足球運(yùn)動(dòng)員人力資本作為資產(chǎn)計(jì)量的關(guān)鍵因素的案例研究外文翻譯(文件)
【正文】 ed the case for definition and sufficiency of evidence for recognition, the next consideration is the method of valuation of such assets on the balance sheet and ensuring the reliability of measurement. Morrow (1995) evaluated three valuation methodologies appropriate to the human resource of football players39。000 163。000 163。s earnings and a multiplier factor based on his age at the end of his contract (UEFA, 1992, Article 3), as used in practice by the clubs referred to above. As the exercise was carried out retrospectively a player39。s estimate of realizable value if appropriate. Due to its nature the value of a player must continually fluctuate. However, given the widely held belief that all players are for sale at the right price, if the directors believe on the basis of their experience of the market place that the book value is not recoverable, then an immediate write off is appropriate. From Table I it appears that several players have been subject to permanent diminution in value. One explanation for this is the conditions of reemployment imposed on clubs by the Scottish League, whereby when a player reaches the end of his contract his employer must either offer him a new contract on at least the same basic terms or alternatively set the player free to arrange the transfer of his own registration. In the climate of recession which applied at the time of the exercise, clubs were using the free transfer as a means of avoiding future costs for many players who they believed had a realizable value, but in respect of whom the risks of being unable to arrange a sale and thus having to continue to meet the salary costs were considered too high. EARNINGS MULTIPLIER: METHOD The multiplier valuation approach is used in practice by UEFA to value outofcontract players who are transferring between two clubs within Europe, where the clubs are unable to agree a fee in respect of the transfer. In essence the transfer fee must be at least the gross ine of the player multiplied by a coefficient factor which varies according to the player39。 Theeke, 1989). A significant weakness of this particular salary model is that it ignores the time value of money. A more advanced earnings multiplier model is used in the Netherlands by the Royal Dutch Football Association, whereby the potential transfer sum (gross annual salary multiplied by a factor dependent on age and salary) is multiplied by a prudence factor of (Brummans and Langendijk, 1995). This method is similar to the adjusted discounted future salaries approach proposed by Hermanson (1964). Although it is an attempt to deal with the requirement to discount future earnings, the use of an apparently randomly generated figure of adds little credibility to the resultant balance sheet values. Source: Stephen Morrow, (1996) Football Players as Human Assets. Measurement as the Critical Factor in Asset Recognition: A Case Study Investigation, Journal of Human Resource Costing amp?！保ü?， 1991）。在這方面當(dāng)代的研究已經(jīng)展開（例如 莫羅， 1992 年， 1995 年；德勤羅斯， 1992 年， 1993 年，1994 年），但更多的研究還是在以前的成果（多賓斯和特拉塞爾， 1975），一些提到足球俱樂部融資反面的問題（坦普爾， 1991），或者提到了一些更加專業(yè)的方面，例如，將俱樂部的球員交易政策作為一種資產(chǎn)投資或者交易市場(chǎng)的操作以及交 易對(duì)球員的影響（斯隆， 1969。本文對(duì)這兩個(gè)方面的研究是基于一類特殊的人力資源。這個(gè)轉(zhuǎn)會(huì)政策的歷史根源可以追溯到 1885 年英格蘭職業(yè)足球協(xié)會(huì)的一條準(zhǔn)則，該準(zhǔn)則規(guī)定協(xié)會(huì)的俱樂部每年都必須為球員注冊(cè)。 本文 所采用的研究方法是基于巴斯等人在品牌方面所采用的會(huì)計(jì)研究方法。這一方面的困難在于定義和確任，通常被采用的測(cè)試無(wú)形資產(chǎn)的要求和英國(guó)會(huì)計(jì)委員會(huì)的關(guān)于資產(chǎn)定義以及確認(rèn)的準(zhǔn)則相違背。莫羅（ 1995）提出了三種模型方法來(lái)評(píng)估和計(jì)量足球運(yùn)動(dòng)員人力資本提供的服務(wù)。 估值方法 在已經(jīng)定義和確認(rèn)的情況下，下一步需要考慮的是 如何在估計(jì)這些資產(chǎn)在資產(chǎn)負(fù)債表中的價(jià)值并且確保估值方法的可靠性。歷史成本法，涉及通過球員在轉(zhuǎn)會(huì)市場(chǎng)上的轉(zhuǎn)會(huì)費(fèi)
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