CHAPTER 15 ACCOUNTING AND FINANCE

CHAPTER 15 ACCOUNTING AND FINANCE

MICHAEL POWER

ACCOUNTING is defined by the Oxford English Dictionary as the "process or art of keeping and verifying accounts." Professional Associations such as the American Institute of Certified Public Accountants (AICPA) have gone a little further and suggest that it is "the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are in part at least, of a financial character, and interpreting the results thereof" (AICPA 1953). Significantly, both definitions use the term "art," suggesting professional skill and esoteric knowledge which is hard-won via an apprenticeship. More generally, accounting is regarded as a technical practice that seeks to represent economic events for a variety of purposes, not least to enable comparisons of performance and financial strength within and between organizations.

會計是由牛津英語詞典定義為“過程或藝術保持和驗證帳戶。”專業協會，如註冊會計師美國學院（AICPA）已經遠一點，並認為它是“錄音藝術，分類和總結在一個顯著的方式和金錢，交易和事項的條款訂立，屬部分一個金融角色的至少，以及解釋其結果“（注協1953）。顯著，兩個定義使用術語“藝術”，暗示專業技能和深奧的知識是來之不易的，通過一個學徒。更一般地说，会计被认为是一种技术实践，旨在代表各种目的的经济活动，而不仅仅是组织间的财务績效和強度的比较。

Traditionally and pedagogically there is a distinction between forms of accounting for internal and for external purposes, between managerial and financial accounting respectively. In theory, the former deals with matters such as investment appraisal, budgeting, and cost analysis as part of the basic financial controls of an organization, while the latter deals with the periodic published reports which include income statements of profit or loss, and balance sheets which list assets and liabilities at a point in time. In every jurisdiction, these public documents are heavily regulated in their form and content, and are subject to the requirement that they be independently checked by auditors. Taken together, both managerial and financial accounting are at the center of the financial management of an organization, undertaken by specialist finance departments headed by chief financial officers. For the most part, accounting is a largely esoteric and taken-for-granted field of practice, permeated by laws, rules, and norms of best practice, and populated by a range of specialists and experts. Yet this lack of visibility is deceptive and makes accounting an important area of interest for sociologists, not least because it can fail and fail spectacularly.
傳統和教學上存在的內部形式的會計之間，外部的目的，管理和財務會計分別進行了區分。從理論上講，前處理，如投資評估，預算編制，並作為一個組織的基本財務控制的一部分成本分析的問題，而後者則涉及的是定期發布的報告，其中包括利潤或虧損損益表和資產負債表它在某個時間點列表中的資產和負債。在每一個司法管轄區，這些公共檔嚴格監管其形式和內容，並受到他們獨立審計人員檢查的要求​​。總之，在管理和財務會計是在該中心組織的財務管理，由首席財務官領導的專家財政部門承擔。在大多數情況下，會計實踐的主要是深奧的，並採取換理所當然領域，法律，法規和最佳實踐的準則滲透，並填充通過一系列的專家和專家。然而，這種缺乏可見性是具有欺騙性的，使會計成為社會學家感興趣的一個重要領域，不僅是因為它會失敗，且引人注目。 。

The collapse of Enron and Worldcom in 2001 and the related demise of the accountancy firm Andersen created a crisis of confidence in accounting and auditing and led to far-reaching legislative reform in the United States—the so-called "Sarbanes-Oxley Act"—and elsewhere. Similarly, the financial crisis of 2008-9 has raised questions about the role of accounting and auditing in failing to provide any clues to the weakness of many balance sheets in the financial system (House of Commons Treasury Committee 2009).

安然和世通在2001年的崩潰和會計師事務所的相關滅亡安徒生創造了信心，會計和審計危機，並導致深遠的立法改革，在美國，所謂的“薩班斯 - 奧克斯利法案” - 和其他地方。同樣，2008 - 09年的金融危機中沒有提供任何線索，對金融體系的許多資產負債表（下議院2009年財政委員會）的弱點提出了關於會計和審計的作用問題。

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Accounting regulators, such as the Financial Accounting Standards Board (FASB) in the United States and the International Accounting Standards Board (IASB), have been heavily criticized for their role in the troubles, and investigations by parliamentary and congressional committees have served to emphasize a key point: accounting becomes, at various points in time, highly political. Its history is littered with scandals, failure, and disappointments, which are the engines of new efforts at reform and improvement. In times of turmoil and public outrage, the conventional image of a neutral, technical practice which simply records economic reality becomes hard to sustain.

會計監管機構，如美國財務會計準則委員會（FASB）在美國和國際會計準則理事會（IASB），已經被嚴厲批評為他們的麻煩角色，並調查由議會和國會委員會起到了強調關鍵點：會計而成，在各個時間點，高度政治化。它的歷史上充斥著醜聞，失敗和失望，這是在改革和完善新的努力的引擎。在動盪和公憤的時候，一个中立的，技术的实践，简单地记录经济现实的传统形象变得很难维持。

As far as sociology is concerned, an interest in accounting as a phenomenon reaches back to Max Weber who recognized the importance of calculation in general and bookkeeping in particular in the making of modern life (Carruthers and Espeland 1991). Indeed, the accounting field can be said to encompass many of the processes and problems that deeply interest sociology scholars. For example, accounting can be defined, somewhat differently from above, as "... all those spatially and historically varying calculative practices—ranging from budgeting to fair value accounting—that allow accountants and others to describe and act on entities, processes, and persons" (Chapman, Cooper, and Miller 2009:1).

至於社會學而言對會計的興趣，這種現象可以追溯到韋伯誰承認在一般和簿記特別計算的重要性在現代生活中的決策（卡拉瑟斯和1991年Espeland）。的確，会计领域可以说包含许多社会学学者的兴趣，深入的过程和存在的问题。例如，會計可以被定義略有不同，從上面的，因為“......所有的空間和歷史變化的計算的做法，從預算到公允價值會計，讓會計人員和其他人描述和作用於實體，流程，人“ 

This view places the analysis of accounting within the heartland of sociological interest in how forms of social and economic knowledge are produced, 
how such forms shape what people regard as significant, and 
how they act and react to them. 
Different forms of accounting are widely diffused throughout society—across states, public and private organizations, and even families—and have a profound influence on the climate of economic and social life. Accounting representations and metrics are also interventions which shape people, processes, and organizations, not least by virtue of their powerful commensurating function (Espeland and Stevens 1998). In many societies the categories of accounting have assumed a powerful cultural position as filters of knowledge and value that enable enterprises and people to be compared with one another (Bowker and Star 1999). The financial crisis may have disturbed this cultural position considerably but it has not been superseded. Accounting is much more than counting (Power 2004).

