外文翻譯--財(cái)務(wù)會(huì)計(jì)準(zhǔn)則（sfas）第150號(hào)公告的經(jīng)濟(jì)后果（節(jié)選）

1、<p>　　1900單詞，1萬英文字符，3400漢字</p><p>　　出處：Schroeder R G, Sevin S K, Schauer D. The Economic Consequences of the Statement of Financial Accounting Standards (SFAS) No. 150[J]. International Advances in Econ

2、omic Research, 2006, 12(4):498-504. </p><p><b>　　原文：</b></p><p>　　The Economic Consequences of the Statement of Financial Accounting Standards (

3、SFAS) No. 150</p><p>　　RG Schroeder，SK Sevin，D Schauer</p><p><b>　　Abstract</b></p><p>　　SFAS No. 150, "Accounting For Certain Financial Instruments with Characteri

4、stics of Both Liabilities and Equity" (SFAS 150), requires companies to report mandatorily redeemable preferred stock (MRPS) as a liability, and the dividends on these securities as interest expense. The purpose of

5、this study is to examine the economic consequences of SFAS 150_s adoption on a sample of public companies. Our analysis indicates that adoption resulted in both intended and possible unintended economic consequ</p>

6、<p>　　Keywords: economic consequences, Financial Accounting Standards Board, SFAS 150</p><p>　　Introduction</p><p>　　The economic consequences of accounting standards have been a topic of

7、 interest for over two decades. FEconomic consequences_ refer to the impact of accounting reports on various segments of our economic society [Zeff, 1978, p.56]. Since the identification of this issue, there have been a

8、number of studies that have investigated the economic consequences of accounting standards [Guay et al., 2003; Dechow et al., 1996; Khurana and Loudder, 1994; Wasley and Linsmeier, 1992; Stone and Ingram, 1988]</p>

9、<p>　　Background</p><p>　　The amount of a company’s long-term debt relative to its equity is relevant because the debt-to-equity ratio is directly related to the risk associated with investing in the

10、firm’s stock [Hamada, 1972; Rubinstein, 1973]. As the debt-to-equity ratio of a firm increases, the market’s perception of the riskiness of investing in the firm’s stock also rises. Thus, it is important to have criteria

11、 to appropriately classify liabilities and equity so that decision makers can reliably evaluate the firm’s</p><p>　　In current accounting practice, liabilities and equity are treated as separate and distinct

12、 elements of the firm’s capital structure. This distinction is apparent in the fundamental accounting equation: </p><p>　　Assets= liabilities+ equity</p><p>　　Accordingly, liabilities and equity

13、 are both claimants to enterprise assets; but equity represents an ownership interest, whereas liabilities are creditor claims. These interests are different and their separate disclosure is relevant to decision makers w

14、ho rely on published financial information [Clark, 1993]. Liabilities and equity are defined in Statement of Financial Accounting Concepts No. 6: </p><p>　　Liabilities - probable future sacrifices of economi

15、c benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. Equities Y the residual interest in th

16、e assets of an entity that remains after deducting its liabilities. In a business enterprise the equity is the ownership.</p><p>　　Unfortunately, these definitions have left many unresolved questions, and th

17、e issuance of SFAS 150 is an effort to partially resolve some of the issues surrounding the classification of financial statement items as either debt or equity. The objective of SFAS 150 is to require issuers to classif

18、y as liabilities certain financial instruments that represent obligations. SFAS 150 defines obligations as conditional or unconditional duties or responsibilities to transfer assets or to issue equity sha</p><

19、p>　　Redemption provisions are common features of agreements entered into among the owners of closely held businesses. These agreements, which are often referred to as shareholder’s or buy-sell agreements, provide for

20、the orderly disposition of the owners' investment in the company upon their separation from the company, usually at retirement, disability or death. Because there is no market for the equity securities of a closely h

21、eld company, departing owners or their heirs must rely on the company o</p><p>　　The provisions of SFAS 150 relating to MRPS were seen as potentially devastating to these closely held, non-public companies.

