財務(wù)呈報

前言

As I indicated in the previous editions, I am indebted to the late Sid Cottle, whocoauthored Security Analysis with Benjamin Graham and David Dodd, for first sug-gesting that the changes in perspective regarding financial statements were revolu-tionary. The revolution began in the mid-1960s and a question arises whether it isstill appropriate to refer to an accounting revolution. Although the transition is byno means complete, the conceptual shifts in recent years have been milder.In discussing this issue with others, some suggested that the series of politicalevents in France that began in 1789 is still called the French Revolution, eventhough the transition to democratic forms of government is largely complete. Itrefers to a historical period that is dominated by changes in perspective of gover-nance. At the risk of mystifying the younger readers, who have known only thepostrevolutionary period, I have decided to still refer to these changes in perspectiveas an accounting revolution.Of course, the revolution is not complete, particularly in the regulatory processesfor financial reporting. In retrospect, the revolution was much more of an academicrevolution and reflected a major shift to an informational perspective accompanied by asubstantial explosion of empirical research that adopted an informational perspective.Much of the regulatory rhetoric is still the language of measurement, and recently wehave seen an expansion of research that embraces a measurement perspective.

內(nèi)容概要

　　《財務(wù)呈報：會計革命》被譽為“當(dāng)代最有影響的會計學(xué)著作之一”。作者在前兩版主要側(cè)重于從信息觀視角討論財務(wù)呈報，較多依據(jù)基于盈余計價方法的研究，第3版則拓寬到了資產(chǎn)負債表視角的研究。《財務(wù)呈報：會計革命》針對財務(wù)呈報方式提出了一系列現(xiàn)實的建議和前瞻性的理論，突出揭示了非財務(wù)數(shù)據(jù)、前瞻性數(shù)據(jù)和公允價值數(shù)據(jù)可以看做財務(wù)呈報自然拓展的主題?！敦攧?wù)呈報：會計革命》論證嚴謹，大量運用實證研究成果，清晰、精辟地介紹了20世紀60年代前后會計理論界和實務(wù)界對會計目標認識的重大改變，是會計學(xué)術(shù)研究的重要讀物。

作者簡介

作者：(英國)威廉·H·比弗 (William H.Beaver)威廉·H·比弗（William H．Beaver）。斯坦福大學(xué)會計學(xué)教授。曾在Journal D，Accounting Research等頂級期刊發(fā)表學(xué)術(shù)論文50余篇。1 969年、1979年、1983年三度獲得美國注冊會計師協(xié)會（AICPA）會計文獻杰出貢獻獎；1985年獲Wildmarl杰出研究獎；1990年獲美國會計學(xué)會杰出教育家獎；1996年因“開創(chuàng)會計學(xué)中資本市場研究先河”而入選美國會計學(xué)會“名人堂”。

