【正文】 ect above and beyond the procyclicality of asset values and bank lending. In Section 2, we provide a quick overview over FVA and some of the key arguments for and against FVA. In Section 3, we discuss the concern that FVA contributes to contagion and procyclicality as well as ways to address this concern, including how current accounting practices help to alleviate problems of contagion. We consider potential implementation problems in Section 4 and conclude with suggestions for future research in Section 5. 2. Fairvalue accounting: What is it and what are the key arguments? FVA is a way to measure assets and liabilities that appear on a pany’s balance sheet. FAS 157 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” When quoted prices in active markets for identical assets or liabilities are available, they have to be used as the measurement for fair value (Level 1 inputs). If not, Level 2 or Level 3 inputs should be used. Level 2 applies to cases for which there are observable inputs, which includes quoted prices for similar assets or liabilities in active markets, quoted prices from identical or similar assets in 4inactive markets, and other relevant market data. Level 3 inputs are unobservable inputs (., model assumptions). They should be used to derive a fair value if observable inputs are not available, which is monly referred to as a marktomodel approach. Fair value is defined similarly under IFRS as the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties, in an arm’s length transaction. In determining fair value, IFRS make similar distinctions among inputs as FAS 157: Quoted prices in active markets must be used as fair value when available. In the absence of such prices, an entity should use valuation techniques and all relevant market information that is available so that valuation techniques maximize the use of observable inputs (IAS 39). It is recognized that an entity might have to make significant adjustments to an observed price in order to arrive at the price at which an orderly transaction would have taken place (., IASB Expert Advisory Panel, 2020). 3. Fairvalue accounting, illiquidity, and financial crises FVA and its application through the business cycle have been subject to considerable debate (., ECB, 2020。 FVA is just another example. This insight is helpful to better understand some of the arguments brought forward in the debate. Second, there are legitimate concerns about marking asset values to market prices in times of financial crisis once we recognize that there are ties to contracts and regulation or that managers and investors may care about market reactions over the short term. However, it is not obvious that these problems are best addressed with changes to the accounting system. These problems could also (and perhaps more appropriately) be addressed by adjusting contracts and regulation. Moreover, the concern about the downward spiral is most pronounced for FVA in its pure form but it does not apply in the same way to FVA as stipulated by . GAAP or IFRS. Both standards allow for deviations from market prices under certain circumstances (., prices from fire sales). Thus, it is not clear that the standards themselves are the source of the problem. However, as our third conclusion highlights, there could be implementation problems in practice. It is important to recognize that accounting rules interact with other elements of the institutional framework, which could give rise to unintended consequences. For instance, we point out that managers’ concerns about litigation could make a deviation from market prices less likely even when it would be appropriate. Concerns about SEC enforcement could have similar effects. At the same time, it is important to recognize that giving management more flexibility to deal with potential problems of FVA (., in times of crisis) also opens the door for manipulation. For instance, managers could use deviations from allegedly depressed market values to avoid losses and impairments. Judging from evidence in other areas in accounting (., loans and goodwill) as well as the . savings and loans (Samp。 Thaler, R. (2020). A survey of behavioral finance. In . Constantinides, M. Harris, amp。 Pedersen, . (forthing). Market liquidity and funding liquidity. Review of Financial Studies. Brunnermeier, ., Crocket, A., Goodhart, C., Persaud, A. amp。第三 ,歷史成本會(huì)計(jì) (HCA)不太可能會(huì)解決問題。在我們看來 ,這兩種立場(chǎng)都有各自的問題。 第二 ,一旦我們意識(shí)到合同與常規(guī)之間的紐帶關(guān)系或者管理者和投資者對(duì)短期內(nèi)市場(chǎng)反應(yīng)的擔(dān)心，人們就會(huì)對(duì)資產(chǎn)價(jià)值在經(jīng)濟(jì)危機(jī)時(shí)期的市場(chǎng) 價(jià)值起憂慮。認(rèn)識(shí)到會(huì)計(jì)準(zhǔn)則與制度框架的其他元素之間的關(guān)系非常重要 ,這可能會(huì)導(dǎo)致意想不到的后果。 HCA 也有一些問題，對(duì)于某些資產(chǎn)，它們會(huì)很嚴(yán)重 ,甚至比 FVA 更糟。在第三部分我們考慮了潛在的現(xiàn)實(shí)問題。如果看得見的輸入是不可用的，他們應(yīng)該被用來獲得一個(gè)公平價(jià)值 ,它通常是作為一個(gè)自己標(biāo)記模型的方法。主要問題是 ,FVA 是順周期的 ,即其加劇了金融體系的波動(dòng) ,它甚至可以在金融市場(chǎng)引起下行螺旋。這些例子表明 ,能否在會(huì)計(jì)系統(tǒng)直接地解決蔓延順周期循環(huán)這一點(diǎn)并不清楚。 三、公允價(jià)值會(huì)計(jì)標(biāo)準(zhǔn)的可行性問題 考慮到前一節(jié)中討論的問題 ,現(xiàn)存的會(huì)計(jì)準(zhǔn)則不一定會(huì)造成傳染效應(yīng)。沒有嚴(yán)格的指導(dǎo) ,標(biāo)準(zhǔn)很容易作弊。此外 ,美國(guó)銀行 2020 的財(cái)務(wù)報(bào)表年顯示，銀行已經(jīng)能夠?qū)①Y產(chǎn)轉(zhuǎn)移到三級(jí)。例如 ,可想而知 ,一個(gè)經(jīng)理不愿意使用一個(gè)合適的模型，這一模型以高于一個(gè)可觀察市場(chǎng) 價(jià)格（流動(dòng)性很差）的公允價(jià)值為基礎(chǔ) ,尤其是在對(duì)經(jīng)濟(jì)或上市公司有下行風(fēng)險(xiǎn)的時(shí)期 ,通常是在金融危機(jī)。但這種好處造成了另一個(gè)組的權(quán)衡。當(dāng)前危機(jī)提供了一個(gè)有趣的場(chǎng)景 ,進(jìn)一步深度探索這些問題。 參考文獻(xiàn) Adrian, T., amp。, . (1995). The role of capital in financial institutions. Journal of Banking and Finance19, 393340. Bernard, ., Merton, ., amp。 R. M. Stulz, Handbook of the Economics of Finance, vol. 1, chapter 18, pages 10531128. North Holland, Amsterdam: Elsevier. Barth, M. (2020). Fair Values and Financial Statement Volatility. In: The Market Discipline Across Countries and Industries, Claudio Borio, William Curt Hunter, George G Kaufman, and Kostas Tsatsaronis (eds). Cambridge, Massachusetts: MIT Press. Barth, ., Beaver, ., amp。政治力量的作用使分析進(jìn)一步復(fù)雜化。認(rèn)為忽略市場(chǎng)價(jià)格或當(dāng)前的信息可以提供一個(gè)基礎(chǔ)更堅(jiān)實(shí)的銀行系統(tǒng)，這是一個(gè)錯(cuò)覺。第二個(gè)現(xiàn)實(shí)問題也強(qiáng)調(diào) , 在施行中評(píng)價(jià)會(huì)計(jì)標(biāo)準(zhǔn)背景的制度環(huán)境也很重要 四、結(jié)論和給未來研究者的建議