收入和現金流量的定價和權責發(fā)生制的確認外文翻譯

1、<p><b>　　中文3700字</b></p><p>　　外 文 翻 譯</p><p><b>　　原文：</b></p><p>　　The pricing of earnings and cash flows and an affirmation of accrual accounting<

2、;/p><p>　　This paper examines a core idea in accounting, drummed into every beginning accounting student: accrual accounting, rather than cash accounting, is appropriate for business reporting. Accounting goes

3、beyond a mere cash book, to report (accrual) earnings rather than cash flow as the measure of valued added. The paper investigates whether common shares are priced in the stock market according to accounting prescription

4、s on how earnings and cash flows affect shareholders’ equity.</p><p>　　To develop an empirical specification that incorporates the prescriptions, the paper first formally lays out how earnings and cash flows

5、 relate to shareholders’ equity in the accounting system. With a focus on the shareholder, it makes the standard distinction in both valuation theory and accounting between the business and the equity claim on the busine

6、ss. Under accrual accounting, earnings from the business add to both the book value of assets and the book value of the equity claim on those as</p><p>　　The empirical analysis shows that the stock market pr

7、ices business firms and equity claims on firms according to this prescription. We find that, on average, annual changes in both the market value of the firm and the market value of equity shares are positively related to

8、 annual earnings. However, given earnings, changes in the market value of the firm are negatively related to cash flows from the firm. Indeed, a dollar of free cash flow is, on average, associated with approximately a do

9、llar le</p><p>　　The result with respect to earnings is, of course, not new; the finding of a positive correlation between earnings changes and stock returns in the Ball and Brown (1968) paper is an affirmat

10、ion of accrual accounting, replicated many times. Dechow (1994) and Dechow et al. (1998), among others, affirm the importance of accruals over cash flows under a variety of conditions. Our analysis explores an additional

11、 feature of accounting: not only does accrual accounting promote earnings as the primary v</p><p>　　The result with respect to cash flows may be surprising, for one typically thinks of cash flow as a ‘‘good’

12、’—more cash flow means higher value—and analysts often recommend stocks of companies that have positive cash flow. However, our results are not surprising when one recognizes that economic theory also affirms the account

13、ing: accrual accounting operates in a way that recognizes Miller and Modigliani (1961) notion of dividend displacement and the complementary notion of dividend irrelevance. </p><p>　　The results in the paper

14、 seemingly conflict with previous research. In Rayburn (1986), Wilson (1987), Dechow (1994), Bowen et al. (1987), Clubb (1995), and Francis et al. (2003), among others, cash flow variables in return regressions load with

15、 a positive coefficient, with and without earnings included. The difference revolves around the issue of specification. This paper develops a regression specification quite methodically (in Sect. 1) so the differences ar

16、e well understood. Indeed, while the</p><p>　　The ability of earnings to explain changes in market values depends, of course, on how the earnings are measured. Indeed, one expects cash flow to be informative

17、 if earnings are poorly measured, and the comparison of cash flow to earnings is a standard diagnostic in earnings quality analysis (see, for example, Sloan 1996; Dechow and Dichev 2002; Dechow et al. 2008). We build spe

18、cifications that explicitly recognize that cash flows (and dividends) can have information content in response to poor </p><p>　　1 Specification of return regressions involving earnings and cash flows</p&

19、gt;<p>　　While documenting the relevant correlations, most prior research that relates stock prices and returns to earnings, cash flows, or both does not use pre-specified models. Some exceptions are Jennings (199

20、0), who addresses some specification issues in earnings and cash flows regressions, and Barth et al. (1999), who refer to valuation models to develop regression equations involving earnings and cash flows. In this paper

21、we develop a specification and then put it to the test. The specification is</p><p>　　Accounting relations that govern accrual accounting</p><p>　　Accrual accounting, at least nominally, tracks

22、the evolution of shareholders’ equity over discrete periods; in each period, accounting calculates a number, earnings, which update shareholders’ equity via the closing entry. We lay out a set of accounting operations th

23、at amount to prescriptions that govern the accounting. We start with cash flows.</p><p>　　1.1.1 Cash flow relations</p><p>　　The firm (the business operations) is distinguished from the claims o

