收入和現(xiàn)金流量的定價和權(quán)責(zé)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(xiàn)金流量的定價和權(quán)責(zé)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(xué)者：權(quán)責(zé)發(fā)生制會計比現(xiàn)金會計，在制定企業(yè)報告時更為適當(dāng)。會計不只是單純的通過現(xiàn)金賬簿來報告（增值）收入，還要把現(xiàn)金流量作為價值增加的計量方法。本文調(diào)查研究普通股在股票市場上的定價是否會根據(jù)會計預(yù)計收入和現(xiàn)金流量來影響股東權(quán)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(xiàn)金流量怎么與在會計系統(tǒng)的股東權(quán)益相關(guān)聯(lián)。隨著對股東的焦點轉(zhuǎn)移，它產(chǎn)生了在兩個估價理論與企業(yè)之間和企業(yè)權(quán)益的會計之間的標準區(qū)別。根據(jù)權(quán)責(zé)發(fā)生制，企業(yè)收入使資產(chǎn)的賬面價值以及這些資產(chǎn)的股權(quán)債權(quán)的賬面價值都得到了增加。這當(dāng)然是十分值得贊賞的。然而，被贊賞較少的，是在權(quán)責(zé)發(fā)生制下被嵌入關(guān)于現(xiàn)金流量的計劃：企業(yè)的凈現(xiàn)金流量，就是我們通常所說的自由現(xiàn)金流量，并不對股權(quán)（我們展示出來的）賬面價值產(chǎn)生影響，但降低了企業(yè)資

50、產(chǎn)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(wù)。權(quán)責(zé)發(fā)生制的處理不可作為增值業(yè)務(wù)，但可作為一個從業(yè)務(wù)支出的現(xiàn)金流量。那項支出減少的商業(yè)價值，無需影響產(chǎn)權(quán)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(jù)本公司股權(quán)計劃進行索賠。我們發(fā)現(xiàn)，平均而言，無論是在公司的市場價值和市場價值年股權(quán)變動都被計入呈正相關(guān)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(xiàn)金流量比較，呈負相關(guān)。事實上，就平均而言，美元的自由現(xiàn)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(jīng)營活動產(chǎn)生現(xiàn)金流量不相關(guān)。此外，分離出來的流動的自由現(xiàn)金流量的投資部分，我們發(fā)現(xiàn)，其余的“經(jīng)營業(yè)務(wù)產(chǎn)生的現(xiàn)金流量” 與降低公司市場價值相聯(lián)系，“一美元換一美元”，并與權(quán)益價值的變化無關(guān)。</p><p>　　相對于盈利的結(jié)果，當(dāng)然，不是新產(chǎn)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(guān)的關(guān)系調(diào)查，是權(quán)責(zé)發(fā)生制的確認，并且重復(fù)多次。德周（1994年）和德周（1998年）等等，確認各種條件下的應(yīng)計項目對現(xiàn)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(quán)責(zé)發(fā)生制屬性作為主要估值收益（而不是現(xiàn)金流量），但實際上是把現(xiàn)金流量作為無關(guān)的股權(quán)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(xiàn)金流量的結(jié)論可能會令人吃驚，一個典型的被認為是“良好的”現(xiàn)金流——更多的

53、現(xiàn)金流意味著更高的價值，并且分析師經(jīng)常推薦的公司的股票都是有正現(xiàn)金流量的。然而，我們的結(jié)果并不令人驚訝，當(dāng)人認識到經(jīng)濟理論也肯定了會計：權(quán)責(zé)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(guān)的互補性概念。股息、現(xiàn)金的發(fā)行對股東而言，減少了產(chǎn)權(quán)，但不影響股息的價值。現(xiàn)金流量，從該公司相應(yīng)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(quán)益要求基于該公司的

54、企業(yè)價值和現(xiàn)金流量，它是未受影響的由現(xiàn)金流量，但是相反地由企業(yè)的附帶股息價值體現(xiàn)?？傊瑱?quán)責(zé)發(fā)生制服從于現(xiàn)代金融的基本原則，并且公司股票的市場價格以及債權(quán)和股權(quán)也是根據(jù)這些原則制定的。</p><p>　　論文中的結(jié)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(xiàn)金流量變量伴

55、隨一個積極系數(shù)，有、無收入都包括在內(nèi)。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(xiàn)金流量的價格是我們的實質(zhì)性關(guān)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(jù)霍爾索森和瓦特'(2001) 批評的，關(guān)于資本市場的會計研究已經(jīng)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(xiàn)金會計與權(quán)責(zé)

56、發(fā)生制會計的業(yè)務(wù)報告使用問題，可以得出一個基本的規(guī)范性的結(jié)論。結(jié)果，我們沒有辦法完全反對其他文件的結(jié)論。事實上，以先前的結(jié)論看，我們可以調(diào)和一下看起來完全不同的結(jié)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(yù)測的現(xiàn)金流量所提供的信息，與現(xiàn)金流的收益相比，是一個盈利質(zhì)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(xiàn)金流量（和股息）可以對測量不良收益的信息做出反應(yīng)。不過，根據(jù)美國一般公認會計原則對收益進行測量，我們發(fā)現(xiàn)，就平均而言，現(xiàn)金流量并不能解釋股票價格的變化。需要強調(diào)的是調(diào)查結(jié)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(yīng)用而設(shè)計的。無法拋開的平均調(diào)查結(jié)果是權(quán)責(zé)發(fā)生制會計可能處理不足，以及與在特定情況下的現(xiàn)金流量有關(guān)。</p><p>　　1 說明收

