房地产的 "分配装置":公允价值会计和英国房地产的资产化

IF 8.3 2区 管理学 Q1 BUSINESS, FINANCE Critical Perspectives on Accounting Pub Date : 2024-03-01 DOI:10.1016/j.cpa.2024.102729
Richard Goulding , Colin Haslam , Adam Leaver , Jonathan Silver
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引用次数: 0

摘要

有关住房金融化的研究认为,房地产资产是重要的价值储藏,是全球金融积累体系的抵押品。然而,人们对这些资产如何构建、估值和产生回报却知之甚少。本文以资产化文献为基础,解读了投资性房地产是如何被构建为 "资产 "的,并运用会计视角将其日益增长的重要性纳入公允价值会计体系。我们认为,房地产投资者受益于慷慨的 "分配工具"--即一系列规则、规范、报告技术和市场导向装置,它们既是一种资源,也是一种激励,促使投资者参与最大化潜在分配的估值实践。就房地产资产而言,会计规则 IAS40 决定了住房资产在年度报表中的确认方式;英国皇家特许测量师学会红皮书作为一种市场手段,与 IAS40 相衔接,提供了有关估值和重估技术的规则和原则;英国皇家特许会计师学会就重估是否等同于可以合法分配给股东的 "已实现利润 "提供了指导。这三个特点共同支撑着投资性房地产的资产化过程。我们通过两个案例研究表明,随着公司围绕《英国皇家特许测量师学会红皮书》重估流程制定不同的估值和分配策略,这一机制成为一种灵活的资源,并带来不同的风险影响。我们的研究结果有助于金融化、资产化和会计学术研究。
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A ‘Distributional Apparatus’ for real estate: Fair value accounting and the assetization of UK property

Research on housing financialization argues that property assets are important stores of value that collateralise global systems of financial accumulation. Yet remarkably little is known about how those assets are constructed, valued and generate returns. This paper draws on the assetization literature to unpack how investment properties are constructed as ‘assets’, applying an accounting lens to locate their growing importance within the move towards a fair value accounting regime. We argue that property investors benefit from a generous 'distributional apparatus' - that is, a collection of rules, norms, reporting technologies and market-orienting devices that act as both a resource and an incentive to engage in practices of valuation that maximise potential distributions. In the case of property assets, accounting rule IAS40 determines how housing assets should be recognised in an annual statement; the RICS Red Book acts as a market device which articulates with IAS40, providing rules and principles on the techniques of valuation and revaluation; and the ICAEW provides guidance on whether revaluations amount to a ‘realised profit’ which can be distributed to shareholders legally. Together these three features underpin the assetization process in investment property. We use two case studies to show that this apparatus acts as a flexible resource as companies build different valuation and distribution strategies around the RICS Red Book revaluation process, with different risk implications. Our findings contribute to financialization, assetization and accounting scholarship.

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来源期刊
CiteScore
9.40
自引率
7.80%
发文量
91
期刊介绍: Critical Perspectives on Accounting aims to provide a forum for the growing number of accounting researchers and practitioners who realize that conventional theory and practice is ill-suited to the challenges of the modern environment, and that accounting practices and corporate behavior are inextricably connected with many allocative, distributive, social, and ecological problems of our era. From such concerns, a new literature is emerging that seeks to reformulate corporate, social, and political activity, and the theoretical and practical means by which we apprehend and affect that activity. Research Areas Include: • Studies involving the political economy of accounting, critical accounting, radical accounting, and accounting''s implication in the exercise of power • Financial accounting''s role in the processes of international capital formation, including its impact on stock market stability and international banking activities • Management accounting''s role in organizing the labor process • The relationship between accounting and the state in various social formations • Studies of accounting''s historical role, as a means of "remembering" the subject''s social and conflictual character • The role of accounting in establishing "real" democracy at work and other domains of life • Accounting''s adjudicative function in international exchanges, such as that of the Third World debt • Antagonisms between the social and private character of accounting, such as conflicts of interest in the audit process • The identification of new constituencies for radical and critical accounting information • Accounting''s involvement in gender and class conflicts in the workplace • The interplay between accounting, social conflict, industrialization, bureaucracy, and technocracy • Reappraisals of the role of accounting as a science and technology • Critical reviews of "useful" scientific knowledge about organizations
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