24、n the firm, as in the typical balance sheet. Correspondingly, cash flows generated by a business (free cash flow) are distinguished from those paid to claimants. The standard cash conservation equation equates the two:&l

25、t;/p><p>　　Free Cash Flow = d + F……… (1)</p><p>　　As the analysis focuses on the pricing of common shares, the dividend to common shareholders, d, is distinguished from payments to all other claima

26、nts (such as bondholders and preferred stock holders), F. Distributions to debt issuers—by the purchase of financial assets with the cash—are also an application of free cash flow, so F refers to cash payments to net deb

27、t holders (debt holders and debt issuers). Dividends, d, are net cash distributions to shareholders (dividends plus stock repurchases</p><p>　　It is common to distinguish the two components of free cash flow

28、, cash from operations (C) and cash investment (I): Free Cash Flow = C - I. The distinction between C and I is an accrual accounting issue, however, involving an allocation to periodic income statements that does not bea

29、r on net cash generated. To delineate clearly between cash and accrual accounting, our reference will be to the net cash from operations, that is, free cash flow. However, at the end of the paper we will distinguish <

30、/p><p>　　1.1.2 Accrual accounting for the firm</p><p>　　Accrual accounting adjusts free cash flows from operations on the left hand side of Eq. 1 to yield income from operations, as follows:</p&

31、gt;<p>　　OI= (C-I) + I + Operating accruals……… (2)</p><p>　　The adjustments are added to net operating assets on the balance sheet:</p><p>　　△NOA= I + Operating accruals …...... (3)</p

32、><p>　　While Eq. 3 distinguishes between cash investment (like purchases of equipment) and operating accrual components of DNOA (like receivables and payables), cash investment is really an accrual that allocat

33、es current cash flows to income in future periods. Accordingly, DNOA is total accruals, comprised of current cash flows booked to the balance sheet as investments plus other non-cash flows also recorded to the balance sh

34、eet.</p><p>　　1.1.3 Accrual accounting for shareholders’ equity</p><p>　　As well as tracking net operating assets, accrual accounting tracks net financial obligations (NFO) to net debtholders su

35、ch that the balance sheet reports the common shareholders’ equity (B, for book value) as the residual claim on the net operating assets:</p><p>　　B = NOA - NFO …….. (4) </p><p>　　Thus the updati

36、ng of the shareholders’ equity obeys the relation,</p><p>　　△B = △NOA - △NFO …….(5)</p><p>　　The change in NOA can be stated in terms of accrual and cash flow components. As I + operating accrua

37、ls = OI - (C - I), by Eq. 2, the change in net operating assets in Eq. 3 can be restated as</p><p>　　△NOA = OI – (C – I)…….. (6)</p><p>　　Similarly, the change in net financial obligations is th

38、e difference between the net financial expenses (NFE) recorded in the income statement under accrual accounting and cash flow to net debtholders, F: △NFO = NFE - F. But F = (C - I) - d, by the cash conservation Eq. 1, so

39、</p><p>　　△NFO = NFE –(C – I) + d…….(7)</p><p>　　By taking the difference between Eqs. 6 and 7, the change in shareholders’ equity is accounted for:</p><p>　　△B =OI – ( C – I ) - NF

40、E + ( C – I ) -d</p><p>　　=OI - NFE – d……. (8)</p><p>　　=Earnings - d</p><p>　　where earnings are comprehensive earnings. Equation 8 is, of course, the clean surplus equation for up

41、dating shareholders’ equity, forced by the balance sheet Eq. 5 and the accounting for net operating assets and net financial obligations in Eqs. 6 and 7.</p><p>　　1.1.4 The normative prescriptions and the ec

42、onomics of cash flows</p><p>　　As fixed relations, the accounting relations in Eqs. 1–8 are normative prescriptions that direct how one accounts for equity value. In particular, Eqs. 6 and 7 embed presumptio

43、ns about the relevance of earnings and free cash flow for determining equity value. By Eq. 6, operating income increases net operating assets, but free cash flow reduces net operating assets; indeed free cash flow reduce

