出现金融危机去怪罪公允价值的计量公平吗？[文献翻译]

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1、本科毕业论文（设计）外文翻译题目新环境下公允价值在我国应用的若干问题研究外文题目IsItFairtoBlameFairValueAccountingFortheFinancialCrisis?外文出处HarvardBusinessReview外文作者RobertC.Pozen原文：IsItFairtoBlameFairValueAccountingFortheFinancialCrisis?Investorsandcorporateexecutivesdon’tagreeonhowtovaluedistressedassets.Butmaybeth

2、eydon’thaveto.——RobertC.PozenWhatwastheprimarycauseofthecurrentfinancialcrisis?Subprimemortgages,creditdefaultswaps,orexcessivedebt?Noneofthose,saysSteveForbes,chairmanofForbesMediaandsometimepoliticalcandidate.Inhisview,mark-to-markaccountingwas“theprincipalreason”thattheU.S.

3、financialsystemmelteddownin2008.Doaccountingrulesactuallypacksuchwallop?Forreadersnotschooledinfinancialjargon,markingtomarketisthepracticeofrevaluinganassetquarterlyaccordingtothepriceitwouldfetchifsoldontheopenmarket,regardlessofwhatwasactuallypaidforit.Becausethepracticeall

4、owsfornooutdatedorwishful-thinkingvaluations,itisakeycomponentofwhatisknownasfairvalueaccounting.Anditisatthecenterofthehottestaccountingdebateindecades.EconomistBrianWesburyrepresentedtheviewsofthatgroupwhenhedeclared,“Mark-tomarketaccountingruleshaveturnedalargeproblemintoah

5、umongousone.Avastmajorityofmortgages,corporatebonds,andstructureddebtsarestillperforming.Butbecausethemarketisfrozen,thepricesoftheseassetshavefallenbelowtheirtruevalue.”WesburyandForbesarguethatmarkingtomarketpushedmanybankstowardinsolvencyandforcedthemtounloadassetsatfiresal

6、eprices,whichthencausedvaluestofallevenfurther.Persuadedbysucharguments,somepoliticiansintheUnitedStatesandEuropehavecalledforthesuspensionoffairvalueaccountinginfavorofhistoricalcostaccounting,inwhichassetsaregenerallyvaluedatoriginalcostorpurchaseprice.Yetmark-to-marketaccou

7、ntingcontinuestohaveitsproponents,whoareequallyadamant.LisaKoonce,anaccountingprofessorattheUniversityofTexas11,wroteinTexasmagazine:“Thisissimplyacaseofblamingthemessenger.Fairvalueaccountingisnotthecauseofthecurrentcrisis.Rather,itcommunicatedtheeffectsofsuchbaddecisionsasgr

8、antingsubprimeloansandwritingcreditdefaultswaps.…Thealternati