足球運(yùn)動(dòng)員人力資本作為資產(chǎn)計(jì)量的關(guān)鍵因素的案例研究外文翻譯

1、<p>　　本科畢業(yè)論文（設(shè)計(jì)）</p><p>　　外 文 翻 譯</p><p><b>　　原文：</b></p><p>　　Football Players as Human Assets. Measurement as the Critical Factor in Asset Recognition: A Case

2、Study Investigation</p><p>　　"The system, he [Charlie Sear, PFA Secretary 1898] continued, caused players to 'appear as prospectuses, as more or less valued assets of a limited liability company. It

3、 had 'destroyed the old personal bond of friendly feeling between us and club managers ...and brought the latter to regard us as chattels to be bought and sold. ...We have to thank the transfer system for bringing us

4、 down to the level of beasts in the market place. The commodity - the player - has no locus standing" (Harding 1991</p><p>　　Human resource accounting since the 1960's has been dominated by two issu

5、es - firstly, can human resources be satisfactorily defined and recognized as accounting assets and secondly, can a satisfactory valuation methodology be provided to reflect those assets. In this paper both these issues

6、are addressed in the context of one particular type of human resource.</p><p>　　The paper firstly considers whether an accounting asset is created by virtue of the fact that a club holding a player's reg

7、istration has the rights to the services provided by that player. It is intuitively appealing to think of football players as assets: other than a club's ground or facilities they are often the only item of value to

8、a club. Robinson (1969) argues that the main difference between investment in humans and investment in property lies in the fact that the earning power of an ind</p><p>　　The approach adopted in this paper i

9、s based on that used by Barwise et al (1989) in examining the issue of accounting for brands. The paper first examines the fun-dementia issues of accounting for an intangible asset, namely the services provided by a foot

10、ball player on behalf of the club holding his registration. Webb and Broadbent (1986) have identified where the information requirements of parties interested in the financial affairs of football clubs differ from those

11、of orthodox commercial o</p><p>　　The paper secondly considers capitalization of the intangible under different accounting models, examining the validity of the usual distinction between purchased and intern

12、ally developed intangibles. The paper does not seek to provide a complete measurement model for accounting income, rather concentrating on the capitalized valuation of the intangible in the balance sheet. Morrow (1995) i

13、dentified and evaluated three valuation methodologies appropriate to the human resource of football players</p><p>　　VALUATION METHODOLOGIES</p><p>　　Having demonstrated the case for definition

14、and sufficiency of evidence for recognition, the next consideration is the method of valuation of such assets on the balance sheet and ensuring the reliability of measurement. Morrow (1995) evaluated three valuation meth

15、odologies appropriate to the human resource of football players' services, each of which either currently is used in accounting practice by one or more clubs, or is used in some form in the existing market place for

16、players. In this sec</p><p>　　HISTORICAL COST: METHOD </p><p>　　Three Scottish clubs, Celtic, Heart of Midlothian and Rangers capitalize those players bought by the club on the transfer market a

17、t their cost of registration in their accounts. A survey of English clubs identified four clubs also following this accounting treatment (Touche Ross, 1994, p.8). The corresponding 1993 survey concluded that "commer

18、cial logic supports a historical cost capitalization approach", given the value of current transfers and player squads (Touche Ross, 1993, p.12). Table I s</p><p>　　Table1. FIRST TEAM SQUAD HISTORICAL C

19、OST AT YEAR END 1993</p><p>　　In practice the cost of registration would be amortized over the length of a player's contract, however in this case, each player's cost of registration has been amortiz

20、ed over the period since he joined the club until the end of his existing contract, consistent with the regular review and revision of the useful life of assets as suggested in SSAP 12, paragraph 18 (ASC, 1987). The resi

21、dual value has been estimated using the Union of European Football Associations coefficient factor formula by r</p><p>　　All players have been written down to the Chairman/Manager's estimate of net reali

22、zable value if appropriate. Due to its nature the value of a player must continually fluctuate. However, given the widely held belief that all players are for sale at the right price, if the directors believe on the basi

23、s of their experience of the market place that the book value is not recoverable, then an immediate write off is appropriate. From Table I it appears that several players have been subject to perman</p><p>　

24、　EARNINGS MULTIPLIER: METHOD </p><p>　　The multiplier valuation approach is used in practice by UEFA to value out-of-contract players who are transferring between two clubs within Europe, where the clubs are

