精品利润表中的投资性房地产在公允价值模式下的变化来自于香港的证据外文翻译定.docx

精品利润表中的投资性房地产在公允价值模式下的变化来自于香港的证据外文翻译定.docx

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精品利润表中的投资性房地产在公允价值模式下的变化来自于香港的证据外文翻译定

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本科毕业论文（设计）

外文翻译

外文题目Value-relevanceofpresentingchangesinfairvalueofinvestmentpropertiesintheincomestatement:

evidence

fromHongKong

外文出处AccountingandBusinessResearch

外文作者StellaSoandMalcolmSmith

原文：

Value-relevanceofpresentingchangesinfairvalueofinvestmentpropertiesintheincomestatement:

evidencefromHongKong

IAS40（2000）representsthefirsttimethattheIASBpermitsafairvaluemodelfornon-financialassets（IASCF,2008c）.Underthefairvaluemodel,investmentpropertiesarecarriedatfairvaluesandchangesinfairvalue,whetherupordown,areincludedintheprofitorlossfortheperiodandpresentedintheincomestatements.Supportersofthefairvaluemodelbelievethatfairvaluesgiveusersoffinancialstatementsmoreusefulinformationthanothermeasures,suchasdepreciatedcost,andchangesinfairvalueareinextricablylinkedasintegralcomponentsofthefinancialperformanceofaninvestmentpropertyandarethereforepresentedintheincomestatements（IASCF,2008c）.AlthoughIAS40（2000）permitsentitiestochoosebetweenafairvaluemodeloracostmodel,theBasisforConclusionsonIAS40（2000）statesclearlythatitishighlyunlikelythatasubsequentchangefromthefairvaluemodeltothecostmodelcanbemadeonthegroundsofmoreappropriatepresentation（IASCF,2008c）.

However,Penman（2007）doesnotentirelyagree;heevaluateshistoricalcostandfairvalueaccountingfromtwoperspectives-equityvaluationandstewardshipandconcludesthatwhilefairvalueaccountingisaplusataconceptuallevel,theminusesaddupwithfairvalueimplementedasexitprice（whetherestimatedorobservedinactivemarkets）andtheproblemswithhistoricalcostaccountingremainsunresolved.

Singleton-Green（2007）summarisestheproblemsoffairvalueaccountingas:

（1）thelackofactivemarketsformostassetsandliabilities,whichmeansthatmostfairvaluemeasurementsareestimatesandarehighlysubjectiveandpotentiallyunreliable;

（2）costlyinformation,especiallyforsmallercompanies;and（3）therecognitionofprofitsbasedonfairvalues,whichmeanthatunrealisedprofitsorlossesfromchangesinfairvaluearerecognised,andresultingreatervolatilityandunpredictability.Thisstudyfocusesonthethirdissue,thepresentationofchangesinfairvalueofinvestmentproperties,intheincomestatementversustherevaluationreserve.

Empiricalstudiesassessingtherelevanceandreliabilityoffairvalueaccountingversushistoricalcost-basedaccountingfocusonfinancialinstruments,andtheresultsfromthesestudiesaregenerallymixed.Barth（1994）findsthat,forasampleofUSbankswithdatafrom1971–1990,disclosedfairvalueestimatesofinvestmentsecuritiesprovidesignificantincrementalexplanatorypowerforbanksharepricesbeyondthatprovidedbyhistoriccosts.Fairvaluegainsandlossesofinvestmentsecurities（constructedfromtwoannuallydisclosedfairvalueestimates）are,however,foundtohavenosignificantincrementalexplanatorypowerforannualreturns（changesinshareprice）,duetotheincreasedmeasurementerrors（Barth,1994）.SimilarresultsareobtainedinBarthetal.（1995）,Barthetal.（1996）,Eccheretal.（1996）andNelson（1996）,allusingbankdata.ResultsfromCarrolletal.（2003）differ;insteadofusingbankdata,theysampleclosed-endmutualfundswhichtypicallyhaveinvestmentsecurities（report-edatfairvalues）comprisingvirtuallyalltheirassetsandwithnegligibleliabilitiesandotherassets.Thisisanadvantagebecausethepotentialproblemintroducedbymeasuringsomeassetsandliabilitiesatfairvaluebutothersathistoricalcost,iseliminated.Significantassociationbetweensharepricesandthefairvalueofinvestmentsecurities,aswellasbetweensharereturnsandfairvaluesecuritiesgainsandlossesarefound.Toexaminewhetherdifferencesinthereliabilityofthefairvalueofinvestmentsecuritiesaffectinvestors’assessmentsoftheusefulnessoftheinformation,Carrolletal.（2003）examinetheassociationbetweensharepricesandfairvaluesacrossdifferentfundtypesandfindthatinallcases,includingthosetradedinthinmarkets,thereisasignificantassociationbetweenthesharepricesandfairvalues.

Incontrast,DanboltandRees（2008）,usingUKdata,reportnosupportforfullfairvalueaccounting.Whilefairvalueincomeisconsiderablymorevalue-relevantthanhistoriccostincome,thehigherrelevancedisappearsinthepresenceofchangesinfairvalueaccountingbalancesheetvalues.DanboltandRees（2008）interprettheirresultsasevidenceoftheabsenceofanobviousadvantagefromadoptingfairvalueincomeaccountingiffairvaluebalancesheetvaluesareavailabletotheuser.

