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1、本科毕业论文（设计）外文翻译外文出处HarvardBusinessReview外文作者RobertC.Pozen原文：IsItFairtoBlameFairValueAccountingfortheFinancialCrisis?WHATWASTHEPRIMARYCAUSEofthecurrentfinancialcrisis?Subprimemortgages,creditdefaultswaps,orexcessivedebt?Noneofthose,saysSteveForbes,chairmanofFo
2、rbesMediaandsometimepoliticalcandidate.Inhisview,mark-to-marketaccountingwas“theprincipalreason”thattheU.S.financialsystemmelteddownin2008.Doaccountingrulesactuallypacksuchawallop?Forreadersnotschooledinfinancialjargon,markingtomarketisthepracticeofrevaluing
3、anassetquarterlyaccordingtothepriceitwouldfetchifsoldontheopenmarket,regardlessofwhatwasactuallypaidforit.Becausethepracticeallowsfornooutdatedorwishful-thinkingvaluations,itisakeycomponentofwhatisknownasfairvalueaccounting.Anditisatthecenterofthehottestacco
4、untingdebateindecades.Manybankerspilloriedfairvalueaccountingwhenthesuddenseize-upofcreditmarketsinthefallof2008drovetheclearingpricesforkeyassetsheldbytheirinstitutionstounprecedentedlows.EconomistBrianWesburyrepresentedtheviewsofthatgroupwhenhedeclared,“Ma
5、rk-tomarketaccountingruleshaveturnedalargeproblemintoahumongousone.Avastmajorityofmortgages,corporatebonds,andstructureddebtsarestillperforming.Butbecausethemarketisfrozen,thepricesoftheseassetshavefallenbelowtheirtruevalue.”WesburyandForbesarguethatmarkingt
6、omarketpushedmanybankstowardinsolvencyandforcedthemtounloadassetsatfiresaleprices,whichthencausedvaluestofallevenfurther.Persuadedbysucharguments,somepoliticiansintheUnitedStatesandEuropehavecalledforthe16suspensionoffairvalueaccountinginfavorofhistoricalcos
7、taccounting,inwhichassetsaregenerallyvaluedatoriginalcostorpurchaseprice.Yetmark-to-marketaccountingcontinuestohaveitsproponents,whoareequallyadamant.LisaKoonce,anaccountingprofessorattheUniversityofTexas,wroteinTexasmagazine:“Thisissimplyacaseofblamingtheme
8、ssenger.Fairvalueaccountingisnotthecauseofthecurrentcrisis.Rather,itcommunicatedtheeffectsofsuchbaddecisionsasgrantingsubprimeloansandwritingcreditdefaultswaps.…Thealternative,keepingthoseloanso