22、A large number of such firms, including many public accounting firms, have issued MRPS. As a result, the effect of the standard was seen as potentially eliminating the net worth of the non-public companies that have issu

23、ed MRPS. A comment letter to the FASB from the Financial Executives Institute maintained that the application of SFAS 150 to non-public companies would pr</p><p>　　SFAS 150 became effective for financial ins

24、truments entered into or modified after May 31, 2003. Otherwise, the standard is effective at the beginning of the first interim period beginning after June 15, 2003. The only exception pertains to mandatorily redeemable

25、 financial instruments of non-public entities, for which the provisions are effective the first fiscal period beginning after December 15, 2003. In an effort to determine the intended economic consequences of the standar

26、d, we examine a r</p><p>　　What percentage of US companies was impacted by SFAS 150_s adoption? </p><p>　　What industries were affected by the standard? </p><p>　　What is the impac

27、t on the debt-to-asset and debt-to-equity ratios of the companies affected by SFAS 150_s reporting requirements? </p><p><b>　　Sample</b></p><p>　　Starting with the Russell 3000 Index

28、, we first removed all non-calendar year-end firms. This left a sample of 2,162 firms from which we randomly selected 1,000 firms using a random number generator. We accessed 2002 and 2003 financial statements via the 10

29、K Wizard search engine. We found 42 firms (4.2%) reporting MRPS at December 31, 2003. As shown in Table 1, sample firms are not concentrated in certain industries and the magnitude of MRPS issued, as a percentage of debt

30、, varies substantially.</p><p><b>　　Results</b></p><p><b>　　TABLE 1</b></p><p>　　Sample Firms</p><p>　　Our analysis of the effects of SFAS 150_s

31、 provisions related to MRPS for the sample of firms revealed three outcomes:</p><p>　　1. The criticism of the impact of SFAS 150 on non-public companies caused the FASB to review its position on the disclosu

32、re of MRPS by these companies. </p><p>　　2. Some companies redeemed their MRPS in 2003. </p><p>　　3. Approximately, 4% of the sample of firms was required to disclose MRPS as a liability. <

33、;/p><p>　　SFAS 150 by non-public companies for MRPS other than those shares that are subject to mandatory redemption at a future time or amount. This issue is to be reexamined during the next phase of the FASB’

34、s liabilities and equities project “Liabilities and Equities: Milestone Draft” (LEMD) announced July 20, 2005 (FASB, 2005). This proposed statement adopts an “Ownership Y Settlement Approach” which is based on both the e

35、conomic characteristics and the ultimate settlement of the MRPS. According to th</p><p><b>　　TABLE 2</b></p><p>　　Reported Debt-to-Asset and Debt-to-Equity Ratios of Sample Firms, 20

36、02 and 2003</p><p>　　Clearly, not all of this reported year-to-year increase is associated with the adoption of SFAS 150 but given the 2002 leverage levels, the increase does suggest that impacted firms must

37、 closely monitor their debt positions. To further isolate the direct impact of the standard’s adoption in 2003, which resulted in impacted firms increasing reported debt and decreasing reported equity by the amount of MR

38、PS, we recalculated the firms leverage ratios removing the reclassification (i.e., calculating</p><p><b>　　TABLE 3</b></p><p>　　Comparison of 2003 Reported Ratios and Ratios Recalcul

39、ated As If SFAS 150 Not Required</p><p>　　Discussion</p><p>　　As indicated in Table 2, impacted firms maintained high leverage levels, even prior to SFAS 150 becoming effective. Unless explicit

40、action was taken during 2003, adoption of the standard would only serve to exacerbate already high levels of debt. Because the increase directly associated with SFAS 150 adoption (Table 3) is greater than the reported ye

41、ar to year increase (Table 2), our results suggest that sample firms did take other leverage reducing action to lessen the impact of the standard. I</p><p>　　Conclusions</p><p>　　The intent of S

