毕业论文外文翻译--会计谨慎性原则的运用及其局限性探讨（英语原文+中文翻译）.doc

1、杭州电子科技大学信息工程学院毕业设计（论文）外文文献翻译毕业设计（论文）题目 论谨慎性原则在我国中小企业中的运用翻译（1）题目谨慎性原则和所得的不对称性和及时性翻译（2）题目会计谨慎性原则的运用及其局限性探讨系专 业姓 名班 级学 号指导教师谨慎性原则和所得的不对称性和及时性2谨慎性原则2.1替代选择谨慎性的定义以及它们的不同之处 会计员传统地表达了规则的谨慎性 不预期利润但是预期所有的损失(例如：Bliss, 1924). 我是这样解释这一条规则的：会计人员的趋向是需要一个确认的较高的程度去认识好消息当做收益超过认识坏消息当做损失。举例来说, 财务会计观念的陈述 (SFAC)2(FASB,1

2、980), para.95是这样陈述的：如果这两种数量的估计能被收到或者在未来支付是几乎相等地，使用谨慎性估计比较不乐观.降低成本或者市场存货会计是谨慎性的一种例子Accounting Research Bulletin (ARB) 43, Committee on Accounting Procedures (CAP, 1953)。其他例子是成本变动的立即承认估计是否他们关于长期合同导致将来的预期损失， 但不是如果他们导致增加的将来的利润(ARB 45, CAP, 1955); 中断行动的被期望的将来的结果的非对称的承认Accounting Principles Board (APB) Op

3、inion 30, APB (1973) 以及写下有形资产来反映逐渐过时或者亏损，而不是向上重新估计他们的价格(APB Opinion 6, APB, 1965). 因此，与好消息相比较，谨慎性能更及时说明和承认坏消息可能发生的事件。相反，一些对谨慎性更广义的解释就是作为会计师的连续记帐计算法的优先权去降低股东的公平报告价值。比如说，Belkaoui (1985), (p. 239)认为谨慎性是“暗示那些最低的资产价值和收入以及最高的负债价值和费用应该尽可能的被报告”。在概念的水平上，FASB(SFAC2, 1980, para. 95) 拒绝这另一种见解 ，认为“谨慎性不再需要在时间上承认延

4、迟收入，在有足够的证据之前，他们已经被招致它存在足够的证据可以用或者证明承认损失是正确的。”这个谨慎性的观点和会计实务似乎也不一致 。例如， 大多数美国公司使用直线而不是加速折旧，(Accounting Trendsand Techniques, 1996). Prior研究已经检查在穿过公司的连续记帐计算法方面的变化捕获在谨慎性方面的变化 (见Watts and Zimmerman, 1990; Christie, 1990; Lev, 1989).。金融财务会计自从mid-20世纪30年代已经强调收益表，在收益表里相应得重点在谨慎性上。CAP (1939), (ARB 2)声称，“如果被以

5、在收益表里的谨慎性作为代价取得，在资产负债表里的保守主义具有可疑的价值 ”。因此，我关于收入进 本文译自：Department of Accountancy, Baruch College, CUNY, 17 Lexington Avenue, New York, NY 10010, USAReceived 1 May 1995; received in revised form 1 June 1997行试验，而不是关于资产负债表价值。2.2历史发展和谨慎性的角色的理论谨慎性几个世纪以来一直影响会计的实践和理论的发展。历史记载，从 15世纪以前的贸易合作，充分显示了中世纪会计在欧洲 是和谨慎的

6、（Penndorf，1930）。Savary包含早期的课题 研究关于低消费赢取市场的原则。自从实施这种掠夺式 的收入和物产税后，股东诉讼，就连会计章程也无法解 释这种会计谨慎性的起源。几个昂贵收缩的解释已经发展成为关系到谨慎性影响和存在的问题，（看Watts和Zimmerman，1986；Ball，1989；Basu, 1995; 用来扩展下面的论据). 世界关于赢利的不确定性, 经理经常拥有自己有价值的理念关于企业的运行和资产价值。如果管理的费用关系到业绩报表的时候， 然后经理就会尝试着从业绩报表的有关信息中扣压，那样对他们的报偿会不利。合理的所有权持有者将由这样违法行为减少管理报偿。保守原

7、则的诞生和财政审核声明的准备能够把归咎到管理企图结合反对利用他们不对称地消息灵通的位置转移到相对其他所有权持有者。负债持有者和其他的债权人也需要实时的信息关于“坏消息”，因为他们要求选择有价值的（Smith, 1979）是更加敏感对与亏损还是增加固定的收入。谨慎性是因争论而玩未下赌注的高效率的角色，在收缩国有企业的差距。完全不同，如果有会计的调控,减少国家的调控会自觉的得到支持，那样会计的使用数目会坚决的分开他们现金的流动。 与argumenti-L-eftwich(1983) 报告保持一致，使所有从指定的GAAP离开的私人债务契约都是保守的。FASB (1984), (SFAC 5, par