25、 unable to agree a fee in respect of the transfer. In essence the transfer fee must be at least the gross income of the player multiplied by a coefficient factor which varies according to the player's age6 (UEFA, 199

26、2, Article 3). In the UK, transfer prices of out-of-contract players are not valued on the multiplier basis, but ins</p><p>　　Information was disclosed by the club for research purposes in respect of the sal

27、ary levels of individual players. Clearly such information requires remaining confidential. As a consequence the information on salary and subsequent player valuations has been accumulated for each relevant UEFA coeffici

28、ent factor category, and disclosed on that basis. Table II sets out the valuation which would be obtained for the club under this approach:</p><p>　　TABLE 2.FIRST TEAM SQUAD VALUATION AT YEAR END 1993:EARNIN

29、GS MUTIPLIER APPROACH</p><p>　　Although there is a theoretical basis for using salaries as a surrogate of human resource value, the theoretical conditions that must hold are so stringent, that in practice th

30、ey cannot realistically be met (Scarpello & Theeke, 1989). A significant weakness of this particular salary model is that it ignores the time value of money. A more advanced earnings multiplier model is used in the N

31、etherlands by the Royal Dutch Football Association, whereby the potential transfer sum (gross annual salary </p><p>　　Source: Stephen Morrow, (1996) "Football Players as Human Assets. Measurement as the

32、 Critical Factor in Asset Recognition: A Case Study Investigation", Journal of Human Resource Costing & Accounting, Vol. 1 Issues: 1, pp.75 – 97.</p><p><b>　　.</b></p><p>&l

33、t;b>　　譯文：</b></p><p>　　足球運(yùn)動(dòng)員人力資本作為資產(chǎn)計(jì)量的關(guān)鍵因素的案例研究</p><p>　　“這個(gè)系統(tǒng)，他繼續(xù)說(shuō)道（查理希爾，英格蘭足球運(yùn)動(dòng)員協(xié)會(huì)干事，1898），使運(yùn)動(dòng)員作為有限責(zé)任公司或多或少的資產(chǎn)出現(xiàn)在俱樂(lè)部的簡(jiǎn)章上。這種情形改變了我們和俱樂(lè)部管理者之間友好的關(guān)系，使后者把我們當(dāng)作資產(chǎn)來(lái)進(jìn)行交易。我們必須感謝將我們放到殘酷交易市場(chǎng)的轉(zhuǎn)會(huì)制

34、度，在這個(gè)市場(chǎng)中沒(méi)有運(yùn)動(dòng)員的地位?！保ü?，1991）。職業(yè)運(yùn)動(dòng)員與其他雇傭者相比最大的不同是其他雇傭者可以準(zhǔn)確的用人力資本會(huì)計(jì)方法計(jì)量。在美國(guó)許多學(xué)者已經(jīng)開始在研究該問(wèn)題，同時(shí)在世界其他地區(qū)也有很多學(xué)者進(jìn)行研究職業(yè)體育（例如約翰森，1991；?？寺铜偹?1963；戴森1992）。令人奇怪的是，在英國(guó)最為盛行的職業(yè)足球運(yùn)動(dòng)方面，運(yùn)動(dòng)員人力資本會(huì)計(jì)計(jì)量問(wèn)題還沒(méi)有展開更加廣泛的研究。在這方面當(dāng)代的研究已經(jīng)展開（例如 莫羅，1992年，19

35、95年；德勤羅斯，1992年，1993年，1994年），但更多的研究還是在以前的成果（多賓斯和特拉塞爾，1975），一些提到足球俱樂(lè)部融資反面的問(wèn)題（坦普爾，1991），或者提到了一些更加專業(yè)的方面，例如，將俱樂(lè)部的球員交易政策作為一種資產(chǎn)投資或者交易市場(chǎng)的操作以及交易對(duì)球員的影響（斯隆，1969;斯圖爾</p><p>　　從1960年以來(lái)，關(guān)于人力資源會(huì)計(jì)的研究爭(zhēng)論主要集中在兩點(diǎn)，首先人力資本能否準(zhǔn)確的計(jì)量并