42、FAS 150 and future related accounting regulation is to clarify the debt and equity picture presented on balance sheets, thereby allowing investors and other financial statement users to have more decision-useful informat

43、ion. The results of this study indicate that that intent resulted in both intended and possible unintended economic consequences. While it might appear that only a small percentage of public firms were affected by SFAS 1

44、50, those firms operate in diverse industries</p><p><b>　　譯文：</b></p><p>　　財(cái)務(wù)會(huì)計(jì)準(zhǔn)則（SFAS）第150號(hào)公告的經(jīng)濟(jì)后果</p><p><b>　　摘要</b></p><p>　　財(cái)務(wù)會(huì)計(jì)準(zhǔn)則第150號(hào)，“對(duì)某些

45、債務(wù)性和權(quán)益性財(cái)務(wù)工具的會(huì)計(jì)處理”（SFAS第150號(hào)），強(qiáng)行要求企業(yè)把可贖回優(yōu)先股（MRPs）報(bào)告為負(fù)債，并把這些證券的股息作為利息開支。本文研究的目的是通過上市公司作為樣本研究（SFAS）第150號(hào)的經(jīng)濟(jì)后果。我們的分析表明，它會(huì)導(dǎo)致預(yù)期和意外的經(jīng)濟(jì)后果，具體來說：（1）財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)審查非公有制企業(yè)執(zhí)行150號(hào)公告關(guān)于MRPs的披露所造成的影響；（2）一些公司贖回他們的MRPs時(shí)是在采用較早前的標(biāo)準(zhǔn)的時(shí)候；（3）約4%的樣本公

46、司被要求把MRPs披露為負(fù)債。</p><p>　　關(guān)鍵字：經(jīng)濟(jì)后果，財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)，強(qiáng)制性可贖回優(yōu)先股，財(cái)務(wù)會(huì)計(jì)準(zhǔn)則第150號(hào)</p><p><b>　　介紹</b></p><p>　　會(huì)計(jì)準(zhǔn)則的經(jīng)濟(jì)后果已是一個(gè)超過二十年的令人感興趣的話題。經(jīng)濟(jì)后果指的是會(huì)計(jì)報(bào)告對(duì)經(jīng)濟(jì)社會(huì)各個(gè)階層的影響（Zeff，1978）。為了識(shí)別這個(gè)問題，有一組

47、人已經(jīng)調(diào)查了會(huì)計(jì)準(zhǔn)則的經(jīng)濟(jì)后果，并做了一些研究。（Guay，2003；Dechow，1996；Khurana和Loudder，1994；Wasley 和Linsmeier，1992；Stone和 Ingram，1988）</p><p><b>　　背景</b></p><p>　　一個(gè)公司的長期債務(wù)與其權(quán)益金額是相關(guān)的，因?yàn)閭鶆?wù)權(quán)益比率，直接關(guān)系到與該公司的股票投資

48、所涉及的風(fēng)險(xiǎn)（濱田，1972；魯賓斯坦，1973）。作為一家企業(yè)增加了債券對(duì)權(quán)益的比率，市場對(duì)在該企業(yè)的股票投資風(fēng)險(xiǎn)也相應(yīng)的上漲了。因此，重要的是要有適當(dāng)?shù)姆诸悩?biāo)準(zhǔn)，債權(quán)和權(quán)益，以滿足當(dāng)前需要，使決策者能夠可靠地評(píng)估企業(yè)的能力和隨著時(shí)間的推移確定未來現(xiàn)金流量預(yù)測中的固有水平。</p><p>　　在目前的會(huì)計(jì)實(shí)務(wù)中，債權(quán)和權(quán)益被視為該公司資本結(jié)構(gòu)中獨(dú)立和獨(dú)特的元素。這種區(qū)別是在基本會(huì)計(jì)等式里是顯而易見的：<

