公允價值對公司價值的影響——金融危機下的重新定位 英文原文

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1、 US Banking Solutions Debated By Michael Bowman Washington 08 March 2009 America's banking crisis shows few signs of subsiding, despite hundreds of billions of dollars spent by the federal government to prop up struggling financial institutions and unfreeze tight credit. It is a basic and,

2、perhaps, obvious truth: capitalism cannot function without capital, much of which is provided by private banks. But roughly half a year after Congress authorized $700 billion to rescue America's financial system - more than half of which has been spent to date - the country's biggest lending insti

3、tutions remain at risk of failure. Some, like Senator Richard Shelby of Alabama, the ranking Republican on the Banking Committee, have a straightforward solution. I think we need to close them, get them out of business, he said. If they are dead, they ought to be buried. Shelby was speaking on AB

4、C's This Week program. His words were echoed by fellow-Republican Senator John McCain of Arizona, who worried that more government bailout money will only prolong an unsustainable situation. Some of these banks have to fail, said McCain. You cannot have 'zombie' banks. McCain was speaking on Fox N

5、ews Sunday. But the laissez-faire, or free market, solution to the banking crisis will inflict great pain on the nation as a whole, according to Democratic Senator Evan Bayh, who also appeared on This Week. If they [big banks] were to go down, the problem is: it is not just them. It is called coll

6、ateral damage. Hundreds of thousands of blue collar men and women, other smaller financial institutions that were not involved in these bad decisions, said Bayh. They would all pay the price, too. Some are urging patience, noting that a massive economic-stimulus package as well as President Barack

7、Obama's home mortgage aid program have only just gone into effect. Democratic Senator Charles Schumer of New York says improving the overall economy and preventing home foreclosures will provide a boost to the banking sector. If you reduce foreclosures, you find a bottom to the housing market, said

8、 Schumer. And then the banks, which are worried about all this mortgage paper they have, will start lending again. Schumer was speaking on NBC's Meet The Press program. But patience and calm nerves may be hard to find at a time when U.S. financial markets continue to drop at alarming rates. Last w

9、eek, Wall Street's Dow Jones Industrial Average fell to a 12-year low, and analysts say uncertainty over the country's financial picture is contributing to investors' worries. The Treasury Department is conducting so-called stress tests of major banks to gauge their viability in today's tough econo

10、mic times. But in recent testimony on Capitol Hill, Treasury Secretary Timothy Geithner had few answers when asked what would be done should any banks be judged to have failed the stress test and be deemed fundamentally unsound. The Obama administration has been criticized for the slow pace of nomi

11、nations for key Treasury posts under Mr. Geithner, who has been operating without the benefit of a full staff. Sunday, the administration announced appointments for three key positions in the department. US Lawmakers Demand Details About Bank Bailout Plan By Deborah Tate Washington 11 Februar

12、y 2009 U.S. Treasury Secretary Timothy Geithner returned to the U.S. Congress Wednesday, a day after he announced the Obama administration's plan for continuing efforts to rescue the nation's ailing banking system. He faced lawmakers frustrated that few details of the plan have been released. In h

13、is second day of testimony, Geithner again offered a broad description of the Obama administration's financial rescue plan, which seeks to use up to $2 trillion to help shore up ailing banks and spur more lending. The plan includes expanding a lending program to facilitate consumer and business loa

14、ns and government financing for private companies to buy up bad real estate assets. But in his testimony before the Senate Banking Committee, Geithner remained vague on details of the plan. He offered this response when Senator Lyndsey Graham, a South Carolina Republican, asked him whether the adm

15、inistration would ask Congress for more money for the program. "Can't tell you that at this point," Geithner said. "But if we think there is a good case for doing it, we are going to come tell you how we are going to do it." "Okay, good. So, you have no clue," said Graham. Geithner said $315 bill

16、ion remain in the original $700 billion bailout that Congress approved last year. Senator Graham said that would not be enough money to solve the banking and housing crisis, and said the administration should admit now that it will need more money. Geithner defended the lack of details in the plan