36、且作為會(huì)計(jì)資產(chǎn)處置，其次是如何采用適當(dāng)?shù)胤椒▽?duì)人力資本進(jìn)行估價(jià)。本文對(duì)這兩個(gè)方面的研究是基于一類特殊的人力資源。</p><p>　　本文首先考慮的是運(yùn)動(dòng)員會(huì)計(jì)資產(chǎn)的確認(rèn)是否取決于俱樂(lè)部為球員注冊(cè)，享受球員提供的服務(wù)的權(quán)利。這是確認(rèn)球員是俱樂(lè)部資產(chǎn)的最直觀的觀點(diǎn)：除了俱樂(lè)部的基礎(chǔ)設(shè)施，他們往往是唯一能夠體現(xiàn)俱樂(lè)部?jī)r(jià)值的。羅賓遜（1969）認(rèn)為，人力投資和實(shí)物投資最主要的不同在于人力不像實(shí)物一樣，人力資本是不能自由

37、出售的商品。這個(gè)轉(zhuǎn)會(huì)政策的歷史根源可以追溯到1885年英格蘭職業(yè)足球協(xié)會(huì)的一條準(zhǔn)則，該準(zhǔn)則規(guī)定協(xié)會(huì)的俱樂(lè)部每年都必須為球員注冊(cè)。該條款主要是為了防止球員或者俱樂(lè)部的暗中操作，取代那些在球員注冊(cè)后，俱樂(lè)部在自己的權(quán)利內(nèi)私下買賣球員的行為（米勒，1993）。運(yùn)動(dòng)員自身不僅作為資產(chǎn)同時(shí)還提供服務(wù)，盡管如在切斯特足球委員會(huì)報(bào)告指出的那樣，這是某些技術(shù)上的區(qū)別?！扒騿T交易的完成是以注冊(cè)為形式，實(shí)際上它是支付給一個(gè)人的付款”（教育部和科學(xué)部，286

38、點(diǎn) 1968年）。</p><p>　　本文所采用的研究方法是基于巴斯等人在品牌方面所采用的會(huì)計(jì)研究方法。本文首先討論了關(guān)于無(wú)形資產(chǎn)的會(huì)計(jì)核算問(wèn)題，即俱樂(lè)部為球員注冊(cè)，球員給俱樂(lè)部帶來(lái)的收益。韋伯和布拉德本特（1986）確認(rèn)投資者對(duì)俱樂(lè)部財(cái)務(wù)信息的要求不同于其他的商業(yè)機(jī)構(gòu)。本文認(rèn)為這些要求中并沒(méi)有關(guān)于無(wú)形資產(chǎn)的要求。這一方面的困難在于定義和確任，通常被采用的測(cè)試無(wú)形資產(chǎn)的要求和英國(guó)會(huì)計(jì)委員會(huì)的關(guān)于資產(chǎn)定義以及確認(rèn)

39、的準(zhǔn)則相違背。通過(guò)采用這種方法，本文旨在展示關(guān)于運(yùn)動(dòng)員作為服務(wù)性的會(huì)計(jì)資產(chǎn)的爭(zhēng)論，從法律和經(jīng)濟(jì)兩方面區(qū)別球員與其他人力資產(chǎn)。</p><p>　　其次本文考慮了無(wú)形資產(chǎn)在不同會(huì)計(jì)模式下的資本化，調(diào)查對(duì)比了內(nèi)部開發(fā)的無(wú)形資產(chǎn)與購(gòu)買的之間的差距。本文并非旨在提供一個(gè)完整的會(huì)計(jì)計(jì)量模型，而是提供一種無(wú)形資產(chǎn)的在資產(chǎn)負(fù)債表上估值計(jì)量的方法。莫羅（1995）提出了三種模型方法來(lái)評(píng)估和計(jì)量足球運(yùn)動(dòng)員人力資本提供的服務(wù)。每一個(gè)

40、模型都可以在一個(gè)或者多個(gè)俱樂(lè)部甚至是現(xiàn)有的球員市場(chǎng)中的會(huì)計(jì)實(shí)務(wù)中應(yīng)用。在本文中將采用案例來(lái)驗(yàn)證這些估價(jià)方法。一個(gè)蘇格蘭的俱樂(lè)部提供給我們一些內(nèi)部的信息以供我們研究，其他的提供信息的人將在文中輔助說(shuō)明。</p><p><b>　　估值方法</b></p><p>　　在已經(jīng)定義和確認(rèn)的情況下，下一步需要考慮的是如何在估計(jì)這些資產(chǎn)在資產(chǎn)負(fù)債表中的價(jià)值并且確保估值方法的可