这种观点在社会学对会计的分析的兴趣的中心地带内，
如何生产社会经济知识
这样的形态如何塑造人的重要意义
他们如何運作，对他们做出反应

不同形式的會計在整個社會、公共、私人組織、甚至家庭都有著廣泛的擴散，對經濟社會生活的影響也有著深遠的影響。会计陈述和指标的介入，塑造人、流程和组织，尤其是凭借其强大的相应功能（埃斯佩蘭和史蒂文斯1998）。在許多社會中會計類都假設了一個強大的文化地位，知識和價值，使企業和個人能夠比較與另一個過濾器（Bowker和星1999）。金融危機可能幹擾這一文化地位相當但沒有被取代.  會計不僅僅只是計算而已.

This chapter provides a critical discussion of the evolving relationship between accounting and finance, and how this shapes organizational life. 
本章提供了一個進化的關鍵討論會計與金融之間的關係,以及這種形狀的組織生活。
The discussion begins with a brief history of financial accounting, followed by an analysis of the rise and transformation of business finance. 
討論始於一個簡單的財務會計的歷史,其次是分析企業財務的上升和轉換。
These two paths of development of accounting and finance intersect in many different ways; 
the third section discusses a particularly significant recent example of this, namely the fair value accounting debate.會計和金融發展的這兩條路徑相交在許多不同的方法,
第三部分討論了最近的一個特別重要的例子,即公允價值會計的爭論。 
The fourth section reflects on the configurations of accounting and finance expertise at the levels of academic discipline and profession, and how this has varied both across time and across different national jurisdictions. 
第四部分反映在會計和金融專業知識的配置水準的學科和職業,以及這如何不同的跨時間和跨不同的國家地區。
The fifth section addresses the complex relationship between accounting and economics and draws on key themes in the sociology of accounting to suggest that accounting is mobilized to operationalize economic concepts and is implicated in the construction of entities and individuals as economic actors.

第五部分說明會計和經濟學之間的複雜關係,认为会计是动员实施的经济概念和有关单位、个人建设作为经济主体。

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This constructivist analysis sets the stage for the final section, which compares social studies of accounting with analyses from the emerging field of social studies of finance. Sociologists have much to learn from the history of the ever-changing relationship between accounting and finance as it plays out in the field of practices, professionalization projects, and scholarly disciplines.

建構主義分析設置為最後一節,比較社會研究的會計與財務分析從社會研究的新興領域。社會學家多學習不斷變化的會計和金融關係的歷史,因為它扮演了領域的實踐,職業化的專案,和學術學科。

財務會計的簡曆

A BRIEF HISTORY OF FINANCIAL ACCOUNTING

There is evidence to suggest that the earliest examples of writing found in ancient Egypt are accounting records (Edwards 1989:23-6). The functional need to keep track of monies owed and owing resulted in methods of inscription which were the forerunners of modern accounting. The codification of the double-entry method by Luca Pacioli in 1494, whereby every transaction represents a flow of value with a double aspect, formalized a practice at the heart of existing mercantile habits and it remains a central part of elementary accounting courses today. For example, if a merchant puts money into his business there is an increase in capital and an equal increase in cash. If he spends some of that cash on a horse, there is definitely a decrease in cash and an increase in either an expense or an asset (depending on a view about the "useful life" of the horse). And so it goes on, for every transaction there are always these two components of "debit" and "credit," which must be equal even when the resulting stream of transactions can be extensive and complex. It was for reasons of this almost aesthetic necessity of balance that Goeth's Werner praised double entry as one of the "finest inventions of the human mind" (Jackson 1994).

有證據表明，寫在古埃及發現的最早的例子是會計記錄（愛德華茲1989年：23-6）。該功能需要跟蹤的拖欠並且由於導致題詞方法，它們是現代會計的前身款項。由盧卡·帕西奧利雙輸入法在1494年，即每筆交易代表的價值具有雙方面的流量的編纂，正式做法，在現有的商業習慣的心臟，它仍然是基本的會計課程，今天的核心部分。例如，如果一個商人把資金投入到他的生意也增加了資本和現金等量增加。如果他花了一些現金一馬，肯定是有現金的減少和增加任何費用或資產（取決於關於馬的“使用壽命”的觀點）。如此這般的，每筆交易總有“借方”和“信用”，這必須是平等的，即使所產生的交易流可以廣泛而複雜的這兩種成分。這對於平衡這幾乎審美需要的原因，歌德的沃納稱讚雙項為“人類心靈的最優秀的發明”之一（傑克遜1994）。

Yet accounting as both practice and discipline has come to be more than a substitution for imperfect human memory in book-keeping. Conventions of information display using specific categorizations arose to organize and condense the product of the double-entry method; assets came to be distinguished in terms of whether they have a long-term role in the business or not, and the changes in the merchants' capital accounts came to be summarized as a statement of profit and loss. Importantly, demands for periodic reporting meant that for a continuing business, unlike a finite voyage, there would always be bits and pieces of unexpired balances to account for at the year's end. Unsurprisingly, the growing complexity of accounting reflected developments in the economy and in the form of business enterprise; during the nineteenth century basic financial accounting requirements became part of the new law for joint stock companies, and accountants were prepared to do the dirty work of insolvency practice which lawyers preferred not to do—thus opening the door to a new profession (Edwards 1989: 262). Further decisive changes came with growth of the corporate economy in the first half of the twentieth century. In Britain and other industrializing countries, the emergence of an agency relationship between distant providers of capital (shareholders) and managers positioned accounting in a new institutional space for which it was probably not well prepared. It was no longer to be the extended memory of the merchant and his debtors, but a mechanism of accountability for professional managers to providers of capital.

然而會計實踐和學科被超過一個替換簿記的不完美的人類的記憶。出現約定的資訊顯示使用特定分類來組織和複式記帳方法的濃縮產品 ;資產是傑出的他們是否有一個長期的角色在商業 ,和商人的資本帳戶的變化被概括為損益表。重要的是 ,要求定期報告意味著持續的業務 ,與有限的航行,總會有未過期的細枝末節 ,餘額占在今年年底。不出所料 ,會計反映的日益複雜化的發展經濟和企業的形式 ;在十九世紀的基本財務會計需求成為新的法律對股份公司來說 ,和會計師準備做髒活,破產實踐的律師不願遵行打開門到新職業 (愛德華茲1989:1989) 。決定性的變化有進一步增長的企業經濟上半年的 20世紀。在英國和其他工業化國家 ,出現一個遙遠的資本的提供者 (股東) 之間的代理關係和管理者定位會計在新制度空間 ,這可能是沒有做好準備。它不再是商人和他的債務人的擴充記憶體 ,但對職業經理人的問責機制的資本提供者。

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The course of the history sketched above was not a smooth one and at critical points accounting practice was forced to adapt in response to scandal, such as the use of accounts for deceptive purposes. The collapse of the City of Glasgow Bank in 1878 and the Royal Mail case of 1931 were important catalysts for change. The latter gave rise to a legal and accounting framework that persists today. Prior to this case the culture of corporate regulation assumed that directors generally act in the best interest of shareholders and that businesses are fundamentally an extension of partnership. These assumptions were swept away and accounting moved to the center stage of a new style of corporate governance in which shareholders acquired rights and directors' duties became more explicit. Yet for all these and many subsequent reforms, the history of financial accounting is punctuated by a number of seemingly essentially contestable issues.

