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《会计研究》先后发表了四篇探讨货币时间价值的文章,读后感到仍有进一步商榷的必要。现对王国起同志文章中的几个问题提出异议商榷如下: 1.《王文》认为,货币的所有权和使用权的分离是货币时间价值概念产生的根源和相互的条件。没有这种分离,也不会有时间价值概念。我认为这并不符合实际,事实上,时间价值这一客体,从来就有,并永远存在。我们知道,时间价值与风险价值是两个相对应而存在的概念,因此,要正确地认识时间价值这一客体,就必须联系风险价值。所谓风险价值,是指某单位或个人因冒风险经营而获得的超额收益。它具有很大的弹性,既有可能获得超额收益,也有可能遭受超额损失,但是如果不冒风险,则决不可能获得半点超额收益。而时间价值则相反,它不是冒风险而获得的收益,而是在正常的经营条件下,能够十拿九稳地获得到的收益。这正是时间价值的真正实质。
“Accounting Research” has published four articles discussing the time value of money. After reading it, it feels that there is still a need for further discussion. The objections to several issues in Wang Guoqi’s articles are as follows: 1. Wang Wen believes that the separation of the ownership and use rights of money is the root cause and mutual condition of the concept of time value of money. Without this separation, there is no concept of time value. I think this is not realistic. In fact, the object of time value has always existed and will always exist. We know that time value and risk value are two corresponding concepts that exist. Therefore, to correctly understand the object of time value, we must contact the value of risk. The so-called risk value refers to the excess return that a unit or individual obtains because of taking risks. It has great flexibility. It may be able to obtain excess returns, but it may also suffer excess losses. However, if it does not take risks, it will never obtain the slightest excess return. However, the value of time is the opposite. It is not the gain from taking risks, but the gain that can be obtained with stability under normal operating conditions. This is the true essence of time value.