41、靠性。莫羅（1995）提出了三種模型方法來(lái)評(píng)估和計(jì)量足球運(yùn)動(dòng)員人力資本提供的服務(wù)。每一個(gè)模型都可以在一個(gè)或者多個(gè)俱樂(lè)部甚至是現(xiàn)有的球員市場(chǎng)中的會(huì)計(jì)實(shí)務(wù)中應(yīng)用。在本文中我們將會(huì)永在訪問(wèn)俱樂(lè)部期間調(diào)查的一系列數(shù)據(jù)來(lái)驗(yàn)證這三種方法以及一種以董事估值為基礎(chǔ)的方法。歷史成本法，涉及通過(guò)球員在轉(zhuǎn)會(huì)市場(chǎng)上的轉(zhuǎn)會(huì)費(fèi)來(lái)表現(xiàn)其在資產(chǎn)負(fù)債表上的價(jià)值。收益乘數(shù)法，涉及以球員的收益乘以適當(dāng)?shù)某藬?shù)來(lái)確定價(jià)值的方法。董事估值模型在這個(gè)案例中是由董事與經(jīng)理共同估計(jì)球員

42、資本化的價(jià)值的大小。獨(dú)立多重評(píng)估模型是由與球員相關(guān)的各種資源，信息所提供的價(jià)值來(lái)確定球員的價(jià)值，該模型是以?shī)W根（1977）研究美國(guó)職業(yè)運(yùn)動(dòng)員價(jià)值計(jì)量的模型為基礎(chǔ)的。</p><p><b>　　歷史成本法</b></p><p>　　三個(gè)蘇格蘭俱樂(lè)部，凱爾特人、赫斯和格拉斯哥流浪者俱樂(lè)部確定他們的球員的價(jià)值是通過(guò)俱樂(lè)部為球員注冊(cè)和轉(zhuǎn)會(huì)市場(chǎng)上的所花的費(fèi)用。一份關(guān)于英國(guó)俱

43、樂(lè)部的調(diào)查表明有四個(gè)俱樂(lè)部同樣是用這種會(huì)計(jì)處理方法（德勤羅斯，1994年，第8頁(yè)），相應(yīng)的1993年的調(diào)查結(jié)果是“商業(yè)交易支持歷史成本法”假定球員在轉(zhuǎn)會(huì)市場(chǎng)和球隊(duì)的價(jià)值。表一是此項(xiàng)研究所采用的相關(guān)信息：</p><p>　　表一，歷史成本估值法</p><p>　　在實(shí)際操作中，每個(gè)球員的注冊(cè)費(fèi)用將以他的合同為周期進(jìn)行攤銷，但事實(shí)上，球員注冊(cè)費(fèi)用的攤銷將會(huì)超過(guò)他的合同周期，從他加入俱樂(lè)部開

44、始直到離開，如同會(huì)計(jì)準(zhǔn)則12，第18段建議的那樣定期的審查和確認(rèn)資產(chǎn)的有效期（會(huì)計(jì)協(xié)會(huì)，1987）。在以上提到的俱樂(lè)部的實(shí)踐中，剩余價(jià)值的確認(rèn)將通過(guò)運(yùn)用歐足聯(lián)提出的因素公式并參考運(yùn)動(dòng)員在合同結(jié)束時(shí)的年齡所確定的收益乘數(shù)（歐足聯(lián)，1992，第三條）。這項(xiàng)工作通過(guò)回顧運(yùn)動(dòng)員在最近一個(gè)賽季的收入確定乘數(shù)公式從而確定剩余價(jià)值。所以每個(gè)運(yùn)動(dòng)員的剩余價(jià)值都被夸大了，甚至超過(guò)運(yùn)動(dòng)員的收購(gòu)成本。歐足聯(lián)關(guān)于通過(guò)乘數(shù)來(lái)確定球員價(jià)值的方法受到了質(zhì)疑，這種方法