上面的草繪歷史過程並不順利，在會計實踐的關鍵點是被迫調整，以回應醜聞，如帳戶的使用欺騙的目的。城市格拉斯哥銀行在1878年和1931年，英國皇家郵政案的崩潰是變化的重要催化劑。後者引起了法律和會計框架，今天仍然存在。 這種情況下，之前公司條例文化假定董事一般股東的最佳利益行事，從根本上企業合作的延伸。這些假設被沖走和會計搬到舞臺中心的一種新型公司治理中股東的既得權利以及董事責任變得更加明確。然而，所有這些和許多後來的改革，財務會計的歷史是不時被一些看似本質上可爭論的問題。

The first concerns, surprisingly perhaps, the basic purpose of financial accounting itself. In many jurisdictions, the legal framework evolved with the principle of creditor protection at its heart. The primary aim of law was to ensure that dividends could not be paid or activities undertaken which would place their debt at risk. Even with the growth of distant shareholders this view persisted; financial accounts were essentially designed to display the proper stewardship of resources according to "prudent" rules.

However, another view of the purpose of accounts began to emerge in the 1930s and became more fully articulated in North America after World War II: financial accounting was to pro-vide relevant information useful for existing and potential investors as decision-makers. Though such a view has never been enshrined in the law in any jurisdiction, this information view of accounting rapidly gained currency, although the older view has never been entirely superseded. As a result, an enduring critical issue for financial reporting is its very purpose, which remains contested.

第一個問題，令人驚訝的是，財務會計本身的基本目的。 在許多國家，法律框架的演變與其核心的債權人保護的原則。法律的主要目的是確保分紅可以不付工資或活動，地方債務風險。即使在遙遠的股東的增長這一觀點仍然存在；財務帳目基本上是用於顯示適當資源的管理根據%22prudent%22規則。然而，另一種觀點的帳戶的目的在二十世紀三十年代開始出現，並成為在二戰後，在北美更充分地闡明：財務會計是提供有關對現有和潛在投資者的決策有用的資訊。儘管這種觀點從未在任何司法管轄區的法律規定，這種會計的資訊視圖迅速流行，雖然大一點的觀點從未被完全取代。因此，財務報告的一個持久的關鍵問題是它最根本的目標，仍有爭議。

A second critical theme concerns the nature of the accounting entity. When business control and influence was limited to clearly defined legal entities, accounting for these entities was relatively unproblematic. But the advent of mergers and the creation of groups have generated almost insurmountable difficulties for accounting. What is the boundary of the reporting entity as a group and how should we account for it? How can these boundaries be clearly determined when the nature of control relationships between organizations is often fuzzy? If organizations can take advantage of financing arrangements that nevertheless fall outside the group boundary for reporting purposes, then surely financial statements mislead investors about risk? Despite the salience of these questions, successive efforts to develop regulations to deal with the entity issue remain problematic and a clear consensus seems far off. It is as if the accounting entity is an essentially contestable construct.

第二個關鍵主題是關於會計實體的性質。 在業務控制和影響時，僅限於明確的法律實體，占這些實體相對不成問題。但合併的到來和團體的創作產生會計幾乎無法克服的困難。什麼是報告實體的邊界作為一個球隊，我們應該如何解釋？ 當組織之間的控制關係的性質往往是模糊時，這些邊界明確確定如何？如果組織可以利用融資安排，但不屬於組邊界報告的目的，那麼，誤導投資者對風險的財務報表？儘管這些問題的突出，連續制定規例，以處理實體問題的努力仍有問題，明確共識似乎遠。這是因為如果會計主體是一種本質上可爭論的概念。

The third and perhaps most significant critical theme is that of measurement and the problem of consensus about the appropriate metric. A longstanding convention has been the use of historical cost. Under this convention, when an asset is purchased it is recorded at cost and depreciates over its useful life.

第三，或許最重要的主題是，測量和關於適當的衡量標準的共識的問題。一項公約已使用歷史成本。在本公約之下，在購買資產時，它是以成本記錄並在其使用年限內貶值。

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 Revenues and periodic costs are recorded at their historical transaction value to produce a historical cost profit (or loss). It is widely agreed that this measurement method is easy to apply and reliable in the sense that it can easily be checked by an independent auditor or taxation inspector. Yet despite this apparent ease of use, the measurement convention has been subject to continuous challenge. For example, the historical cost of a building often bears no relationship at all to its real value. And in times of inflation, historical cost tends to exaggerate profits and thereby understate the real capital required to stay in business.

收入和週期成本被記錄在他們的歷史交易價值，以產生歷史成本利潤（或虧損）。普遍認為，這種測量方法很容易應用，在這個意義上，它可以很容易地由一個獨立的核數師或稅務檢查員檢查。儘管有這種明顯的易用性，測量公約卻一直受到挑戰。例如，一個建築的歷史成本往往與它的實際價值沒有任何關係。在通貨膨脹時期，歷史成本傾向於誇大利潤，從而低估了需要留在企業實際資本。

Many piecemeal solutions to these and other specific measurement and valuation issues were developed by regulators, and for many years historical cost was the default convention. For practitioners, historical cost was acceptable for all its imperfections because the most important thing was for the income statement to be credible in terms of approximating the cash realization of profit; the balance sheet could be regarded merely as a schedule of unexpired expenses, financial assets, and liabilities—it was not and was not intended to be a statement of value.

這些和其他特定的測量和估價問題的解決方案是由監管機構制定的，多年的歷史成本是默認的慣例。對於從業者來說，歷史成本是可以接受的所有缺陷，因為最重要的是利潤表中利潤的現金實現近似是可信的；資產負債表可以視為未到期費用，安排金融資產和負債，也不並不是為了成為一個聲明價值。

 However, as the difference between accounting net asset values and observed market values grew, this pragmatic view became harder to sustain. It became apparent that financial statements were just a jumble of incommensurable measurement conventions, something that threatened account- ing s ability to be a technology of commensuration itself (Espeland and Stevens 1998).

然而，由於會計淨資產價值觀和觀察到的市場價值觀的差異，這種務實的觀點變得難以維持。很明顯，財務報表只是一個混亂的不可通約的測量慣例，一些帳戶的威脅是一個通約本身技術能力（埃斯佩蘭和史蒂文斯1998）。

These three critical themes describe a kind of financial accounting paradigm under more or less continuous internal and external pressure. This stewardship conception of financial reporting, which measures the activities of legal entities using mainly historical cost methods, had no intellectual foundation and simply reflected "what accountants do" as the accumulated habits of many centuries. Inevitably, there were demands from academics and thinking practitioners for a rational framework for financial accounting. While the first efforts by some accountants to think conceptually about accounting can be traced to the early part of the twentieth century and before, it became a major policy project in the United States from the 1960s onwards.