8、a. 81) FASB(1984),(SFAC 5 ,para.81)表达了上面的相似点，也 就是说，“从长远来看，那些仍然没有完成的交易回成功 的结束，其中很大部分经常被担保的，甚至更多，然而像 反应的不确定性，历史上强加了更加严密要求的认可收支 和获取比对，其中有认可费用和损失，并且受到那些保守 主义的影响，从而教导人们申请那些标准认可的到收入当 中来”。当收缩性问题出现在要求考虑解释谨慎性的起源问题时候，税，诉讼，政治进程还有管理力量等在很大程度上影响着GAAP中的保守主义，特别是在这个世纪的期间（Wattsand Zimmerman, 1986; Basu, 1995）。在过去的十年当

9、中，财政会计标准委员会（FASB）以前要求公认的不平衡责任基金，例如退休金，岗位退休保健福利义务还有环境责任，与他们伴随一生的费用一起。FASB同时也发布了关于财产损害公认标准。这些标准的争论群当中增加了美国，近年来会计保守主义昂贵收缩和管理理论基础在GAAP可能解释谨慎性继续的重要性。在以后的文章中，我探索在会计谨慎性的最近增量是否由在审计员法律责任曝光的增量造成这个问题。4. 非对称的谨慎性对收入的特性的影响在这个部分里, 我在好和坏新闻时期内发展并且测试我4个主要假设中每个对非对称的谨慎性的影响。前两个假说考虑谨慎性怎样影响收入的及时性，以及它的增加组成部分。 下的两个假说考虑关于谨慎性

10、在收入的持续性上的影响，以及对ERCs的有关影响 。1.收入的谨慎性和敏感性的回归为股票价格反映出从除了当今的收入以外其他来源收到的信息，股票价格指示会计收入，多达4 年(Ball和 Brown, 1968; Beaver et al., 1980; Kothari 和 Sloan, 1992; 以及其他人).因为会计师预期将来的损失而不是将来的利润， 谨慎性导致收入变得更加及时，与 好消息相比较，同时公开可提供的 坏消息更加敏感。在图1的固定资产例子里，一个被估计有更长寿命的固定资产（好消息）的贬值减少会被当小事件记下 ，而一个被估计寿命相对短的固定资产（坏消息）的贬值减少则将会当作相对大的

11、事件记下。收入被预言更强烈与一致的负的想不到的返回相关，坏消息的代理，与积极的想不到的返回相比，哪个为 好消息的代理人。我在一座干扰雷达的电台测试我的假说(1980) 反面 回归，以收入作为因变数， 因为OLS标准误差和测试统计当主要变量被指定既依靠又独立和落后易变时能被更好的指定。收入，因变数，包含比 坏消息 公司的更及时的信息，导致更高的被预言的这个样品的R 2。他的倾斜系数/3，被预言对这个 坏消息 样品更大有好处，因为收入被预言对同时代的想不到的返回更敏感 。来自每年收益的回归的假说1：斜坡系数和R 2从每年收益的回归关于年度想不到的回函对于积极的想不到的返回来说比为负的想不到的返回更

12、高 。 7结论 我调查保守主义原则对报告的财务报表的影响。我认为谨慎性在关于坏消息的会计收入和将来的现金收支方面比关于好消息的能更及时地承认。在有效率的市场，股票回报全部公开对称而迅速反映出可提供的 消息。 我因此使用返回测量 消息。 实时性收入暗示了一些坏消息，收入并世是非常消极敏感 的，比你预想的事情要意想不到的多，如由倾斜系数和R e 测量从收入反向退化，我显示的是实时性收入对消极 结果的一致性有两到六处是一样的。结果能够顺利的横跨 几个规格，结论是收入是更加及时的出现在公众报表当中 ，在所谓的关于未来现金坏消息和好消息比起来。更进一步的说，我假设保守主义所做的都是通过增值，导 致可预测

13、的不同结果在物产的流程和收入方面。我表示，收入相对现金流动(Dechow 1994)是交 付主要到坏消息的更加实时性的公认通过增值。增值不改变好消息在收入相对现金流动报告中的实时性。自从保守主义导致在收入被期望的损失，但被延期等待认 识的获取我争辩说，消极收入变动比正面收入变动扭转更 多。我发现正面收入变动倾向于坚持，而消极收入变动显 示一个明显倾向扭转，与BROOLS和BUCKMASTER (1976),ELGERS,LO(1994)一致的。在这个区别的坚持方面 ，暗示了正面收入的变动在收入变动上比在反常回归上常 规退化的消极收入变化有更高的ERCs.测试出支持这个假说 ，并且与报告相似的研