45、產(chǎn)生差異的原因時(shí)拿現(xiàn)在的收益來(lái)估計(jì)剩余價(jià)值。那些在俱樂(lè)部的合同運(yùn)動(dòng)員的第一份合同與運(yùn)動(dòng)員剩余價(jià)值的夸大是沒(méi)有關(guān)聯(lián)的，在一個(gè)案例中，運(yùn)動(dòng)員的剩余價(jià)值超出了俱樂(lè)部主席和經(jīng)理所能收回的收益，有三個(gè)案例中球員的剩余價(jià)值超過(guò)了球員的購(gòu)置成本。</p><p>　　所有球員的都被俱樂(lè)部主席和經(jīng)理以適當(dāng)?shù)乜勺儸F(xiàn)價(jià)值確認(rèn)。由于運(yùn)動(dòng)員人力資本的本質(zhì)，其可變現(xiàn)價(jià)值在不斷地變化。因此，鑒于所有的球員可以在適當(dāng)?shù)膬r(jià)格變賣的這個(gè)理念，如果

46、經(jīng)理以他的市場(chǎng)經(jīng)驗(yàn)認(rèn)為無(wú)法收回球員的賬面價(jià)值，那么在適當(dāng)?shù)貢r(shí)候會(huì)選擇交易掉球員。在表一中有一些球員已經(jīng)開始永久的貶值。這樣做的一個(gè)解釋就是蘇格蘭俱樂(lè)部聯(lián)賽的一項(xiàng)規(guī)定，如果一個(gè)球員的合同到期，俱樂(lè)部所能做的是要么再提供一份相同規(guī)格的合同，要么選擇讓球員自由轉(zhuǎn)會(huì)。一些球員仍然具有價(jià)值，但俱樂(lè)部一旦無(wú)法出售該球員，就不得不接受繼續(xù)付給球員高于其價(jià)值的薪酬，在經(jīng)濟(jì)不景氣的時(shí)候俱樂(lè)部采用自由轉(zhuǎn)會(huì)這種手段來(lái)規(guī)避球員的這種交易風(fēng)險(xiǎn)。</p>

47、;<p><b>　　收益乘數(shù)法</b></p><p>　　收益乘數(shù)法是歐足聯(lián)用來(lái)計(jì)量那些在兩個(gè)歐洲俱樂(lè)部之間轉(zhuǎn)會(huì)，但俱樂(lè)部在準(zhǔn)會(huì)費(fèi)上無(wú)法達(dá)成一致的球員的價(jià)值。在本質(zhì)上轉(zhuǎn)會(huì)費(fèi)是球員的帶來(lái)的總收入乘以一個(gè)與球員年齡相關(guān)的因子（歐足聯(lián)，1992，第三條）。在英國(guó)球員的轉(zhuǎn)會(huì)價(jià)格并不是以乘數(shù)為基礎(chǔ)估價(jià)的，而是由一個(gè)專門的仲裁委員會(huì)來(lái)確定的，這個(gè)委員會(huì)是專門解決不同情況下的轉(zhuǎn)會(huì)。<

48、;/p><p>　　俱樂(lè)部公開關(guān)于球員薪水水平的相關(guān)信息用來(lái)進(jìn)行研究。很明顯的這些信息應(yīng)該是保密的。隨著球員薪水水平的公開，隨后的球員的評(píng)估就通過(guò)歐足聯(lián)的提供的系數(shù)積累起來(lái)。表二就是在這種方式下獲得的估值：</p><p>　　表二，收益乘數(shù)估值法</p><p>　　盡管已經(jīng)有人力資本估值的理論基礎(chǔ)，但是在實(shí)踐中它并不能完全滿足，因?yàn)樵摾碚摰臈l件要求十分嚴(yán)格。它的一個(gè)

49、重要缺陷是忽略了資金的時(shí)間價(jià)值。一個(gè)更高級(jí)的收益乘數(shù)模型在荷蘭足球協(xié)會(huì)中應(yīng)用，即用潛在的轉(zhuǎn)會(huì)費(fèi)（總年薪系數(shù)由球員工資和年薪?jīng)Q定）乘以0.25。這個(gè)方法類似于赫斯曼（1964）提出的未來(lái)現(xiàn)金貼現(xiàn)調(diào)整的方法。雖然這個(gè)方法是一個(gè)嘗試將未來(lái)收益貼現(xiàn)的方法，但0.25這個(gè)系數(shù)卻還是能夠使我們?cè)谫Y產(chǎn)負(fù)債表上估計(jì)的價(jià)值有一定的可靠性。</p><p>　　出處: [英] 斯蒂芬.莫羅，《足球運(yùn)動(dòng)員人力資本作為資產(chǎn)計(jì)量的關(guān)鍵因素