Question

求大神帮忙翻译这篇文章，通顺一点，谢谢！

“Intangible asset” is a speculative notion. Intangible assets differ from tangible assets not just because they lack physical appearance but also because they are not identifiable such that contracts can be written on them for delivery. Explicit legal rights like patents and copyrights, and possibly brands, are exceptions (and these are booked to the balance sheet if purchased, as with any other asset), but “customer relationships,” “organization capital,” “knowledge assets,” “human capital,” and the like, are not specific enough for a market price ever be observed for them. A conjectured value of a conjectured asset that can never be validated with a market price is inherently speculative; value is in the mind of the beholder. This was so for the “intangible assets” conjectured in the 1990s bubble for which there was no subsequent manifestation. Accounting runs into trouble when speculative, conjectured values enter the financial statements, more so when the asset’s existence itself is conjectural. Indeed, the term, “intangible asset” can just be a cover for speculation or even fantasy; the existence of assets can be promoted simply by developing attractive language. In the speculative 1920s, accountants wrote up asset values in balance sheets for perceived value, but woke to the crash of 1929 accused of “putting water in the balance sheet.” The subsequent creation of the Securities and Exchange Commission in the United States led to a 60 year regime where such accounting was a no-no. This outlook was reinforced by fundamental analysts of the time, Benjamin Graham and his adherents. Graham followed a dictum in investing: separate what you know from speculation and anchor on what you know. To the accountants: Don’t put speculation into the financial statements; tell me what you know – what I
can anchor on – but leave the speculation to me, the analyst. The accountant reports what he or she knows from transactions: if an (intangible) asset is identified in a transaction, book it, but do not book it in response to speculation about its existence. History repeats. In the speculative 1990s, traditional accounting – derided as accounting “for the industrial age” where value was said to have come from tangible assets – came under challenge, accused of failing to adapt to the “information age” (where value is said to come from intangible assets).
Those who advocated intangible asset accounting in the 1990s often referred to the high price-to-book ratios as justification. Graham, I think, would turn in his grave. For the fundamentalist, accounting serves to inform about the prices of firms. It should be developed independently of prices, not inferred from prices. Only then can accounting challenge prices. In the fundamentalists’ view, accounting should challenge entrepreneurs, management, and analysts who claim that firms possess intangible assets.

Answer 1

“无形资产”是一种投机性的概念。无形资产与有形资产不仅仅是因为他们缺乏外表还因为他们无法辨认这样合约可以写在他们交付。明确的法律权利像专利和版权,并可能品牌,是异常(这些是预订了资产负债表如果购买,与任何其他资产),但“顾客关系”、“组织资本”、“知识资产”、“人力资本”之类的,不是很特殊的市场价格为他们曾经被观察到。一个推测价值的一个推测,无法验证的资产的市场价格在本质上是投机;价值的心灵,情人眼里出西施。这是如此的“无形资产”推测在1990年代泡沫没有后续的表现。会计经营困难,当投机,推测值输入财务报表,更因此当资产的存在本身的推测。事实上,这个术语,“无形资产”可以被掩盖的猜测或甚至幻想;资产的存在可以提升仅仅通过发展中有吸引力的语言。在投机1920年代,会计上写下了在资产负债表的资产价值的认知价值,但醒来时,1929年的崩盘控”将水在资产负债表中。“随后的创造与证券交易委员会在美国导致了60年的制度下,这种会计是一个禁忌。这种观点也得到了基本面分析师的时间,本杰明•格雷厄姆和他的追随者。格雷厄姆之前投资的格言:把你所知道的从投机和锚定在你所知道的。到会计:不要把猜测到财务报表;告诉我你所知道的——我
能锚定,但离开投机对我来说,分析师。会计报告他或她知道的交易:如果一个(无形)资产确定了一transa
那些主张无形资产会计在1990年代通常称为高市净率作为理由。格雷厄姆,我认为,将使他在坟墓中。为原教旨主义、会计用于告知价格的公司。它应该是独立开发的价格,而不是通过价格。只有这样才能会计挑战价格。在原教旨主义者看来,会计应该挑战企业家、管理和分析人士声称,公司拥有无形资产。

Answer 2

“无形资产”是一个投机性的概念。无形资产不同于有形资产不只是因为他们缺乏身体外观，也因为他们不能识别这种契约可以写上他们交付。明确的法律权利，如专利和著作权，并有可能品牌，例外（这些是对资产负债表如果购买，与任何其他资产），但“客户关系”，“组织资金，”与“知识资产，”“人力资本，”等，是不够具体的一市场价格是观察他们。推测值推测资产不能验证，市场价格是固有的投机性；价值是在旁观者的态度。这是如此的“无形资产”推测在90年代的泡沫，也没有后来的表现。会计经营困难，当投机，推测值输入财务报表，更因此当资产的存在本身是猜测。事实上，这个词，“无形资产”可以只是一个掩护投机或甚至幻想；存在资产可以促进发展有吸引力的简单的语言。在投机的年代，会计师写了资产价值在资产负债表的知觉价值，但醒来时坠毁，1929指控“水在资产负债表。”随后建立证券和交易委员会在美国导致了60年的制度，会计是禁忌。这是增强基本分析的时候，本杰明和他的追随者。·遵循格言：单独投资你所知道的猜测和锚从你所知道的。对会计人员：不要把投机的财务报表；告诉我你所知道的–我

可以锚–但离开我的猜测，分析师。会计报告他或她知道从交易：如果一个（无形）的资产是在一个确定的交易，这本书，但不书响应猜测它的存在。历史重演。在投机的年代，传统的会计核算–嘲笑为“工业时代”的价值是来自于有形资产–受到挑战，指控未能适应“信息时代”（如是说来自无形资产）。