書籍目錄

前言第1章 革命第2章 信息第3章 確定性第4章 不確定性第5章 證據(jù)第6章 市場效率第7章 規(guī)范

章節(jié)摘錄

This chapter explores the implications that financial statement data is to provide in-formation useful to investors, creditors, and others. The discussion begins with thecontext of an individual user of financial statement data, and the analysis is then ex-tended to a multiperson setting. Each setting will be general, characterizing the roleof any type of information, of which financial reporting is one example. For illustra-tive purposes, the user context chosen here will be that of the common stock in-vestor （hereafter, simply investor）.The chapter consists of two major parts: （1） information in a single-personsetting in which the investor is used to illustrate the role of information, and （2） in-formation in a multiperson setting in which other investors and other constituenciesare also considered.The single-person setting is a natural prelude to the multiperson setting. Manyof the intuitive notions about the value of financial information are based on a sin-gle-person setting （for example, if additional disclosure is cosfless, more is at leastas good as less）. It provides a benchmark for showing how the iole of informationchanges or expands when a multiperson context is adopted.The chapter begins by illustrating the role of information for a single investor.A simple illustration is provided, and implications are discussed. A key feature isIThe investor's decision is a primary orientation of the FASB （FASB 1978） and the Securities Acts of1933 and 1934 （SEC 1977）. Other users include creditors, bondholders, potential acquiring firms （for ex-ample, takeovers）, employees and governmental organizations, consumers, and "public interest" groups.among others.that the value of information is personal and subjective and can vary across in-vestors as their personal characteristics differ.A multiperson setting introduces several additional aspects or effects of infor-mation. In a multiperson setting, a key feature is that the economic consequences ofa financial information system may affect the constituencies in different ways. Thechapter closes with viewing the selection among financial reporting systems as a so-cial choice, involving trade-offs among the various constituencies.Before the role of information can be understood, the decision context in which theinformation is to be used must be described. Decision making under uncertainty istypically characterized as choosing the act that maximizes the expected utility of thedecision maker. The decision-making process involves the following components:（1） acts, （2） states, （3） consequences, （4） a preferences function for consequences,（5） a probability distribution across states, and （6） an objective function.ActsActs refer to the various alternative choices available to the decision maker. In aninvestment setting, the available acts could be described as the various portfoliosavailable.StatesUncertainty is described in terms of a set of mutually exclusive and collective ex-haustive possible occurrences （or events） called states. A description of each state issufficiently rich so that no uncertainty about consequences is implied by that state.ConsequencesA set of consequences to the decision maker is associated with each state. In gen-eral, the description is sufficiently rich to capture all aspects of the states that are ofimportance. In a simple investment setting, the consequences are often described interms of the future cash flows （such as interest, dividends, cash proceeds from thesale of the security） received.PreferencesThe desirability of each set of outcomes is described in terms of the decisionmaker's preferences. Decision making is characterized as if the investor were maxi-mizing a preference function. It is further assumed that the preference function canbe divided into two elements——a belief function and a preference function for cer-tain （as opposed to uncertain） consequences. The preference function is denotedU（-）, to represent the investor's utility function.BeliefsThe decision maker's beliefs refer to a set of probabilities assigned to each state.Beliefs are personal and subjective. They are based on the cumulative experience ofthe investor, including training, education, and prior investment experience. Beliefsare also influenced by what information the investor has. This information could notonly include financial reports, but also analysts' reports, newspaper articles, andother publicly available information. Beliefs are the critical element of the decisionprocess, because the role of information is its potential to alter beliefs and hencealter decision-making behavior.The Objective FunctionThe objective function typically is characterized as the maximization of the ex-pected utility, where expected utility is the "average" utility associated with theconsequences of each state weighted by the probability of occurrence of each state.Maximization merely implies the decision maker chooses the act that is associatedwith the highest or "best" expected utility. Under fairly general conditions decision-making behavior under uncertainty can be characterized as if the decision makerwere choosing the act that maximized expected utility. The theory does not implythat the decision maker literally forms probability assessments and preferences foroutcomes. It merely states that if the decision maker obeys some general axioms ofconsistency, choice behavior can be described as if the decision maker were solvingsuch an optimization problem.The investor will select the portfolio and current consumption that has thegreatest expected utility. In general, the optimal portfolio is a function of the in-vestor's wealth, preferences, beliefs, and the securities' prices. Stated in simplestterms, the decision maker chooses that portfolio that is most preferred. The underly-ing objects of choice are the individual securities, and the choice among differentportfolios can be characterized by the amount of each security held.The investor setting thus far is quite general. Under appropriate additional as-sumptions, the familiar mean-variance portfolio theory can be derived.2 In this spe-cial setting investor behavior can be described as selecting the portfolio whose com-bination of expected return and risk （defined as the variance of the portfolio'sreturn） is optimal given the investor's preference function for wealth at the end ofone period. The role of information in a two-parameter context is explored in latersubsections.

編輯推薦

《財務(wù)呈報:會計革命》的特色在于：（1）作者將會計價值觀從計量觀到信息觀的轉(zhuǎn)變評價為一場深刻的會計革命。計量觀產(chǎn)生于完美和完全市場，核心思想是以會計收益準確反映經(jīng)濟收益。信息觀則放寬了對完美和完全市場的假設(shè)，將會計呈報的功能僅定位在提供能夠改變投資者未來預(yù)期的增量信息上。（2）深入闡述了財務(wù)呈報有待深入研究的兩個基礎(chǔ)問題：一是處于現(xiàn)行財務(wù)會計結(jié)構(gòu)中心位置的應(yīng)計制會計的功用問題，二是作為財務(wù)呈報環(huán)境主要構(gòu)成的財務(wù)呈報規(guī)范的功用問題。（3）《財務(wù)呈報:會計革命》旨在在會計的歷史與未來之間架起一座橋梁。書中系統(tǒng)梳理并總結(jié)了近30年來的會計實證研究的成果，對深入理解財務(wù)呈報與證券市場之間的關(guān)系具有“概念框架”式的指導(dǎo)意義?！罁P威廉·H·比弗是美國當(dāng)代著名的會計學(xué)家和教育家，是推動實證會計研究產(chǎn)生和發(fā)展的重要奠基人之一。其代表作《財務(wù)呈報：會計革命》立足于現(xiàn)實的經(jīng)濟環(huán)境，創(chuàng)造性地提出了會計價值觀的范式變革，是一本具有很高學(xué)術(shù)價值的經(jīng)典會計學(xué)著作。其立論深刻，論證嚴謹，結(jié)論可靠。

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