Value-relevanceresearchstudiestheassociationbetweenfairvalueestimatesandsharepricesorreturns.Sloan（1999）commentsthatwhilethisassociationprovidesevidencethatinvestorsfindfairvalueestimatestoberelevant,theinferencesregardingreliabilityareindirectandlimitedbythefactthatsharepricesreflectmanyfactorsotherthanthefairvalueestimates.Dietrichetal.（2001）subsequentlyuseadirectapproachtoinvestigatethereliabilityofmandatoryannualfairvalueappraisalestimatesbycharteredsurveyorsforUKinvestmentpropertiesandfindthatappraisalestimatesunderstateactualsellingpricesbutareconsiderablylessbiasedandmoreaccuratemeasuresofsellingpricethanrespectivehistoricalcosts.Dietrichetal.（2001）alsofindthatthereliabilityofappraisalestimatesincreaseswhenmonitoredbyexternalappraisersandBigSixauditors.

TheNewZealand（hereafterNZ）SSAPNo.17‘AccountingforInvestmentPropertiesandPropertiesIntendedforSale’（NZSA,1989）previouslyallowedNZcompaniesthechoiceofrecognisingunrealisedgainsorlosseseitherintheincomestatement,orasmovementsinaninvestmentpropertyrevaluationreserve,unlessthetotalofthereservewasinsufficienttocoveradeficit,inwhichcasetheamountofdeficitwastobechargedintheincomestatementaspartofoperatingresults.TheNZequivalentofIAS40cameintoeffecton1January2005,resultingintheeliminationofthechoiceofrecognisingunrealisedgainsintherevaluationreserve.Owusu-AnsahandYeoh（2006）investigatetherelativevalue-relevanceofthetwoalternativeaccountingtreatmentsforunrealisedgainsoninvestmentproperties,basedonasampleofNZcompaniesovertheperiod1990to1999,whenthechoicewasstillavailable.Theirresultsshowthatrecognitionofunrealisedgainsintheincomestatementisnotsuperiortorecognitionofunrealisedgainsintherevaluationreserveintermsoftheirvalue-relevance.However,Owusu-AnsahandYeoh（2006）includeonlycompanieswithpositivechangesinthevalueoftheirinvestmentproperties.

Takentogether,findingsfrompriorstudiesoffirmsintheUS,UKandAustraliancapitalmarketsduringthe1990ssuggestthatinvestorshavebeenprovidedwithfairvalueinformation（whetherrecognisedordisclosed）thatisgenerallyreliableandrelevant（whetherfairvalueestimatedbymanagementorindependentvaluer）.Moreresearchshouldbeundertakentotestempiricallywhetherrelevanceandreliabilityimproveaftertheimplementationofthefairvaluestandardsonfinancialinstruments（e.g.IAS39）andwiththeextensionoffairvalueaccountingtonon-financialassets（i.e.IAS40）.

LikeOwusu-AnsahandYeoh（2006）,thisstudyexaminestheextensionoffairvalueaccountingtoinvestmentpropertiesandthepresentationoftheirfairvaluechangesintheincomestatements（ratherthanintherevaluationreserve）inparticular.UnlikeOwusu-AnsahandYeoh（2006）,thisstudyemploysdatafromaccountingperiodswhentherelatedfairvalueaccountingstandardHKAS40isimplemented.Comparisonisthenmadewiththosefromtheimmediatepre-implementationaccountingperiodswhenSSAP13（2000）wasineffect.Also,unlikeOwusu-AnsahandYeoh（2006）,thisstudyincludescompanieswithbothincreasesanddecreasesinfairvaluesandusesareturnmodeladaptedfromEastonandHarris（1991）,Amiretal.（1993）andtheearningscapitalisationapproachfromBarth（1994）.

Empiricalresults

AlthoughHKAS40（2004）allowsafreechoicebetweencostandfairvaluemodels,all92companiesintheinitialsamplechosetoadoptthefairvaluemodel.

Allthe92companiesareretainedfordataanalysis,withextremevariablevaluesverifiedagainsttheirsources.Sincenoproceduralerrorsorextraordinaryeventsareidentified,allthedatacollectedforthe92companiesareretainedforthesubsequentanalysis.

Eachcompanyisevaluatedtwice,intwoconsecutiveaccountingyearsbeforeandaftertheadoptionofHKAS40（2004）.

Table1describesthedistributionofaccountingyear-ends,yearsoflast-timefollowingofSSAP13（2000）andyearsoffirst-timeadoptionofHKAS40（2004）forthe92companiesinthisstudy.

AppendixAdetailstheiridentities.MostcompanieshaveMarch31orDecember31accountingyear-ends,andadoptHKAS40（2004）forthefirsttimein2005or2006.WhileHKAS40（2004）mandatesadoptionforannualperiodsbeginningonorafter1January2005,17companieschoosetoadoptHKAS40（2004）early.13

Tables2Aand2Bcontaindescriptivestatisticsforthe92samplecompaniesinthestudyduringtheyear（s）whenHKAS40（2004）isadoptedforthefirsttimecomparedtotheyear（s）whenSSAP13（2000）isadoptedforthelasttime.

Onthewhole,whencompaniesapplyHKAS40（2004）forthefirsttime,theyareexperiencinghigherearningsandhighermarketvaluesandofferingtheirinvestorshigherabnormalreturns;thismaybeattribu