這三個關鍵主題描述了一種財務會計范式下或多或少的持續的內部和外部的壓力。這一管理概念的財務報告，以衡量法律實體的活動，主要是歷史成本的方法，沒有智力基礎，只是反映“什麼會計做”的積累習慣了許多世紀。不可避免地，有來自學術界和思維實踐者的要求，為一個合理的財務會計框架。雖然第一次努力，一些會計師認為會計可以追溯到第二十世紀初，在美國，它成為一個主要的政策項目在美國從20世紀60年代開始。

This was a project led by the FASB to create a rational foundation for the production of financial reporting rules. Subsequently referred to as the "asset-liability approach" because it focuses on the balance sheet and ultimately on valuation issues, the Conceptual Framework acquired institutional momentum, was replicated elsewhere, and provided the platform for a different rationalization of accounting, namely an information conception of financial reporting which measures the activities of economic entities using more "relevant" methods than historical cost.

這是由FASB LED專案創建財務報告規則生產的理性基礎。隨後被稱為“資產負債法”，因為它專注於資產負債表，並最終在估值問題，概念框架獲得了機構的勢頭，在其他地方被複製，並提供了一個不同的合理化的平臺，即財務報告的資訊概念，這是衡量經濟實體的活動，使用更多的“相關”的方法比歷史成本。

The apparent transition from one paradigm to another should not be overstated. Scholars argue that there is no single optimal method of accounting despite the many efforts to find one—it all depends on the specific institutional context which defines the purpose of accounting. The search for the framework is both a mistake and a kind of accounting colonialism from this point of view. Indeed, many of the difficulties noted above were not problematic in countries such as Germany with its tradition of creditor protection via accounting conservatism. And in the case of "insider" economies, as Italy has been described, financial accounting is much less important than private sources of information. 

從一個范式到另一個範式的明顯轉變不應被誇大。學者們認為，儘管有許多努力去尋找一個最優的方法，但沒有一個單一的最佳方法，它都依賴於特定的制度背景下，定義了會計的目的。從這一角度出發，尋找框架是一種錯誤，也是一種會計殖民。事實上，上述的許多困難，在德國有著不成問題的，如德國，其傳統的債權人保護，通過會計穩健性。在“內幕”經濟的情況下，正如義大利所描述的那樣，財務會計遠比私人資訊來源重要得多。

298 MICHAEL POWER

Only as firms in these and other countries have sought funding in international capital markets, have they recognized the pressures to adopt more "informative" accounting practices. Indeed, the expansion of capital markets has been one of the most significant forces for both change in, and diffusion of, the financial accounting model. And at the very heart of this change process is the rise of financial economics as both an academic discipline and as a practice with global reach.

只有在這些國家和其他國家的企業在國際資本市場尋求資金，他們承認的壓力，採取更多的“資訊”會計實務。事實上，資本市場的擴張一直是一個最重要的力量變化，和擴散，金融會計模型。在這個轉變過程中，金融經濟學的興起既是一門學科，又是一種全球影響力的實踐。

FROM FINANCIAL MANAGEMENT TO FINANCIAL ECONOMICS

從財務管理到金融經濟學

The field of business finance, which contains managerial and financial accounting, grew up around investment appraisal techniques and the application of decision sciences to management issues (such as inventory optimization). Yet as Miller (1991) has shown, the introduction of the basic discounting techniques which we take for granted today was initially resisted. It was a rocky path to their normalization, both in practice and pedagogy.

商業金融領域，包括管理和財務會計，增長周圍的投資評估技術和應用程式的決策科學的管理問題（如庫存優化）。然而，Miller（1991）表明，基本的貼現技術我們今天認為理所當然的最初抵制的介紹。這是一個艱難的道路，其正常化，無論是在實踐和教學。

And despite this normalization, empirical evidence has always suggested that real decision-makers often use many other investment appraisal methods (such as payback) that are not strictly rational from the point of view of discounted cash flow (DCF) approaches. Notwithstanding these issues, business finance emerged as a body of knowledge and as a cluster of techniques of which accounting was an important part. Indeed, even until the late 1980s the categories of "business finance," "financial management," and "accounting" could still be used interchangeably.

儘管這種正常化，實證研究一直認為，真正的決策者經常使用許多其他的投資評價方法（如回收）是沒有嚴格合理的折現現金流（DCF）方法的觀點。儘管存在這些問題，企業融資成為一個知識的主體，作為一個集群的技術，會計是一個重要的組成部分。事實上，直到上世紀80年代末的“商業金融的範疇，“財務管理，”和“會計”還可以交替使用。

Whitley (1986) analyzes how this assembly of practices as part of business finance described above came to be transformed into a subbranch of economics—financial economics. The backdrop to these developments was the rise of what Mirowski (2002) has called the "cyborg" sciences—machine-like knowledge of human behavior—in the 1950s and 1960s. From this period onwards, as the landscape of the social sciences became more analytical, finance as a discipline began to shift away from the rich description and documentation of business practices.

Whitley（1986）分析了裝配的實踐作為企業財務部分上述被轉化為一個支行經濟學金融經濟學。這些發展的背景是什麼，Mirowski的興起（2002）稱為“電子人”科學的機器像20世紀50、60年代的人類行為的知識。從本期起，作為社會科學的景觀更加分析，金融作為一門學科開始轉變，從豐富的描述和業務活動文檔。

Advanced statistical techniques and the methods of an emerging body of analytical economics focusing on asset pricing in idealized settings of perfect markets were imported. According to Whitley, the new analytical emphasis in finance was low in uncertainty for its proponents largely because of its ideal- typical character. The central epistemological problem for the new finance was one of correspondence rules, namely how its analytical insights might be linked to an empirical domain to generate testable propositions.

先進的統計技術和一個新興的分析經濟學的方法，專注於資產定價的理想化設置的完美市場的進口。根據說明，金融的新分析強調它的支持者主要是因為其理想的典型特徵是低不確定性。新金融的中心認識論問題是一個對應的規則，即如何將其分析的見解可能與一個經驗領域產生可檢驗的命題。

Yet, as others have noted, theory also began to acquire high status in the field of economics, thereby marginalizing these issues of correspondence. Econometric complications in operationalizing analytical models and their relatively simple axioms of behavior meant that, initially at least, empirical scholars often found themselves in a subservient status group. In short, there emerged a "growing distance of the academic finance knowledge base from the complexities of practice and practical institutions" (Hopwood 2009:549).

然而，正如其他人指出，理論也開始在經濟學領域獲得了很高的地位，因而忽視這些問題的對應。在實施計量併發症分析模型和相對簡單的公理的行為意味著，至少在最初，實證學者們經常發現自己處於一個從屬地位的集團。總之，出現了“長距離的金融學術知識庫從複雜的實踐和實踐機構”（霍普伍德2009:549）。

ACCOUNTING AND FINANCE 299

As a result, a gap between accounting and finance began to emerge—institutional, pedagogic, and theoretical,

因此，會計和金融之間的差距開始出現，制度，教育，和理論.

