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1、外文文献翻译原文：InflationAccountingandNonfinancialCorporateProfits:FinancialAssetsandLiabilitiesJOHNB.SHOVENStanfordUniversityJEREMYI.BULOWMassachusettsInstituteofTechnologyTHISARTICLEisthesecondoftwocomplementarypapersbytheauthorsconcerninginflationaccountingandnonfi
2、nancialcorporateprofits.Thecompanionpiece,whichappearedinBPEA,3.1975,discusseddefinitionsofrealcorporateprofitsandsuggestedasameaningfulandattractivecandidatetheaccrualofpurchasingpowerbyequityholders.Aseconddefinition,basedontheconceptofmaintainingcapitalintac
3、t,waspresentedasanalternative.Thepaperassertedthateachbalance-sheetentrywarrantsrestatementrelativetocurrentpracticeinordertocomputerealprofitsandprovideanaccuratedetailedpictureofthepositionofthefirminperiodsofinflationandofadjustmentinrelativeprices.Theaccoun
4、tingtreatmentofinventoriesanddepreciableassetswasexaminedindetail,andmicroandmacroestimatesweremadeoftheimpactofadoptingaccountingpracticesconsistentwiththetwodefinitionsofrealincomeforbalancesheetentriesinvolvingphysicalassets.Thispaper,ontheotherhand,willexam
5、inetheaccountingpracticesfornominallydenominatedfinancialassetsandliabilities.Italsowillaggregateandsummarizetheresultsofthetwopapers.Wetakecorporateincome(profits)asameasureoftheincreaseinthe“economicpower”oftheequityholdersofthefirm.TobefullyconsistentwithaHa
6、ig-Simonsaccrualdefinitionofincome,aswearguedinourpreviousstudy,depreciableassetsandinventoriesshouldbecarriedonbalancesheetsattheircurrentmarketvalue.Further,anyrealappreciationordepreciationoftheseassetsrelativetothegeneralpricelevelshouldbecomputedasincome.T
7、hispolicyhadtobecompromisedsomewhatduetothepaucityofdataandtheinadequaciesoftheavailablepriceindexesforspecificcapitalgoods.Inpractice,werecommendgeneral-valuedepreciationandconstant-dollarFIFO(firstin,firstout)inventoryaccounting,andestimatedtheimpactofimpleme
8、ntingthem.Wedemonstratedthattheuniversaladoptionofthesetechniqueswouldreduceaggregateprofits,andthereforeprofittaxes,ofnonfinancialcorporationsinthepresenceofinflation.Howev