17、, saying the crisis will take a long time to resolve. "This is the beginning of a process of consultation. I completely understand the desire for details and commitments," he told the Senate Budget Committee. "But we want to do this carefully, consult carefully so we do not put ourselves in the pos

18、ition again where we are laying out details ahead of the care and substance to get it right, which requires quick departures and changes in strategy. I do not want to do that." Committee chairman Kent Conrad, a North Dakota Democrat, asked when the administration might know whether it would need mo

19、re money from Congress for the financial rescue program, saying lawmakers will be preparing the annual federal budget and need to plan accordingly. Geithner said the administration should have a better idea in the next several weeks. Washington 23 December 2008 World markets were mixed Tuesd

20、ay amid confirmation that the U.S. economy shrank in the third quarter of the year. The Bush administration says it believes fourth quarter numbers will be even worse. The U.S. Commerce Department says the U.S. economy contracted at an annual rate of 0.5 percent between July and September, matching

21、 a previously-released initial estimate. Consumer spending and exports slumped, while corporate profits also declined. White House spokesman Tony Fratto says the third quarter gross domestic product figure was not unexpected, and that the current quarter is almost certain to prove even grimmer. Th

22、e fourth quarter we know, because of the credit crisis and the financial market turmoil, will be significantly weaker, he said. We see that already in the monthly payroll data that has been reported. So it is a tough quarter. What we have been focused on is implementing the financial rescue package

23、and the efforts of the Fed to restore growth, to free up credit so that the economy can get healthy again. The United States is believed to have been in a recession since December of last year. During that time, U.S. unemployment has jumped a full percentage point. The economic slowdown has led bus

24、iness to slash prices in hopes of kindling demand for goods and services. But consumers are not celebrating, according to Diane Swonk, chief economist for U.S.-based Mesirow Financial. Life is getting cheaper, but unfortunately jobs are getting more scarce. Also, those people who are working are fi

25、nding that they have less money in their coffers, she said. Many economists point to America's moribund housing market as a major contributor to the economic downturn. The Commerce Department is reporting more bad news on that front, with new home sales dropping nearly three percent in November to

26、the slowest pace recorded in 17 years. One bright spot for consumers is the continuing decline in fuel prices. Oil fell below $38 a barrel Tuesday, extending a dramatic slide in prices since the commodity peaked at nearly $150 a barrel in July. Even with OPEC having one of the biggest [oil] produc

27、tion cuts in history, not even that is enough to overcome the drop in demand due to the slowing global economy. And that is why these prices are so low, said energy analyst Phil Flynn. Economic pain is not limited to the United States. Poland's unemployment rate has spiked above nine percent, promp

28、ting the country's central bank to cut interest rates for the second time in as many months.Most major financial markets saw light pre-holiday trading. Tokyo and London closed modestly higher, while Hong Kong, Paris and Frankfurt recorded moderate loses. By Heda Bayron Bangkok 12 January 2009

29、 With the global economic slowdown increasingly felt in Asia, the region's governments have taken steps to shield their economies from the worst. But will these measures work? Asian governments are spending like never before. Japan's government says it will provide some $700 billion in tax cuts, l

30、iquidity injections into cash-strapped financial institutions and cash handouts to citizens. China says it will use most of its $600 billion stimulus package to build roads and bridges and improve social services. Here in Thailand, the government promised aid to farmers and continued programs to aid

31、 the poor such as free electricity, water and bus rides. All these measures are aimed at one thing: reviving economic activity to counter rapidly falling export revenues. Jeffrey Sachs is an economist at Columbia University in New York, specializing in development issues. He spoke at the Asian Dev

32、elopment Bank in Manila earlier this month. "It seems to me that the most likely way out of this, including for Asia to overcome the crisis, has to rely heavily on public spending. Government purchases of both consumption goods and provision of government services in health and education, in housin

