英文翻译中文,急Five or six years ago, when I began discussing the p

英文翻译中文,急
Five or six years ago, when I began discussing the problems
caused by the accounting system’s mismeasurement of
investment in intangible assets, the common wisdom was that
the immediate expensing of intangibles was good because it
was “conservative.” (Conservative in the accounting sense
means that you underestimate earnings and the value of assets.)
However, the lives of the assets, their creation costs, and the
cash flows generated have a time dimension, which is fixed.
Therefore, if you are “conservative” in some periods, you will
end up being “aggressive” (inflating earnings) in others.
The exhibit that I have included shows the results of a model
that two colleagues and I developed that relates the rate of
growth in R&D spending to three popular measures of
company performance: return on equity, return on assets, and
growth in earnings (what analysts call “momentum”).2 The
solid line in the exhibit shows corporate performance if the
R&D spending is capitalized; the dashed line shows theperformance resulting from the immediate expensing of R&D
or other intangibles.
As the model shows, companies with high growth rates of
R&D spending report conservatively when they expense
intangibles. However, companies with low growth rates
actually report aggressively. For these companies, the reported
levels of return on equity, the return on assets, and the growth
in earnings appear to be much better than they really are. The
inflection point occurs when the rate of spending growth is
equal to the company’s cost of capital.
It is therefore a myth that the mismeasurement of
profitability and assets due to the expensing of investment in
intangibles results in conservative accounting. Expensing
intangibles is conservative for some companies, aggressive
for others, and erroneous for all. For example, in the
pharmaceutical industry, many major firms have low (singledigit)
rates of R&D growth. (Their R&D expenditures are high
in absolute terms, but the rate of growth is low.) Because
expenditures are not growing rapidly, adding R&D expenses to
earnings and subtracting amortization expenses due to past
R&D expenditures does not increase earnings by much.
However, the capitalization of past R&D causes a large addition
to total assets and hence to equity, the denominator of the
return-on-equity ratio. Thus, reported return on equity is
biased upward substantially, as much as 20 percentage points
or more, for these companies.

在五,六年前,当我开始讨论的问题由于会计制度的mismeasurement的无形资产投资,共同的智慧是眼前的无形资产费用化是好事,因为它是“保守”.（保守的会计意义也就是说,你低估收益和资产的价值.）然而,资产的生命,他们...