14、究结果一致的人是Hayn(1995).测试显示了在最后的三十年期间，收入的敏感性到与负数量一 致的时候，退货增加了相对收入敏感性到一致正面回归， 建议保守主义随时间增加而增加，使在保守主义的增量与 在审计员的法律责任曝光的增量相符。The conservatism principle and the asymmetrictimeliness of earnings Sudipta Basu2. The conservatism principle2.1. Alternative definitions of conservatism and the differences between th

15、emAccountants traditionally expressed conservatism by the rule anticipate no profits but anticipate all losses (e.g. Bliss, 1924). I interpret this rule as denoting accountants tendency to require a higher degree of verification to recognize good news as gains than to recognize bad news as losses. F

16、or instance, Statement of Financial Accounting Concepts (SFAC) 2 (FASB, 1980), para. 95 states:. if two estimates of amounts to be received or paid in the future are about equally likely, conservatism dictates using the less optimistic estimate. Lower of cost or market accounting for inventories Acc

17、ounting Research Bulletin (ARB) 43, Committee on Accounting Procedures (CAP, 1953) is one example of conservatism. Other examples are the immediate recognition of changes in cost estimates if they result in future expected losses on long-term contracts, but not if they result in increased future pro

18、fits (ARB 45, CAP, 1955); the asymmetric recognition of the expected future results of discontinued operations I-Accounting Principles Board (APB) Opinion 30, APB (1973); and the writing down of physical assets to reflect obsolescence or impairments, but not revaluing them upwards (APB Opinion 6, AP

19、B, 1965). Thus, conservatism results in a greater probability of timely accounting recognition of bad news than good news.In contrast, some interpret conservatism more broadly as accountants preference for accounting methods that lead to lower reported values for shareholdersequity. For example, Bel

20、kaoui (1985), (p. 239) claims that conservatism implies that preferably the lowest values of assets and revenues and the highest values of liabilities and expenses should be reported. At a conceptual level, FASB (SFAC2, 1980, para. 95) rejects this alternative view, stating: Conservatism no longer r

21、equires deferring recognition of income beyond the time that adequate evidence of its existence becomes available or justifies recognizing losses before there is adequate evidence that they have been incurred. This view of conservatism also appears inconsistent with accounting practice. For example,

22、 most U.S. firms use straight-line rather than accelerated depreciation (Accounting Trends and Techniques, 1996). Prior research has examined variation in accounting methods across firms to capture variation in conservatism (see Watts and Zimmerman, 1990; Christie, 1990; Lev, 1989).Financial account

23、ing since the mid-1930s has emphasized the income statement,with a corresponding emphasis on conservatism in the income statement.CAP (1939), (ARB 2) states, conservatism in the balance sheet is of dubious value if attained at the expense of conservatism in the income statement, which is far more si

24、gnificant. Hence, I conduct tests on earnings, rather than on balance sheet values. 2.2. Historical developments, and theories of the role of conservatismConservatism has influenced accounting practice and theory for centuries. Historical records from early 15th century trading partnerships show tha

25、t accounting in medieval Europe was conservative (Penndorf, 1930). Savary (1712) contains an early textbook discussion of the lower-of-cost-or-market principle. Since these practices predate income and property taxes, shareholder litigation, and accounting regulation, they cannot explain the origins

26、 of accounting conservatism.Several costly contracting explanations have been advanced for the existence and pervasive influence of conservatism (see Watts and Zimmerman, 1986; Ball,1989; Basu, 1995; for expanded versions of the following arguments). In a world of uncertainty regarding future profit

27、s, managers often possess valuable private knowledge about firm operations and asset values. If managerial compensation is linked to reported earnings, then managers have incentives to withhold from reported earnings any information that would adversely affect their compensation. Rational claimholde

28、rs would reduce managerial compensation by the expected effect of such malfeasance. The emergence of the conservatism principle and the preparation of audited financial statements can be ascribed to managerial attempts to bond against exploiting their asymmetrically informed position relative to oth

29、er claimholders. Debtholders and other creditors also demand timely information about bad news because the option value of their claims (Smith, 1979) is more sensitive to a decline than an increase in firm value. Conservatism is thus argued to play an ex ante efficient role in contracting between th

30、e parties constituting the firm. Phrased differently, if accounting were not regulated, contracting parties would voluntarily agree that the accounting numbers used to partition cash flows amongst them should be determined conservatively. Consistent with this argumenti-L-eftwich (1983) reports that

