公允价值在我国应用现状及问题分析—毕业论文外文资料翻译_精品.doc

毕业论文外文资料翻译 题 目学 院 专 业 班 级 学 生 学 号 指导教师 二〇一 三 年National Bureau of Economic Research,2009,11. DID FAIR-VALUE ACCOUNTING CONTRIBUTE TO THE FINANCIAL CRISIS? ABSTRACT：The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we assess these arguments and examine the role of fair-value accounting in the financial crisis using descriptive data and empirical evidence. Based on our analysis, it is unlikely that fair-value accounting added to the severity of the current financial crisis in a major way. While there may have been downward spirals or asset-fire sales in certain markets, we find little evidence that these effects are the result of fair-value accounting.We also find little support for claims that fair-value accounting leads to excessive write-downs of banks’ assets. If anything, empirical evidence to date points in the opposite direction, that is, towards overvaluation of bank assets. Keywords: fair value; financial crisis; application of fair value; Procyclicality In its pure form, fair-value accounting involves reporting assets and liabilities on the balance sheet at fair value and recognizing changes in fair value as gains and losses in the income statement. When market prices are used to determine fair value, fair-value accounting is also called mark-to-market accounting. Critics argue that fair-value accounting has exacerbated the severity of the 2008 financial crisis. In this paper, we evaluate the merits of this claim. The main allegations are that fair-value accounting contributes to excessive leverage in boom periods and leads to excessive write-downs in busts. The write-downs deplete