Whitley (1986) argues that the development of portfolio theory in the early 1950s was a critical element of this transformation process. It formalized the benefits of investment diversification, which in turn informed the development of the capital asset pricing model (CAPM) in the 1960s. CAPM, for all its flaws, also formalized an idea of immense practical import for asset management, namely the idea that asset prices depend on the sensitivity of expected returns to market variance ((3). Despite the unreality of the model and the difficulties of testing it empirically, Whitley suggests that CAPM provided an important combination of analytical cohesion and empirical ambiguity. In the absence of any analytical competition, the significance of CAPM and the concept of (3 expanded rapidly and a trajectory of change was set in motion.

Whitley（1986）認為，在20世紀50年代初投資組合理論的發展是這一轉型過程中的一個關鍵因素。它正式的投資多樣化的好處，從而瞭解資本資產定價模型（CAPM）的發展，在上世紀60年代。CAPM，儘管存在缺陷，也正式的資產管理的巨大實際導入一個理念，即資產價格取決於預期收益的市場敏感性的想法（（方差3）。儘管模型的不現實和測試經驗的困難，惠特利表明CAPM提供了重要的銜接和實證相結合的分析歧義。在所有分析競爭的情況下，CAPM模型的意義和概念（3迅速擴大和變化軌跡是在運動。

This change process was not only driven "from above" by theoretical innovation. It was also driven by employers in the growing financial industry who demanded knowledge and pedagogy adequate for operating in capital markets. Whitley argues that the growth of investment intermediaries, pension fund managers, corporate treasury departments, and portfolio managers created an intensified institutional focus on asset management. In turn this focus provided the conditions of possibility for the growth of teaching and research in the elements of financial economics.

這一轉變過程不僅是由理論創新驅動的“，”。這也是由雇主在不斷增長的金融行業誰要求知識和教育足夠的資本市場經營。他認為，投資仲介機構的發展，養老基金管理者，企業財務部門，和投資組合經理創建了一個強化制度注重資產管理。反過來，這一重點提供了教學和研究的內容，金融經濟學的增長條件。

Over time, the "unreality" of core elements of financial knowledge, such as the tendency to assume perfect markets, and the problem of correspondence, melted away. The analytical end of financial economics acquired legitimacy for practitioners and became both a lens through which practice could be imagined and organized, and a rite of passage for its proponents.

隨著時間的推移，“虛幻”的金融知識的核心要素，如假設完美的市場趨勢，以及對應問題，融化了。金融經濟學的分析結束，獲得合法性從業者和成為一個鏡頭，通過它的實踐可以想像和組織，並為其支持者的一個儀式。

The transfer of knowledge from finance theory to investment practitioner, then, was largely a transfer of technical procedures and skills through the educational system and a direct transfer of a particular measuring instrument for particular purposes. It was not, I suggest, the transfer of a true theory which transformed and directed practical activities. (Whitley 1986:185)

從金融理論到投資從業者的知識轉移，在很大程度上是一種技術的程式和技能的轉移，通過教育系統和特定用途的特定測量儀器的直接傳輸。我認為，這不是一個真實的理論，它轉化和指導實踐活動的轉移。（惠特利1986:185）

For Whitley, the circuits connecting analytical financial economics to practice had more to do with its role as a reputational system and less to do with the direct applicability of its analytical core. The point is consistent with Abbott's (1988) broader argument that purely "academic" knowledge has always played a significant role for professions, providing the rational theorizations needed by practice. We saw above how the accounting conceptual framework provides a kind of rational organization for financial accounting rules. Elements of financial economics played a similar role for the practice of finance.

為惠特利，連接分析金融經濟學實踐的更多的是作為一個聲譽系統和少做其分析的核心作用的直接適用的電路。這一點與雅培的一致（1988）更廣泛的爭論，純粹的“學術”的知識一直在行業一個重要的角色，提供所需的實踐理性的theorizations。我們看到了會計概念框架如何為財務會計規則提供了一種合理的組織形式。金融經濟學的要素在金融業的實踐中起到了類似的作用。

The rise of an increasingly discrete academic field of finance intersected with financial accounting and the representation of business entities in important ways. Espeland and Hirsch (1990) demonstrate the reciprocal and constitutive relationships between merger activity, the creation of conglomerates, and financial accounting. It is no surprise that the early accounting scandals in the 1960s and 1970s were "group accounting" problems and centered on the entity issue mentioned above. The regulatory problem was how to make the substance of connectedness and control visible in financial statements even where formal legal relationships were weak or nonexistent. 

崛起的金融越來越離散學術領域相交的財務會計和重要業務實體的表示方法。埃斯佩蘭和赫希（1990）證明之間的並購活動的倒數和本構關係，企業集團的產生，與財務會計。早在上世紀60年代和70年代早期的會計醜聞是“集團會計”問題，並圍繞上述的實體問題進行，這是不足為奇的。監管問題是如何使財務報表中可見的連通性和控制的實質，即使在正式的法律關係是弱或不存在的。

300 MICHAEL POWER

This was also a time when there was a shift in the conception of the firm—a paradigm change perhaps—from the manufacturing conception of the firm as set of highly specific assets and capabilities to the finance conception of the firm as a bundle of tradable assets, including firms themselves as products in financial markets evaluated by the metrics of shareholder value.

這個時候有一個轉變，也許從公司製造的概念指範式轉變觀念為一套非常具體的資產和能力，公司的金融概念，為一系列的可交易的資產，包括公司自己的產品在金融市場上的股東價值的評價指標。

The increasing emphasis on earnings and short-run returns is the product of a "complex conceptual transformation" which parallels Whitley's analysis: real firms came to be conceived more like their economic theories, namely as a bundle of assets or portfolio of capabilities (Davies 2009).

對收益和短期收益增加重點是一個“複雜概念轉化”平行惠特利的分析產品：真正的公司來構思更像他們的經濟理論，即當一束能力資產或投資組合（大衛斯2009）。

The abstract theories of finance changed the conception of the organization. They began life as stylized descriptions but over time became internalized by organizational agents and, via pedagogic repetition in MBA classes and other modes of reproduction, these descriptions became part of the organization (Strathern 2000:312). Espeland and Hirsch (1990) go on to suggest that the emergence of firms as products, the expansion of merger activity, and the economic interests at stake on all sides fueled what was called "creative accounting."

金融學抽象理論改變了組織的概念。他們開始作為程式化的描述而隨時間變得了組織，內化，通過MBA課堂教學的重複和其他繁殖方式，這些描述成為組織的一部分（斯特拉森2000:312）。埃斯佩蘭和赫希（1990）繼續表明企業作為產品的出現，並購活動的擴張，與經濟利益攸關各方推動所謂的“創造性會計”。

Accounting rules were exploited strategically to inflate earnings or overstate asset value (for example, with the aim of sustaining the share price to avoid being a takeover target), thereby creating a crisis of financial accounting's capacity to represent the economic reality of firms. This crisis was addressed initially by the creation of institutional mechanisms for setting accounting standards in the 1970s. It is no surprise that one of the first such standards in the UK sought to address the problem of the "group" accounting entity in cases where ownership interests were substantial but not controlling.