49、/p><p><b>　　資產(chǎn)=債權(quán)+權(quán)益</b></p><p>　　因此，負(fù)債和權(quán)益均是企業(yè)資產(chǎn)的申請者，但是股權(quán)代表所有者權(quán)益而債權(quán)則是債權(quán)人權(quán)益。這些利益是不通過的，其單獨(dú)披露并公布有關(guān)財(cái)務(wù)信息是決策者決策的依據(jù)（克拉克，1993）。在財(cái)務(wù)會(huì)計(jì)第6號(hào)負(fù)債和權(quán)益概念定義為：負(fù)債——企業(yè)過去的交易或事項(xiàng)形成的、預(yù)期會(huì)導(dǎo)致經(jīng)濟(jì)利益流出企業(yè)的現(xiàn)時(shí)義務(wù)。權(quán)益——企業(yè)的資產(chǎn)總

50、額減去一切負(fù)債后的剩余資產(chǎn)。</p><p>　　不幸的是，這些定義都留下了許多尚未解決的問題，發(fā)行第150號(hào)，是為了部分解決一些圍繞在債權(quán)或股權(quán)的財(cái)務(wù)報(bào)表資產(chǎn)分類的問題。SFAS第150號(hào)發(fā)行的目的是要求發(fā)行人把代表權(quán)益的一些金融工具分類為負(fù)債SFAS150號(hào)的義務(wù)是定義為企業(yè)有責(zé)任有條件或無條件轉(zhuǎn)讓資產(chǎn)或者發(fā)行股票。如果已發(fā)行的股票，企業(yè)不承擔(dān)贖回股票的責(zé)任，即企業(yè)不承擔(dān)轉(zhuǎn)讓資產(chǎn)或者增發(fā)股票的義務(wù)。然而，根據(jù)

51、SFAS第150號(hào)，除非可贖回股份的股票只需在企業(yè)報(bào)告的清算或終止后發(fā)生的，該股票就被列為負(fù)債。</p><p>　　贖回條款的共同特點(diǎn)是股東人數(shù)有限的企業(yè)業(yè)主之間達(dá)成的協(xié)議。這些協(xié)議通常被稱為股東的購買或銷售協(xié)議，這些協(xié)議為業(yè)主在其公司離職，通常是退休、殘疾或者死亡等情況下，有序的處理他們的投資。由于市場沒有一個(gè)股東人數(shù)有限的公司的股權(quán)證券，離職業(yè)主或者他們的繼承人必須依靠公司或者剩余的業(yè)主為他們提供流動(dòng)資金。

52、由于本公司贖回通常是對(duì)其余業(yè)主要求買進(jìn)基金，因?yàn)槭Ｏ碌臉I(yè)主可能沒有更多的財(cái)政資源。之前發(fā)行的SFAS第150號(hào)，業(yè)主可贖回股票是根據(jù)這一項(xiàng)購買銷售協(xié)議而執(zhí)行的，作為權(quán)益而不是負(fù)責(zé)，以及買進(jìn)和賣出合約的重要條款等存在都必須在財(cái)務(wù)報(bào)表附注中披露。</p><p>　　有關(guān)SFAS第150號(hào)對(duì)MRPS規(guī)定被視為對(duì)股東人數(shù)有限的非上市公司來說有潛在的破壞性。一些這樣的公司，其中包括許多大型會(huì)計(jì)師事務(wù)所，紛紛發(fā)行MRPS，

53、這樣一來，該標(biāo)準(zhǔn)被視為可能消除已有MPRS的非上市公司的凈資產(chǎn)。會(huì)計(jì)準(zhǔn)則委員會(huì)認(rèn)為，SFAS第150號(hào)應(yīng)用到非上市公司將提出一個(gè)過分悲觀公司的財(cái)務(wù)狀況，這樣可能導(dǎo)致其喪失對(duì)私人合約的投標(biāo)或者獲得銀行融資（阿米恩，2001）。</p><p>　　SFAS第150號(hào)條文的主要作用是為公司的資產(chǎn)負(fù)債表的負(fù)責(zé)部分披露的金額進(jìn)行了重新分類。此外，重新分類后可能導(dǎo)致投資者報(bào)告的凈收入下降，因?yàn)橐郧白鳛楣衫F(xiàn)在必須作為利息