44、s net operating assets dollar for dollar. By Eq. 7, free cash flow also reduces net financial obligation</p><p>　　These prescriptions are at the heart of accrual accounting; they articulate the exception tha

45、t accrual accounting takes to cash accounting. They are, therefore, worthy of validation against the actual equity pricing in the stock market, and our empirical analysis does so. Specifically, it asks whether, given ope

46、rating income, the stock market prices free cash flow as a one-to-one reduction of the value of the firm, as in Eq. 6 and, given earnings, the market prices free cash flow as having no ef</p><p>　　Source: St

47、ephen H. Penman. Nir Yehuda,2009 “The pricing of earnings and cash flows and an affirmation of accrual accounting” .Springer Science,13 August, pp.453-458.</p><p><b>　　譯文： </b></p><p&g

48、t;　　收入和現金流量的定價和權責發(fā)生制的確認</p><p>　　本文探討了會計的核心理念，告訴每個會計初學者：權責發(fā)生制會計比現金會計，在制定企業(yè)報告時更為適當。會計不只是單純的通過現金賬簿來報告（增值）收入，還要把現金流量作為價值增加的計量方法。本文調查研究普通股在股票市場上的定價是否會根據會計預計收入和現金流量來影響股東權益。</p><p>　　要制定一個包含計劃的規(guī)范的實證，第

49、一次正式的文件規(guī)定了如何盈利和現金流量怎么與在會計系統(tǒng)的股東權益相關聯。隨著對股東的焦點轉移，它產生了在兩個估價理論與企業(yè)之間和企業(yè)權益的會計之間的標準區(qū)別。根據權責發(fā)生制，企業(yè)收入使資產的賬面價值以及這些資產的股權債權的賬面價值都得到了增加。這當然是十分值得贊賞的。然而，被贊賞較少的，是在權責發(fā)生制下被嵌入關于現金流量的計劃：企業(yè)的凈現金流量，就是我們通常所說的自由現金流量，并不對股權（我們展示出來的）賬面價值產生影響，但降低了企業(yè)資

50、產的賬面價值。以“一美元換一美元”的等額方式補償不再收回的償還債務。權責發(fā)生制的處理不可作為增值業(yè)務，但可作為一個從業(yè)務支出的現金流量。那項支出減少的商業(yè)價值，無需影響產權的附帶股息價值。</p><p>　　實證分析表明，股票的市場價格和商業(yè)公司根據本公司股權計劃進行索賠。我們發(fā)現，平均而言，無論是在公司的市場價值和市場價值年股權變動都被計入呈正相關的年度收益。然而，考慮到贏利能力，該公司市場價值的變化與從公司

51、的現金流量比較，呈負相關。事實上，就平均而言，美元的自由現金流量是與大約一美元以下的上市公司價值，而股票市值變動與經營活動產生現金流量不相關。此外，分離出來的流動的自由現金流量的投資部分，我們發(fā)現，其余的“經營業(yè)務產生的現金流量” 與降低公司市場價值相聯系，“一美元換一美元”，并與權益價值的變化無關。</p><p>　　相對于盈利的結果，當然，不是新產生的；一個在收益的變化、鮑爾股票報酬和布朗（1968）研究報

52、告之間的正相關的關系調查，是權責發(fā)生制的確認，并且重復多次。德周（1994年）和德周（1998年）等等，確認各種條件下的應計項目對現金流量的重要性。我們的分析，探討了會計附加功能：不僅促進權責發(fā)生制屬性作為主要估值收益（而不是現金流量），但實際上是把現金流量作為無關的股權估值來看待。我們的實證分析證實了這一觀點。</p><p>　　相對于現金流量的結論可能會令人吃驚，一個典型的被認為是“良好的”現金流——更多的

53、現金流意味著更高的價值，并且分析師經常推薦的公司的股票都是有正現金流量的。然而，我們的結果并不令人驚訝，當人認識到經濟理論也肯定了會計：權責發(fā)生制會計確認的方式，并且承認了米勒和馬德奇洛尼（1961年）的概念位移和股息紅利無關的互補性概念。股息、現金的發(fā)行對股東而言，減少了產權，但不影響股息的價值。現金流量，從該公司相應的分配（包括所有股東），影響了減少企業(yè)價值的企業(yè)的股息，但是它不影響企業(yè)的附帶股息價值。由于雙方的權益要求基于該公司的