31、all departures from GAAP specified in private debt covenants are conservative.FASB (1984), (SFAC 5, para. 81) expresses similar views to those above,saying, In assessing the prospect that as yet uncompleted transactions will be concluded successfully, a degree of skepticism is often warranted. Moreo

32、ver, as a reaction to uncertainty, more stringent requirements historically have been imposed for recognizing revenues and gains than for recognizing expenses and losses, and those conservative reactions influence the guidance for applying the recognition criteria to components of earnings.While con

33、tracting considerations appear to explain the origins of conservatism, tax, litigation, political process and regulatory forces have also influenced the degree of conservatism in GAAP, particularly during this century (Watts and Zimmerman, 1986; Basu, 1995). In the last ten years, the Financial Acco

34、unting Standards Board (FASB) has mandated the recognition of formerly off-balance sheet liabilities such as pensions, post-retirement health benefit obligations and environmental liabilities, along with their associated expenses.The FASB also issued standards for asset impairment recognition. These

35、 standards have arguably increased U.S. accounting conservatism in recent years,Both the costly contracting and regulatory rationales can explain the continuing importance of conservatism in GAAP. Later in the paper, I explore whether recent increases in accounting conservatism were caused by increa

36、ses in auditor legal liability exposure. 4. The asymmetric effect of conservatism on the properties of earningsIn this section, I develop and test each of my four principal hypotheses on the asymmetric impact of conservatism in good and bad news periods. The first two hypotheses consider how conserv

37、atism affects the timeliness of earnings, and in particular its accrual component. The following two hypotheses consider the impact of conservatism on the persistence of earnings, and the related effect on ERCs.4.1. Conservatism and the sensitivity of earnings to returnsBecause stock prices reflect

38、information received from sources other than current earnings, stock prices lead accounting earnings, by up to four years (Ball and Brown, 1968; Beaver et al., 1980; Kothari and Sloan, 1992; and others).Since accountants anticipate future losses but not future profits, conservatism results in earnin

39、gs being more timely and more sensitive concurrently to publicly available bad news than good news. In the fixed asset example in Fig. 1,a longer estimated life (good news) results in a small concurrent depreciation reduction, while a shorter estimated life (bad news) results in a relatively large c

40、oncurrent write down. Earnings is predicted to be more strongly associated with concurrent negative unexpected returns, proxying for bad news, than positive unexpected returns, which proxy for good news.I test my hypotheses in a Beaver et al. (1980) reverse regression, with earnings as the dependent

41、 variable, because OLS standard errors and test statistics are better specified when the leading variable is specified as independent and the lagging variable as dependent. I regress annual earnings on current annual returns. Earnings, the dependent variable, contains more timely information for bad

42、 news firms, resulting in a higher predicted R 2 for this sample. The slope coefficient, /3, is predicted to be greater for the bad news sample because earnings is predicted to be more sensitive to contemporaneous unexpected returns.Hypothesis 1: The slope coefficient and R 2 from a regression of an

43、nual earnings on annual unexpected returns are higher for negative unexpected returns than for positive unexpected returns.7. ConclusionI investigate the effects of the conservatism principle on reported financial statements. I characterize conservatism in accounting as the more timely recognition i

44、n earnings of bad news regarding future cash flows than good news. In efficient markets, stock returns symmetrically and quickly reflect all publicly available news. I thus use returns to measure news.The greater timeliness of earnings for bad news implies that earnings is contemporaneously more sen

45、sitive to negative unexpected returns than positive unexpected returns, as measured by the slope coefficient and R e from a reverse regression of earnings on returns. I show that the concurrent sensitivity of earnings to negative returns is two to six times as large as the concurrent sensitivity of

46、earnings to positive returns. The results are robust across several specifications. The conclusion is that earnings is more timely in reporting publicly available bad news about future cash flows than good news.Further, I hypothesize that conservatism acts through accruals, leading to predictable di

47、fferences in the properties of cash flow and earnings. I show that the greater timeliness of earnings relative to cash flow (Dechow, 1994) is due primarily to more timely recognition of bad news through accruals. Accruals do not improve the timeliness with which good news is reported in earnings rel

48、ative to cash flow.Since conservatism results in losses being anticipated in earnings but gains being postponed pending realization, I argue that negative earnings changes reverse more than positive earnings changes. I find that positive earnings changes tend to persist whereas negative earnings changes show a marked tendency to reverse, consistent with Brooks and Buckmaster (1976) and Elgers and Lo (1994). This difference in persistence implies that positive earnings changes have higher ERCs than negative earnings changes in a conventional regression of abnormal returns on earnings