54、開支。本研究著重于SFAS第150號(hào)對(duì)一個(gè)公司的影響，以債務(wù)狀報(bào)告作為樣本。如前所述，在報(bào)告中，債務(wù)的增加可能會(huì)限制企業(yè)的發(fā)展能力，從而導(dǎo)致更多的負(fù)責(zé)。一家公司的債務(wù)水平可以通過資產(chǎn)負(fù)債和資產(chǎn)權(quán)益比率來衡量。因?yàn)闃?biāo)準(zhǔn)同時(shí)影響公司的債務(wù)權(quán)益比率的組成部分（即增加分子，降低分母），我們預(yù)計(jì)該比率的影響將超過債務(wù)資產(chǎn)比率的影響。</p><p><b>　　研究目的</b></p>

55、<p>　　簽訂修改后的SFAS第150號(hào)在2003年5月31號(hào)開始有效實(shí)施，但是，準(zhǔn)則真正第一次有效實(shí)施是從6月15日開始。為證實(shí)標(biāo)準(zhǔn)產(chǎn)生的經(jīng)濟(jì)后果，把美國上市公司作為樣本，研究問題包括：1、SFAS 第150號(hào)的執(zhí)行有多少美國上市公司受到了影響？2、哪些行業(yè)受到了該標(biāo)準(zhǔn)的影響？3、執(zhí)行SFAS 150后，關(guān)于公司債務(wù)和權(quán)益比率受到了什么樣的影響？</p><p><b>　　樣本</

56、b></p><p>　　以羅素3000為指標(biāo)，我們首先排除所有非日歷年底之前結(jié)束的公司，我們留下了2162家公司進(jìn)行抽樣調(diào)查，我們使用隨機(jī)數(shù)發(fā)生器從中隨機(jī)抽簽1000家企業(yè)。我們查閱了他們2002年和2003年的財(cái)務(wù)報(bào)告，發(fā)現(xiàn)42家公司（4.2%）在2003年12月31日在財(cái)務(wù)報(bào)表上披露了MRPs。如表1所示，各個(gè)行業(yè)的樣本企業(yè)，把MRPs作為負(fù)責(zé)的比例大小相差很大。</p><p&g

57、t;<b>　　結(jié)果</b></p><p>　　表1 樣本公司</p><p>　　我們分析SFAS 150的規(guī)定對(duì)樣本公司有關(guān)MRPs披露有三個(gè)結(jié)果：1、會(huì)計(jì)準(zhǔn)則委員會(huì)對(duì)非上市公司MRPs的披露情況進(jìn)行審查，并評(píng)估SFA第150號(hào)對(duì)這些公司的影響。2、一些公司在2003年贖回MRPs。3、大約4%的公司被要求把MRPs披露為負(fù)債。顯然，會(huì)計(jì)準(zhǔn)則委員會(huì)明確了執(zhí)

58、行SFAS第150號(hào)對(duì)非上市公司會(huì)導(dǎo)致意想不到的經(jīng)濟(jì)后果。</p><p>　　就上市公司而言，樣本公司提供的2002年和2003年財(cái)務(wù)報(bào)表中的負(fù)債資產(chǎn)比率和負(fù)債權(quán)益比率受到了SFAS第150號(hào)的影響，且這些公司在該兩年都有較高水平的杠桿率，由于樣本公司的業(yè)績數(shù)額相差較大，尤其是關(guān)于債務(wù)資產(chǎn)和債務(wù)權(quán)益比率，所以取其平均數(shù)和中位數(shù)進(jìn)行比較。如表2所示A組，2002年，根據(jù)受影響的公司財(cái)務(wù)報(bào)告分析，負(fù)債資產(chǎn)比率的平均