54、企業(yè)價值和現金流量，它是未受影響的由現金流量，但是相反地由企業(yè)的附帶股息價值體現?？傊?，權責發(fā)生制服從于現代金融的基本原則，并且公司股票的市場價格以及債權和股權也是根據這些原則制定的。</p><p>　　論文中的結論似乎與先前的研究相沖突。在雷伯恩（1986年），威爾遜（1987年），德周（1994年），博文（1987年），克拉布（1995年）和弗朗西斯（2003年）等人的文獻中，作為回歸的回報的現金流量變量伴

55、隨一個積極系數，有、無收入都包括在內。有所不同的是圍繞著規(guī)范的問題。本文建立一個有條理的回歸說明（在第二節(jié)第1小標題），這樣，差異就容易被理解了。事實上，盡管收入和現金流量的價格是我們的實質性關注的，但是在資本市場中規(guī)范問題的研究是潛在的。在這方面，本文根據霍爾索森和瓦特'(2001) 批評的，關于資本市場的會計研究已經對標準制定者所面臨的規(guī)范問題沒有什么貢獻了。其中霍爾索森和瓦特認為有必要的是同時注意規(guī)范，我們對現金會計與權責

56、發(fā)生制會計的業(yè)務報告使用問題，可以得出一個基本的規(guī)范性的結論。結果，我們沒有辦法完全反對其他文件的結論。事實上，以先前的結論看，我們可以調和一下看起來完全不同的結論。</p><p>　　以盈利能力來解釋市場價值的變化取決于如何計量收入。事實上，如果收益不容易測量，預測的現金流量所提供的信息，與現金流的收益相比，是一個盈利質量分析的判斷標準。（比如：1996年的斯隆; 德周和2002年多的德查夫；2008年中其他

57、的人等）。我們建立了詳細的計劃書，來明確地認識到現金流量（和股息）可以對測量不良收益的信息做出反應。不過，根據美國一般公認會計原則對收益進行測量，我們發(fā)現，就平均而言，現金流量并不能解釋股票價格的變化。需要強調的是調查結果的平均適用非常重要，因為會計準則是為（大概）大眾普遍方面的廣泛應用而設計的。無法拋開的平均調查結果是權責發(fā)生制會計可能處理不足，以及與在特定情況下的現金流量有關。</p><p>　　1 說明收

58、益和現金流量的回歸方程</p><p>　　當證明相關關系時，多數早先的研究把股票價格與收益、現金流量聯系起來，或二者都不使用預先指定的模型。有些例外的是詹寧斯（1990年），他解決了盈利和現金流量回歸的一些規(guī)范的問題。還有巴特等人（1999年），他們提出估值模型來建立盈利和現金流量的回歸方程。在本文中，我們建立一個假設，然后測試它。該規(guī)范是出于產生收入和現金流量的數據的核算結構。我們首先制定出這一結構（1.1節(jié)

59、），然后指定定價方程，根據采取的數據（2節(jié)）整合結構（1.2節(jié)）。含有的會計數據的回報回歸規(guī)范的一般性討論是在“附錄”中。</p><p>　　1.1會計權責發(fā)生制會計關系的支配</p><p>　　權責發(fā)生制會計，至少在名義上，跟蹤股東權益超過分立周期的演變；在每個時期，會計計算一個數字、收入、更新股東權益項并在發(fā)生時登記。我們制定出了一套會計業(yè)務量的處理方法來管理記賬。我們開始使用現金

60、流量。</p><p>　　1.1.1現金流量的關系</p><p>　　該公司（公司業(yè)務），是在典型的資產負債表中區(qū)別于對公司的所有權。相應地，由企業(yè)（現金流）產生的現金流量與公司股權的現金流區(qū)別開來的。標準現金守恒方程等于兩者之和：</p><p>　　自由現金流量= d + F…… (1)</p><p>　　作為分析的重點是普通股定價

