entry by a firm depends on its resources and capabilities, but several important questions remain. First, in a high‐velocity market where capabilities change quickly, how does entry timing depend on the capabilities at varying points in time? Second, how much flexibility does a firm have in altering its capabilities to achieve desirable entry timing? To answer these questions, this study sets out to develop a dynamic, refined version of the resource‐based view that parameterizes a firm by its time‐varying capability relevance with respect to a focal market, and makes predictions on entry timing and future growth of capability relevance. The study develops a novel approach that uses the entrants' product portfolios to infer a potential entrant's capability relevance. The results based on a panel of potential entrants show that the initial and current capability relevance each affect entry timing alone, revealing the persistent effect of the initial condition. However, given the knowledge of the current capability relevance, the initial relevance has no effect on entry timing, suggesting that the initial relevance affects entry timing through its influence on the current relevance. Firms that are in an initially unfavorable position can still achieve early entry, provided that they improve their capability relevance over time. Copyright © 2008 John Wiley & Sons, Ltd.     

框架结构体系的可靠性分析

在经典概率假设和二态假设基础上，提出了中介状态的观点，认为结构及结构体系均具有安全、中介、失效三种工作状态可靠性分析的结果应是求出其安全概率PR、中介概率PM和失效概率PE,它们联合起来构成可靠性向量[PR,PM，PF]采用随机事件的条件概率的运算法则，引入失效模式间的条件关联系数来反映结构之间的失效相关性通过对大量地震震害调查，建立了同一工程项目的基本条件关联系数的近似处理方法借用传统的一次二阶矩法求解框架结构体系遭受地震作用时的可靠指标和失效概率，与考虑中介状态和失效相关时的框架结构的可靠性向号相比较．各自求出的失效概率均可满足工程精度要求，但考虑中介状态和失效相关时的可靠性分析方法更为简单。     

How to define,identify, and measure societal value

At the same time as the productivity of academics have become more formalized and institutionalized with increasing emphasis on counting publications in high-ranking journals, citations, h-index, and so on, there is an increased demand on academics to contribute to what is referred to as societal value, societal relevance, public value, societal impact, and/or similar phenomena. This editorial is an attempt to provide an overview and hopefully a clarification. We propose to use the concept ‘societal value’ as the overarching concept. This can be achieved only if the research has ‘societal relevance’ and if it has ‘societal impact’. These two sub-components of societal value measure different qualities, but they are dependent on each other and the total absence of one of them results in no societal value. In fact, we shall argue that societal value is the multiplum of societal relevance and societal impact. After defining societal relevance and societal impact, we describe how to identify relevant societal value, as well as how to measure the extent to which an individual or an organization might contribute to societal value. Following that, we suggest a number of ways to increase the societal value of academic research. Finally, we reflect on the role of academic journals and their editors in the societal value agenda.     

Creating value in business relationships: The role of sales

Understanding the creation of value in business relationships has been a long-standing goal of researchers and managers alike. By adopting a relational perspective, recent research on business relationships has made much progress in understanding value-creating processes. As the sales function is thought to be a pivotal part of the value-creating processes in business relationships, the evolving view on creating relationship value clearly has implications for our understanding of the role of sales in these processes. In contrast to its importance, the question of how the sales function contributes to creating value in business relationships has been largely neglected in extant literature. The objective of our paper is to answer this question by systematically linking the relational value creating process to the sales function's content. Interpreting value creation as interaction process, we identify four features of value-creating processes in business relationships suggested in recent research (i.e., jointness, balanced initiative, interacted value, and socio-cognitive construction) and, based on these, outline a framework that is used to define a set of tasks that are key to creating value in business relationships and hence become critical for sales in its hitherto neglected role as co-creator of relationship value. We illustrate the various tasks of this new role of sales with data from 43 interviews with sales managers and salespeople. Along with related normative recommendations in extant literature, the interviews provide support for the validity and relevance of our framework for understanding the role of sales in creating relationship value. This framework puts forward a much-needed first effort towards a theory of sales' role in creating relationship value and offers several opportunities for future research.     

Investitionsanreize unter RPI-X-Regulierung und die angemessene Höhe von Kostendurchreichungen

In the classic view, the fundamental decision between a rate-of-return and price-cap regime depends upon the aim of regulatory action: a rate-of-return is considered to more likely induce infrastructure investment while a price-cap regime is expected to increase managerial effort in reducing costs. While an asset-based regulation may lead to the unwanted Averch-Johnson effect, efficiency-oriented regulation such as RPI-X may decrease the company’s incentive to invest. To avoid this behaviour, RPI-X-regimes do often exempt certain costs from regulation, e.g. by allowing for pass-throughs for capital expenditures. Starting with the finding that efficiency-based regulation may lead to postponement or abandonment of investment projects in a real options based model, a fair rate of capital cost pass through is derived to mitigate the negative effects on investment projects. This ‘regulation-adjusted’ cost-pass-through depends on the regulatory X the regulator imposes on the regulated industry. Given the valuation of the investment project and the efficiency-value, a cost-pass-through can be calculated which is less or equal than the risk free interest rate as long as the pass-through itself is risk-free.     

Pricing catastrophe equity put options: Financial implications of engineering decisions

Natural disasters such as earthquakes, floods, and tsunamis cause large-scale loss of life and result in billions of dollars in damages. However, the global insurance and reinsurance sector only bears a portion of this cost; the majority of the bill is still inflicted on corporations, local communities, and the governments that struggle to recover even years following the disaster. One of the key factors why insurance and reinsurance sectors do not play a more active role is the difficulty in absorbing the losses as well as accurately pricing the underlying risks. This article presents a valuation model for catastrophe equity puts (CatEPuts), an alternative method of risk transfer. The proposed valuation model is based on a four-step engineering loss model to compute the fair value of the CatEPut for different hazard intensities and structural responses. The results from test examples show that such a model can provide a necessary link between the engineering characteristics of the underlying physical assets and the fair value of the CatEPut.