59、數(shù)（中位數(shù)）0.7154（0.7528），到了2003年，負(fù)債資產(chǎn)比率的平均數(shù)和中位數(shù)分別上升到0.7461和07946，平均數(shù)（中位數(shù)）增加了4%（6%）。表2顯示結(jié)果，B組公司2002年的債務(wù)權(quán)益比率的平均數(shù)（中位數(shù)）為5.1465（3.0573），2003年結(jié)果為6.9065（3.8683）比2002年增加了34%（27%）。</p><p>　　表2 2002年-2003年樣本公司的債務(wù)資產(chǎn)比率和債務(wù)

60、權(quán)益比率</p><p>　　顯然，樣本公司2003年債務(wù)權(quán)益比率的平均數(shù)（中位數(shù)）比2002年都有所增加。但是并非都是執(zhí)行SFAS第150號(hào)而產(chǎn)生的結(jié)果，還要考慮到這些樣本公司較高的杠桿水平。為了進(jìn)一步研究2003年在執(zhí)行SFAS第150號(hào)后會(huì)造成企業(yè)的債務(wù)增加，MPRs的權(quán)益金額降低，我們重新計(jì)算了兩組組公司的杠桿水平，在執(zhí)行SFAS第150號(hào)前的債務(wù)權(quán)益比率的平均數(shù)（中位數(shù)）和未執(zhí)行SFAS第150號(hào)后的進(jìn)

61、行比較。如表3 A組結(jié)果顯示，2003年該組公司沒有執(zhí)行SFAS第150號(hào)的債務(wù)資產(chǎn)比率的平均數(shù)（中位數(shù)）是0.7115（0.7376），執(zhí)行后的平均數(shù)（中位數(shù)）為0.7461（0.7946）。這表明，執(zhí)行SFAS第150號(hào)的直接影響是使債務(wù)資產(chǎn)比率的平均數(shù)（中位數(shù)）增加了5%（8%）。同樣的，B組結(jié)果顯示，若沒有執(zhí)行SFAS第150號(hào)債務(wù)權(quán)益比率的平均數(shù)（中位數(shù)）為4.8296（2.8113），但是執(zhí)行了SFAS第150號(hào)后的平均數(shù)（

62、中位數(shù)）為6.9065（3.8683），由于SFAS第150號(hào)的執(zhí)行，使債務(wù)權(quán)益比率增加了43%（38%）。</p><p>　　表3 2003年重新計(jì)算樣本公司各個(gè)財(cái)務(wù)指標(biāo)及比率</p><p><b>　　討論</b></p><p>　　如表2所示，樣本公司在執(zhí)行SFAS第150號(hào)前保持著較高的杠桿水平，2003年執(zhí)行該準(zhǔn)則后，只會(huì)更

63、加加劇公司的債務(wù)水平。因?yàn)閳?zhí)行SFAS第150號(hào)前后的增長值（見表3）比每年增長值（見表2）還要大，樣本公司沒有受到其他因素的干擾，杠桿作用對(duì)執(zhí)行準(zhǔn)則的影響較小。</p><p><b>　　總結(jié)</b></p><p>　　未來，SFAS第150號(hào)及相關(guān)會(huì)計(jì)制度的目的是在資產(chǎn)負(fù)債表上明確債務(wù)和股權(quán)，從而為投資者及其他財(cái)務(wù)報(bào)表使用者提供更多對(duì)決策有用的信息。研究結(jié)果表

64、明，執(zhí)行SFAS第150號(hào)會(huì)導(dǎo)致預(yù)期和意外的經(jīng)濟(jì)后果。雖然它可能只有極少數(shù)的公開公司受SFAS 第150號(hào)影響，這些公司涉及各行各業(yè)，最后產(chǎn)生的影響程度也有所不同。此外，在美國完成LEDM項(xiàng)目后，財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)對(duì)金融工具買賣，會(huì)在報(bào)表中檢查負(fù)債和權(quán)益的披露情況，新會(huì)計(jì)準(zhǔn)則預(yù)計(jì)將對(duì)上市公司的影響更深遠(yuǎn)。</p><p>　　來源：理查德·施羅德，《國際經(jīng)濟(jì)研究進(jìn)展》，2006年.</p>