61、，向普通股股東支付股利D，是從區(qū)分支付給所有其他償付者（如債券，優(yōu)先股持有人），F。債務發(fā)行人的分配也是一個自由的現金流的應用，因此F是指現金支付給持有人的凈債務（債務持有人和債券發(fā)行人）。股息，D，是凈現金分配給股東（股息加股票回購扣除股本的問題）。</p><p>　　這是常見的區(qū)分自由現金流的兩個組成部分，從經營業(yè)務現金（C）和現金投資（I）：自由現金流= C – I。C和I之間的區(qū)別是權責發(fā)生制會計問題，

62、但是，涉及分配定期收入報表，不承擔產生的凈現金。要清楚界定權責發(fā)生制會計與現金，我們將參考經營凈現金，也就是自由現金流量。然而，在文章最后，我們將區(qū)分C和I，來審查相關的以前文件的經營（C）現金價格。因此，我們將自由現金流量記為C – I，來提醒我們這是指營業(yè)的凈現金流量。</p><p>　　1.1.2公司權責發(fā)生制</p><p>　　權責發(fā)生制根據1式左邊的經營現金流量，把自由現金流

63、量調整為業(yè)務收入收益率，具體如下：</p><p>　　OI= (C-I) + I + 經營獲利…… (2)</p><p>　　在資產負債表調整增加的凈經營資產：</p><p>　　△NOA= I +經營獲利…...... (3)</p><p>　　3式現金投資（如設備采購）和經營獲利組成部分△NOA（如應收款和應付款）的區(qū)別，現金投資

64、的確是一個獲利，為未來期間的收入分配目前的現金流量。因此，△NOA是總應計項目，包括目前的現金流作為投資記入資產負債表，并且其他非現金流量也記錄在資產負債表內。</p><p>　　1.1.3股東權益權責發(fā)生制</p><p>　　以及跟蹤凈經營性資產，權責發(fā)生制跟蹤凈債權人的凈資金債務（NFO），資產負債表報告的普通股股東權益（B，為賬面價值）為凈經營性資產的剩余索取權：</p&g

65、t;<p>　　B = NOA - NFO …….. (4) </p><p>　　因此，更新的股東權益也服從這種關系，</p><p>　　△B = △NOA - △NFO …….(5)</p><p>　　NOA的變化可以說依據權責發(fā)生制和現金流構成。I +經營獲利= OI - (C - I)，通過2式，3使中的凈經營資產的變化可以重列為：<

66、/p><p>　　△NOA = OI – (C – I)…….. (6)</p><p>　　同樣，凈財政義務的變化是權責發(fā)生制下計入損益表的凈財務支出（NFF）與凈債權人現金流量的差異，F: △NFO = NFE – F。但是 F = (C - I) – d，通過現金平衡式1式，因此：</p><p>　　△NFO = NFE –(C – I) + d…….(7)&l

67、t;/p><p>　　通過采取方程6和方程7之間的差異，股東權益變動入賬：</p><p>　　△B =OI – ( C – I ) - NFE + ( C – I ) -d</p><p>　　=OI - NFE – d……. (8)</p><p><b>　　=收入 – d</b></p><p&g

68、t;　　若雇員的收入是全面盈利。公式8是更新股東權益的凈盈余方程，資產負債表方程式5和凈經營性資產要求計入6式和7式中的凈財政義務。</p><p>　　1.1.4規(guī)范處理方法和現金流量的經濟學</p><p>　　作為固定關系，方程1-8的會計關系是直接計入股權價值賬戶的規(guī)范處理方法。特別是，6式與7式有關的收入和股票價值確定相關的現金流嵌入假設。由式6，營業(yè)收入增加凈經營資產，但凈現金

69、流量減少經營性資產；確實自由現金流量減少了以美元對美元的凈營業(yè)資產。由式7，自由現金流量也減少了財政義務；自由現金流量，股息，減少以美元對美元的凈負債。但是，如式8顯示，當自由現金流量是無關的股權價值時，權責發(fā)生制會計處理自由現金流不把股東權益計入。</p><p>　　這些處理方法是權責發(fā)生制會計的中心，他們表現了權責發(fā)生制會計所需的現金核算。他們，因此，是股市中實際股票價格的驗證價值，我們的實證分析也這樣做。