會計規則利用戰略誇大收益或高估資產價值（例如，以維持股價，避免被收購目標的目的），從而形成一個財務會計的能力危機代表企業的經濟現實。這場危機最初是由20世紀70年代制定的<<會計準則制定機構機制>>開始的。在英國，第一個這樣的標準要求解決所有權利益大而不可控的情況下的“集團”會計主體問題，這並不奇怪。

In this early effort at accounting regulation, and on many subsequent occasions, the goal was to redesign financial accounting to overcome creative misrepresentation (Robson and Young 2009). Increasingly, financial accounting rules aspired to look beyond the legal boundaries of the enterprise and to follow the "economic reality" of control relationships and their associated risks (Hopwood 1990).

在這早期的努力，在會計監管，並在許多隨後的情況下，目標是重新設計財務會計，以克服創造性的虛假陳述（羅布森和年輕2009）。越來越多的金融會計準則，立志要超越企業的法定邊界，遵循“經濟現實”的控制關係及其相關的風險（霍普伍德1990）。

In summary, a distinctive historical narrative of the relationship between finance and accounting can be told, one which sees the pair in an increasingly entangled relationship, with accounting regulators engaged in a process of continual and often unsuccessful catch-up with a transactional world that came to be dominated by both the theory and practice of financial economics.

總之，一個獨特的歷史敘事的財務和會計之間的關係，可以告訴，在一個日益糾纏的關係，與會計監管機構從事一個連續的過程中，往往不成功的追趕一個交易的世界，是占主導地位的理論和實踐的金融經濟學。

Financial accounting practice began life humbly as double-entry bookkeeping but became more elaborate over time, acquiring many conventional and legal attributes. Nevertheless, for all the institutional power of accounting in framing a basis for comparing one organization with another, its ability to represent networks, strategic alliances, and other contractual organizational forms has always been in question.

財務會計實務由複式記帳開始，但隨著時間的推移變得更為複雜，同时獲得了許多傳統和法律屬性。然而，對於所有的機構力量的會計框架的基礎上，比較一個組織與另一個組織，它的能力代表網路，戰略聯盟，和其他合約組織形式一直都是有疑問的。

Financial accounting might even be described as a "permanently failing" practice in this respect, because business models and their risks are increasingly recalcitrant to accounting representation. The growth of detailed disclosure and narrative, something that has increased the size of annual financial reports considerably, is also a symptom of the limitations of an income statement and balance sheet to capture important characteristics of organizations -  a fact never more evident than in the financial crisis of 2008. It is against this background that the debate about fair value accounting is relevant and provides a case study of a specific attempt by regulators to align accounting and finance.

財務會計甚至可能被描述為一個“永久失敗”在這方面的做法，因為商業模式和風險越來越難以會計表示。详细披露和叙事的增长，这大大增加了年度财务报告的大小，也是损益表和资产负债表来获取组织的重要特征的局限性的症状一事实永远比2008年金融危机中更加明显。

ACCOUNTING AND FINANCE 301

FINANCIAL ACCOUNTING AND FINANCE 1财务会计和金融

As noted above, the measurement of economic activity is the very essence of accounting. Yet measurement is not a singular or simple thing, and methods may vary according to the purpose of measurement and the intentions of the measurer. For many years, the external financial statements of most large organizations in developed economies were prepared using a plurality of measurement methods.

如上所述，衡量經濟活動的實質是會計。然而，測量並不是一個單一或簡單的事情，和方法可根據測量和測量者的意圖目的各不相同。多年來，大多數發達經濟體的外部財務報表，使用多個測量方法製備。

As discussed earlier, the common and simplest method was that of an entry (historical) cost basis, but other "current" values were used which reflect different possible intentions: to replace, to use, or to sell. Students of accounting know that each measurement method has advantages and disad-vantages—if there were a single "right" method, it would have revealed itself by now. So a mixture of methods was tolerated for many years by practitioners and regulators alike.

正如前面所討論的，一般的和最簡單的方法是一個條目歷史成本的基礎，但其他“流動性”值被用來反映不同的可能意圖：更換，使用，或出售。學生會計知道每個測量方法的優點和缺點，如果有一個單一的“正確”的方法，它會發現自己現在。因此，一種混合的方法被容忍多年的從業人員和監管機構的一致好評。

The emergence of fair value measurement changed all this. The debate about fair value accounting was prominent before the financial crisis of 2008 but acquired renewed controversy during it (Laux and Leuz 2009; Plantin, Sapra, and Shin 2004). This highly technical dispute about valuation methods and their scope reveals a complex conjunction between financial economics and financial accounting practice.

公允價值計量的出現改變了這一切。公允價值會計是突出金融危機前的2008但在它收購的爭論再起爭論（勞克斯和Leuz 2009；種植，Sapra，和Shin 2004）。這種對估價方法及其範圍的高度技術性的爭論，揭示了金融經濟學與財務會計實務之間的複雜關係

Despite very heated opposition from practitioners, policymakers, politicians, banks, and academics, and despite the necessity of compromise and concession during the financial crisis, "fair value" measurement not only managed to establish itself in the easy context of liquid financial assets but was promoted as being expandable to other asset classes and liabilities as well (Barth and Landsman 1995). How and why could this happen? And how could a minority of fair value enthusiasts be so influential? Indeed, what is fair value?

儘管從業人員，決策者，政治家和學者，銀行，非常激烈的反對，儘管金融危機期間的妥協與讓步的必要性，“測量不僅成功地樹立了自身在流動性金融資產易背景下公允價值”卻被提升為擴展到其他類別的資產和負債以及（巴特和陸地上的人，1995）。如何和為什麼會發生這樣的事？一個少數的公允價值愛好者怎麼會如此有影響力？的確，什麼是公允價值？

Defined as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date" (IASB 2009), fair value is as much an idea as a specific measurement method. And the idea draws implicitly and explicitly from key elements of financial economics, not least assumptions about what asset prices should be.

定義為“價格將要收到的出售資產或支付的有序交易過戶負債在計量日市場參與者之間”（IASB公允價值2009），更是一種思想，作為一種特定的測量方法。而且這個想法會從金融經濟學的關鍵要素中得出，而不是最不瞭解資產價格應該是什麼。

Both Bromwich (2007) and Ronen (2008) suggest that fair values are somewhat imaginative constructs and only coincidentally correspond to observable prices. For its advocates, particularly specific members of the IASB, the idea of fair value motivates a global change process to align financial accounting more closely with observable security prices in financial markets, and to correct the apparent incoherence of mixed measurement systems.

