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怎样才能在财务会计中衡量保守主义 [4]

论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2016-03-09编辑:zhaotianyun点击率:10379

论文字数:2457论文编号:org201603052031586829语种:英语 English地区:澳大利亚价格:免费论文

关键词:会计稳健性财务会计Net asset measures

摘要:摘要:本文主要讲述了在财务会计工作中,衡量会计保守主义的重要性。

servatism's differential verification of gains and losses causes there to be more unrecognized gains than losses and so understates net assets. A number of valuation studies estimate the level of net asset understatement (conservatism) using equity valuation models. The valuation models are either Feltham- Ohlson valuation models or models of the ratio of book value of equity to market value of equity (book-to-market ratios).

The Feltham-Ohlson models (Feltham and Ohlson, 1995 and 1996) include parameters that reflect the degree of understatement of operating assets (due to the accounting rate of depreciation exceeding the economic rate). Estimates of those conservatism parameters are generated from estimation of the valuation model itself and also from time series estimation of the relation between variables that are inputs to the valuation model. The valuation model estimation parameter is obtained from cross-section regressions of value on abnormal earnings, assets and investment. An example from Ahmed, Morton and Schaefer (2000) is the regression of firms' estimated goodwill on abnormal earnings, lagged operating assets and contemporaneous investment in operating assets. The coefficient of lagged operating assets should be positive in the presence of conservatism. The other parameter is obtained from the time series regression of abnormal earnings on lagged abnormal earnings and lagged book value of operating assets (see Myers, 1999). Again, the coefficient of lagged operating assets

should be positive if conservatism exists. To obtain the intuition for these predictions, note that the more understated the operating assets (due to excess depreciation), the greater the coefficient that will have to be applied to the lagged operating assets to obtain either estimated goodwill or abnormal earnings.

Stober (1996), Dechow, Hutton and Sloan (1999), Myers (1999) and Ahmed, Morton and Schaefer (2000) find that the conservatism parameter estimated from the abnormal earnings regressions tend to be negative, not positive as predicted. The authors attribute this inconsistency to the misspecification of the relation between the variables. The specification of the relation is arbitrary and is not guided by any theory of conservatism or accruals other than the assumption that the depreciation rate is too high. As a result the specification ignores other known relations in the time-series of earnings. In particular, it ignores the negative serial correlation that conservatism generates in earnings and earnings changes because of conservatism (see below) or because of accrual estimation errors (see Ball and Watts, 1972). The estimated conservatism parameter in the valuation regression is less subject to these effects and is generally positive as predicted.''

Book-to-market measures. [8]

''Beaver and Ryan (2000) measure conservatism using firms' book-to-market ratios. Using pooled time series and cross sectional data they regress book-to-market ratios on individual year and firm dummy variables and on individual firm stock returns for the current and previous five years. The estimated coefficient of an individual firm's dummy captures the persistent portion of the difference between the firm's book and market values of equity. The lower the coefficient, the more conservative the firm (the more book value is biased downward). By construction, the mean coefficient is zero so the coefficie论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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