33、g and public investment mainly infrastructure investment," he said. "The happy thing about Asia is that Asia needs all of that desperately." Some recent measures are meant to illicit a rapid turnaround. For example, tax cuts and cash handouts like those proposed in Japan and South Korea are meant

34、to boost incomes and encourage consumer spending. Other measures like infrastructure spending proposed by China and Indonesia could take many years to show results. In Japan, while economists agree with short-term moves like pumping liquidity into the banking system to restart lending, some critici

35、ze Prime Minister Taro Aso's plan to give cash to consumers as a waste of public funds. They say Japan's long recession in the 1990's showed such handouts to be ineffective in stimulating demand. "In reality, the effect of this policy is really, really minimal," said Hideaki Hirata, an economics pr

36、ofessor at Hosei University in Tokyo. "The amount is just 120 bucks [US dollars]. This amount would not be sufficient to stimulate the economy." Hirata says the economy would be better off if the government invests in education, especially for poorer Japanese. Joseph Zvglich is the assistant chief

37、economist at the Asian Development Bank, which lends to governments in the region. "The question is, are you getting it into the hands of the people that are going to spend it?" asked Zvglich. "Because if it goes into savings, it won't have an impact. If you are getting it into the hands of somebo

38、dy who is credit constrained, they are going to likely to spend it. By targeting the poorer segments of the population in particular, it would have a bigger impact." But a short-term boost to the economy could be the goal for some governments, especially those faced with immediate political challen

39、ges. Hirata, at Hosei University, says Japanese politicians are positioning for elections that could come as early as April. "They [Japanese politicians] are really thinking about very short-term issues," said Hirata. "That is the election. Long term does not yield any short-term fruit so they do

40、 not have much interest in those long-term economic policy [policies]." In Thailand, Prime Minister Abhisit Vejjajiva, who took office last month after a court ruled the previous government had violated election laws, has stuck to populist measures to shore up his legitimacy in the politically divi

41、ded nation. Zvglich says governments have to carefully balance short-term stimulus and long-term gains. "Having funds to those who will spend it will have a rapid effect. But that's not going to have any pay back later on," he said. "After the crisis is gone, paying back the debt that is generated

42、 will be an issue. Having infrastructure projects which will provide for future growth is important. But we do have to keep in mind any infrastructure investment is going to only happen with a lag. Unless there are plans that can be scaled up very quickly, infrastructure spending is not going to giv

43、e an immediate boost." One question about these plans is how will Asian countries pay for all this spending? China and Japan have enormous foreign currency reserves, but poorer nations in the region will have to borrow. The Philippines last week borrowed one and a half billion dollars from internat

44、ional investors to cover its stimulus spending. Sachs argues for greater regional cooperation. He called on Japan - with its strong currency - to provide long-term assistance to other Asian nations. He says this would help both Japan and the rest of the region. "Since Japan is very reluctant to ex

45、pand its own government investments, maybe understandably, it could expand other countries' government investment by providing long term yen-backed financing ...to increase the levels of government spending on these critical long term sustainable development," Sachs said. But whether individual sti

46、mulus packages work at home, economists say a lot still depends on what happens overseas - particularly in the United States. Many people in Asia are keenly watching President-elect Barack Obama's economic stimulus plan, hoping it succeeds, and ripples across the Pacific. IASB PROMOTES ‘FAIR

47、VALUE\' RULE CHANGE IN ATTEMPT TO END DISPUTE A radical shake-up of how banks and insurers report the value of financial instruments has been proposed by international accounting rule-setters in a bold attempt to resolve an intense dispute at the heart of efforts to prevent a repeat of credit crisi

48、s. The International Accounting Standards Board has proposed a simple principle for whether banks and insurers should value a financial investment as a long-term holding or as a trading position. The proposals could see more investments reported at current market values, a shift which could improv

49、e the transparency of accounts but increase volatility in earnings. Under the IASB's proposed rules, if a bank's investment produces predictable cash flow like a government bond, it can be valued in accounts using an accounting mechanism that smooths out market fluctuations. If the investment's cas