（2007）和羅南兩洛姆（2008）認為，公允價值是一些富有想像力的結構只有符合牙齒對應觀察的價格。它的擁護者，特別是國際會計準則理事會成員具體，公允價值的理念促使全球變化過程使財務會計與金融市場中的可觀察到的安全價格，和正確的混合測量系統明顯的不連貫。

 A simple genealogy of fair value can be sketched, consisting of four overlapping institutional conditions which enabled these proponents of fair value to achieve considerable success in the face of opposition.

一個簡單的家譜的公允價值可以勾勒出來，組成的四個重疊的制度條件，使這些支持者的公允價值，以取得相當大的成功，在面對的反對。

First, the expansion of fair values was made possible and legitimized by the background cultural authority of financial economics as described in the previous section. It is not only the direct application of elements of financial economics to financial reporting issues which is important in the debate, but also its role as a wider value system available to a minority of fair value advocates. 

第一，公允價值的擴展是可能的和合法的金融經濟學背景的文化權威在上一節中描述的。它不僅是直接應用金融經濟學的元素，金融報告問題，這是重要的辯論，但它的作用是一個更廣泛的價值系統提供給少數的公平價值的宣導者。

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Second, the specific problem of accounting for, and representing the risks of, derivatives (e.g., options, swaps, convertible bonds) challenged the credibility of accounting but also acted as a catalyst for the increased significance of fair value—which had existed as a broad concept for many years (FASB 1998; IASB 2004). Whereas the FASB sought initially to limit the scope of the use of fair values, other bodies located derivatives accounting within a wider context of accounting for financial instruments. A potential for the extended applicability of fair value was created.

第二，會計的具體問題，代表風險，衍生工具（例如，期權，互換，可轉換債券）挑戰會計誠信也為公允價值有多年廣泛的概念存在的意義增加催化劑（FASB 1998；國際會計準則委員會2004）。而FASB尋求最初限制公允價值的使用範圍，其他機構在衍生金融工具會計的一個更廣泛的範圍內對金融工具會計。一個潛在的擴展適用性的公允價值被創造。

Third, successive accounting conceptual frameworks created a heightened focus on asset-liability measurement and the economic, rather than legal, meaning of the balance sheet. Fair value could be promoted in terms of making the balance sheet more meaningful and useful. Indeed, the promotion of fair value measurement represents a program to shift financial accounting from its predominantly legal regulatory framework grounded in specific jurisdictions to a global level where the norms of financial economics circulate freely.

第三，連續的會計概念框架，創造了一個高度專注於資產負債計量和經濟，而不是法律，資產負債表的含義。在使資產負債表更加有意義和有用的方面，可以促進公允價值。事實上，促進公允價值計量是一個程式，將財務會計從其主要的法律監管框架，在特定的司法管轄區，在一個全球性的水準，金融自由流通的規範。

Fourth, the rise of fair value has been important to the construction of a new "technical" professional identity for accounting standards setters as experts in a system of global governance. From this "occupational" point of view, fair value is not just a technical issue but also a matter of the political economy of standard setting at the heart of which is the authority of IASB (Perry and Nolke 2006). However, standard-setting bodies like IASB are not homogeneous or necessarily consensual in their views. On the contrary, the fair value debate can be construed as a contest within accounting policymaking between measurement idealists and pragmatists (Power 2010; Walton 2004; Whittington 2008). The idealists succeeded, at least for a significant period, because of the apparent simplicity and coherence of their view.

第四，公允價值的上升已經對會計準則制定者的一個新的“技術”專業身份的建構在一個重要的全球治理體系的專家。這個“職業”的角度來看，公允價值不只是一個技術問題，而且在它的心臟一個標準制定的政治經濟是國際會計準則理事會的權威（佩里和nolke 2006）。然而，標準制定機構如國際會計準則理事會在他們的觀點是不均勻的或一定的共識。相反，對公允價值的爭論可以被解釋為理想主義者和實用主義者之間在計量會計政策制定的競賽（功率2010；沃爾頓2004；惠廷頓2008）。成功的理想主義者，至少在一個重要的時期，因為顯然簡單和他們的觀點一致。

These four factors mutually reinforce each other and help to explain the institutionalization of fair value accounting against opposition. Considerable heat was generated by technical issues of hedging and the apparent mismatch between accounting and business models for managing risk in financial institutions. In particular, while CAPM and other valuation methods existed for the asset side of the balance sheet, the liability side did not have its CAPM or liquid market equivalent. This mismatch matters because it is the liability side of the balance sheet which has proven to be most technically challenging for the application of fair values.

這四個因素相互補充，有助於解釋公允價值會計與反對黨的制度化。相當大的熱量所產生的對沖和管理風險的金融機構的會計和商業模式之間的明顯的不匹配的技術問題。特別是，在資本資產定價模型和其他估值方法存在資產負債表中的資產方，負債方沒有其CAPM或液體市場等價。這種不匹配的問題，因為它是負債方的資產負債表，已被證明是最具挑戰性的公允價值的應用。

Yet despite the heat generated by this discussion, the fair value method gained in policy weight at the expense of other current value methods. Supporters could appeal to the cultural authority of finance, and there was no unified opposition. However, these pressures for change behind fair value accounting seem to have been generated more by the visions and dreams of a small subset of accounting policymakers than by recognizable market forces and external demands for change (Bignon, Biondi, and Ragot 2009; Power 2010).

然而，儘管這一討論所產生的熱量，在政策權重的公允價值的方法，以犧牲其他目前的價值方法。支持者可以向金融機構提出上訴，而且沒有統一的反對。然而，這些壓力的變化在公允價值會計似乎已經產生了更多的會計政策制定者的一個小的子集的願景和夢想的改變可辨認的市場力量和外部需求（bignon，比昂迪，和拉戈2009；功率2010）。

Overall, the rise of fair value measurement over the last two decades represents a long-term shift in the accounting paradigm and its underlying assumptions about accounting reliability. This is a shift from the early pragmatic world of accounting grounded in transactions, and the principle of the cash realizability of recorded profits, to one founded on valuation models with their basis in financial economics.

總體而言，在過去二十年的公允價值計量的上升是一個長期的會計范式的轉變，其基本假設會計的可靠性。這是一個從會計基礎交易的早期語用世界轉變，和記錄的利潤的現金 可行性的原則，一個建立在估值模型及其在金融經濟學基礎。

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The rise of fair value as a measurement basis for external reporting faltered during and after the financial crisis. Nevertheless, the pressures for change described above represent afinancialization of the financial accounting model itself—the consequence of a historically specific conjunction with financial economics. The implications could be far-reaching; accountants have for several decades controlled the processes of valuation which support financial statements, even where these valuations are performed by other experts, such as land valuers and lease specialists.