58、益和現(xiàn)金流量的回歸方程</p><p>　　當(dāng)證明相關(guān)關(guān)系時，多數(shù)早先的研究把股票價格與收益、現(xiàn)金流量聯(lián)系起來，或二者都不使用預(yù)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(xiàn)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(xiàn)金流量的回歸方程。在本文中，我們建立一個假設(shè)，然后測試它。該規(guī)范是出于產(chǎn)生收入和現(xiàn)金流量的數(shù)據(jù)的核算結(jié)構(gòu)。我們首先制定出這一結(jié)構(gòu)（1.1節(jié)

59、），然后指定定價方程，根據(jù)采取的數(shù)據(jù)（2節(jié)）整合結(jié)構(gòu)（1.2節(jié)）。含有的會計數(shù)據(jù)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(quán)責(zé)發(fā)生制會計關(guān)系的支配</p><p>　　權(quán)責(zé)發(fā)生制會計，至少在名義上，跟蹤股東權(quán)益超過分立周期的演變；在每個時期，會計計算一個數(shù)字、收入、更新股東權(quán)益項并在發(fā)生時登記。我們制定出了一套會計業(yè)務(wù)量的處理方法來管理記賬。我們開始使用現(xiàn)金

60、流量。</p><p>　　1.1.1現(xiàn)金流量的關(guān)系</p><p>　　該公司（公司業(yè)務(wù)），是在典型的資產(chǎn)負債表中區(qū)別于對公司的所有權(quán)。相應(yīng)地，由企業(yè)（現(xiàn)金流）產(chǎn)生的現(xiàn)金流量與公司股權(quán)的現(xiàn)金流區(qū)別開來的。標準現(xiàn)金守恒方程等于兩者之和：</p><p>　　自由現(xiàn)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(xiàn)。債務(wù)發(fā)行人的分配也是一個自由的現(xiàn)金流的應(yīng)用，因此F是指現(xiàn)金支付給持有人的凈債務(wù)（債務(wù)持有人和債券發(fā)行人）。股息，D，是凈現(xiàn)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(xiàn)金流的兩個組成部分，從經(jīng)營業(yè)務(wù)現(xiàn)金（C）和現(xiàn)金投資（I）：自由現(xiàn)金流= C – I。C和I之間的區(qū)別是權(quán)責(zé)發(fā)生制會計問題，

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

63、量調(diào)整為業(yè)務(wù)收入收益率，具體如下：</p><p>　　OI= (C-I) + I + 經(jīng)營獲利…… (2)</p><p>　　在資產(chǎn)負債表調(diào)整增加的凈經(jīng)營資產(chǎn)：</p><p>　　△NOA= I +經(jīng)營獲利…...... (3)</p><p>　　3式現(xiàn)金投資（如設(shè)備采購）和經(jīng)營獲利組成部分△NOA（如應(yīng)收款和應(yīng)付款）的區(qū)別，現(xiàn)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(xiàn)金流量。因此，△NOA是總應(yīng)計項目，包括目前的現(xiàn)金流作為投資記入資產(chǎn)負債表，并且其他非現(xiàn)金流量也記錄在資產(chǎn)負債表內(nèi)。</p><p>　　1.1.3股東權(quán)益權(quán)責(zé)發(fā)生制</p><p>　　以及跟蹤凈經(jīng)營性資產(chǎn)，權(quán)責(zé)發(fā)生制跟蹤凈債權(quán)人的凈資金債務(wù)（NFO），資產(chǎn)負債表報告的普通股股東權(quán)益（B，為賬面價值）為凈經(jīng)營性資產(chǎn)的剩余索取權(quán)：</p&g

65、t;<p>　　B = NOA - NFO …….. (4) </p><p>　　因此，更新的股東權(quán)益也服從這種關(guān)系，</p><p>　　△B = △NOA - △NFO …….(5)</p><p>　　NOA的變化可以說依據(jù)權(quán)責(zé)發(fā)生制和現(xiàn)金流構(gòu)成。I +經(jīng)營獲利= OI - (C - I)，通過2式，3使中的凈經(jīng)營資產(chǎn)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(wù)的變化是權(quán)責(zé)發(fā)生制下計入損益表的凈財務(wù)支出（NFF）與凈債權(quán)人現(xiàn)金流量的差異，F(xiàn): △NFO = NFE – F。但是 F = (C - I) – d，通過現(xiàn)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(quán)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(quán)益的凈盈余方程，資產(chǎn)負債表方程式5和凈經(jīng)營性資產(chǎn)要求計入6式和7式中的凈財政義務(wù)。</p><p>　　1.1.4規(guī)范處理方法和現(xiàn)金流量的經(jīng)濟學(xué)</p><p>　　作為固定關(guān)系，方程1-8的會計關(guān)系是直接計入股權(quán)價值賬戶的規(guī)范處理方法。特別是，6式與7式有關(guān)的收入和股票價值確定相關(guān)的現(xiàn)金流嵌入假設(shè)。由式6，營業(yè)收入增加凈經(jīng)營資產(chǎn)，但凈現(xiàn)金

69、流量減少經(jīng)營性資產(chǎn)；確實自由現(xiàn)金流量減少了以美元對美元的凈營業(yè)資產(chǎn)。由式7，自由現(xiàn)金流量也減少了財政義務(wù)；自由現(xiàn)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(dāng)自由現(xiàn)金流量是無關(guān)的股權(quán)價值時，權(quán)責(zé)發(fā)生制會計處理自由現(xiàn)金流不把股東權(quán)益計入。</p><p>　　這些處理方法是權(quán)責(zé)發(fā)生制會計的中心，他們表現(xiàn)了權(quán)責(zé)發(fā)生制會計所需的現(xiàn)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。