50、h flow is unpredictable, like some derivatives, it should be valued at current market levels. The proposals are a riposte to a transatlantic push to water down “fair value” accounting, valuing assets at market levels. Some banks and policy markers believe the “fair value” creates unnecessary volati

51、lity in earnings, contributing to a loss of investor confidence at the height of the credit crisis when plunging asset prices hit balance sheets. The new rules reframe that debate by giving banks more freedom in how they report assets but underlines the principles of using market prices where possi

52、ble. However, they would force banks and insurers to completely reassess how they report their investment portfolios. For example, a portfolio of US Treasury bonds – among the most liquid assets in the world – can be classified as trading instruments and would be reported at fair value, just as

53、they are now. Across Asia women are bearing the brunt of the global economic downturn as export manufacturers shed workers. The United Nation's International Labor Organization and labor rights groups say Asian governments need to boost social protection programs for women and workers vulnerabl

54、e to the global recession. Asia's export-driven growth over the past 30 years has drawn millions of women into the work force, making consumer goods for the world. The work lifted families out of poverty and gave women greater independence and opportunities. Now the global economic downturn mean

55、s tens of thousands of women are losing their jobs, as slow demand forces factories making everything from clothes to electronics to shut down. Kee Beom Kim, an economist with the United Nation's International Labour Organization, says women in export industries the region are especially vulnerabl

56、e to the current economic climate. Kim says the consequences are wide ranging. 　"They have lost their jobs and without a job, in some cases for those who are poor - their food consumption decreases, their health consumption; we see that children are being withdrawn from school," said Kim. "In the

57、garment industries reduced working hours basically means less take home pay - of course a detrimental effect on consumption." China, Singapore, Malaysia, Thailand and Cambodia are some of the countries where exports account for a large proportion of national output. A slowdown in foreign investmen

58、t and a decline in remittances from overseas workers worsen the poor economic climate for women workers. 　 The ILO warns that unemployment across the Asia-Pacific region could rise by over 25 million this year, to more than 110 million across the region.　 United Nations data show the region acco

59、unts for around two-thirds of the world's total employment. China, India, Indonesia, Russia, Bangladesh, Japan and Pakistan make up the bulk of that work force.　 Lucia Victor Jayaseelan, executive coordinator with the Committee for Asian Women, says in Cambodia she recently met women from the hard

60、-hit garment industry, who face uncertain futures. "They were working without pay because they couldn't go home," said Jayaseelan. "And they were so used to working and hoping and believing that the industries, the factories would be giving them some money at some point. Three months no salary; wh

61、ich meant they had to live, pay their rent, school for their children, remit money back to rural areas - all that went." The ILO and labor rights workers are calling on regional governments to boost social protection programs, especially those that can help women laid off from work. They also say

62、government economic stimulus packages need to focus on building up rural infrastructure that would most benefit women and children.　 The 24 nations that comprise the International Monetary Fund's policy-making committee agreed Saturday to an immediate $250 billion increase in the lending agenc

63、y's resources. The decision is in line with the recommendation made by world leaders at their G20 summit in London earlier this month. 　 The decision was announced after a day-long meeting at IMF headquarters in Washington. Finance ministers of the 24 advanced and developing economies said the fun

64、ding increase takes effect immediately with the money coming from the agency's 185 member nations. The new money will bolster the IMF, enabling it to quickly respond to the financing needs of member countries in financial distress. The meeting chairman, Egyptian Finance Minister Youssef Boutros-Gh

65、ali, says participants are cautiously optimistic that the worst of the global recession may be over. "We have serious problems. We are taking very serious measures. But things are beginning to look up. Carefully, cautiously, we can say that there is a break in the clouds," he said. 　 IMF Managing Director Dominique Strauss-Kahn said participants are satisfied with the fiscal stimulus measures taken by several countries to prevent further decline