公允價值作為一個崛起的外部報告了在金融危機後的計量基礎。然而，對於改變上述壓力代表財務會計模型本身與金融經濟學的特定歷史相結合的結果afinancialization。其影響可能是深遠的；會計師有幾十年控制評估支援財務報表的過程，即使這些估值是由其他專家進行，如土地估價師和租賃專家。

Yet financial economics and its proponents within the accounting standards-setting process have called for a new expertise base for accounting. In addition, the emergence of a specialist valuations standards body, the International Valuation Standards Committee (IVSC), poses an occupational threat to the monopoly of accountants over questions of valuation and hence of recognition in financial statements (IVSC 2010). Accountants are also under pressure to know more financial economics.

然而，在會計準則制定過程中，金融經濟學和它的支持者們呼籲建立一個新的會計專業知識庫。此外，一個專業的估值標準體的出現，國際評估標準委員會（IVSC），構成了一個威脅到職業會計師壟斷問題評估從而在財務報表的識別（IVSC 2010）。會計師也在壓力下，知道更多的金融經濟學。

How these specific pressures for change will play out is unknown at the time of writing this chapter, but they define a potentially interesting sociological research topic at the shifting interface of accounting and finance. This interface and its frictions are not entirely new; they were visible in the UK "brand accounting" debate in the early 1990s (Napier and Power 1992; Power 1992).

如何改變這些具體的壓力將發揮出來是未知的，在寫這一章的時候，但他們定義了一個潛在的有趣的社會學研究課題，在會計和金融轉移介面。這個介面的摩擦並不是全新的；他們在英國的“品牌會計”在上世紀90年代初的辯論是可見的（內皮爾和功率的1992；1992）。

Then the accounting authorities sought to prohibit the valuation of brands as assets in the balance sheet, arguing that the valuation method was "unreliable" and that markets for brands as separable assets were nonexistent or illiquid. Yet in opposition some companies, advised by valuation firms, valued their acquired brands as separable assets on the balance sheet, and the auditors acquiesced in this accounting treatment.

那麼會計部門試圖禁止品牌資產在資產負債表的評估，認為評估方法是“不可靠”，市場對品牌資產是不存在的或非流動分離。然而，在反對一些公司，由評估公司建議，重視他們的收購品牌作為可分離的資產負債表上，與審計人員默許了這種會計處理。

Multiple competing explanations for the behavior of brand-valuing firms exist, but one issue deserves attention. The valuation method came to have increased institutional credibility because it was used for balance sheet purposes. And, as the valuation method became more credible, so the "market" for brands became more liquid — at least temporarily.

品牌價值企業的行為存在多個相互競爭的解釋，但一個值得關注的問題。這種估價方法是提高了機構的信譽度，因為它是用於資產負債表目的的。而且，隨著估值方法變得更加可信，品牌的“市場”變得更具流動性，至少是暫時的。

In short, we can postulate a "credibility production" process which somehow links together price discovery technologies, their application to elements of financial statements, and the liquidity of the market for the valued asset—in this case brands. Such a hypothesis gives accounting statements as standardized and regulated artifacts a potentially interesting role in the microsociology of valuation, by which models with their foundations in financial economics need the legitimizing relationship to accounting to become operational, and to "kick-start" expectations and hence market liquidity.

簡而言之，我們可以假設一個“信用生產”的過程，在某種程度上把價格發現技術，他們的應用程式元素的財務報表，以及市場的流動性，在這個情況下，品牌資產的價值。這樣一種假設，使會計報表規範文物估價的微觀社會學的一個潛在的有趣的角色，其中模型在金融經濟學基礎需要合法化的關係，會計成為運營，並“啟動”的期望，因此市場流動性。

The underlying mechanism needs much more investigation and depends on the role of standardized accounting in creating networks of belief in valuation methods, which in turn generate transactional confidence and hence liquidity. Accordingly, both the older brand-accounting debate and the more recent dispute over fair value point to the sociological importance of unraveling the complex linkages between accounting, as an administrative practice which produces a kind of objectivity (Porter 1992), finance, and markets.

潛在的機制需要更多的調查，並依賴于標準化會計的作用，在創建網路的信念，估值方法，這反過來又產生交易的信心，因此流動性。因此，無論是老品牌會計的辯論和最近的爭議的公允價值指向之間的複雜關聯揭示會計的社會學意義，作為行政實踐產生一種客觀性（Porter 1992），金融，市場。

304 MICHAEL POWER

ACCOUNTING AS PROFESSION, FINANCE AS DISCIPLINE

From the historical reflections above, it should be evident that definitions of "accounting" and "finance" are only ever approximations. Both have complex and specific histories which vary across jurisdictions, and hence their relationship with one another is always singular and changing. Yet, we might begin tentatively by trying to distinguish between "finance" and "accounting" as categories of practice and as categories of scholarly discipline. As categories of practice we know that the terms are used loosely and often interchangeably. In many countries, the role of "finance" director in an organization is generally, but not always, held by someone who has formal qualifications as a professional accountant. Practitioners also often refer to the "finance" function in organ-izations, which might include non-accountant specialists trained in financial economics and undertaking work in, for example, treasury management practices such as foreign currency hedging.

從以上歷史的思考，它應該是明顯的定義%22accounting%22和%22finance%22永遠只是近似值。都有不同的法域的複雜和特殊的歷史，因此他們彼此總是以單數形式和變化的關係。然而，我們試圖區分暫時可能開始%22finance%22和%22accounting%22作為實踐的類別以及學術紀律的類別。作為實踐的類別，我們知道術語鬆散和經常互換使用。 在許多國家的作用，%22finance%22主任組織通常，但不總是，舉行由某位具有正式資格的專業會計師。醫生也常提到%22finance%22器官功能化的，其中可能包括非會計的培訓在金融經濟學專家和開展工作，例如財務管理做法，如外匯套期保值。

Such variations in the practical use of "finance" and "accounting" as labels, and the history of these uses, are undoubtedly of interest to sociologists, not least sociologists of professions. Practice labels can be, and often are, aspirational rather than descriptive; their use may be policed more or less strongly by professional bodies and associations, and the underlying array of practices to which they refer can overlap or diverge. As Hacking (2004) also suggests, such categories and their embodiment in repetitive performances by actors constitute identities as well as fields of practice. There is no doubt that accounting is the older practice label around which professions have been constructed. Some states have granted monopoly rights to suitably qualified accountants to provide audits of financial statements. Interestingly, there are no such regulatory barriers to entry for those who would prepare financial statements or those who are specialists in financial economics and valuation methods. Such barriers as exist in these markets for expertise are primarily reputational and economic. While there are efforts to generate new occupational associations that accredit practitioners of finance, they have yet to replicate the kind of cultural authority which the accountancy profession has acquired around auditing and which lawyers have acquired around advocacy.

這種變化在實際使用的%22finance%22和%22accounting%22標籤，這些用途的歷史，無疑是社會學家感興趣的，不是最專業的社會學家。實踐可以將標籤，而且往往是，有抱負，而不是描述；它們的使用或多或少可能監管由專業機構和社會企業採取了社團強烈，他們所指的做法的基礎陣列可以重疊或分歧。作為黑2004也表明，這樣的類別及其體現在演員的重複表演構成的身份以及實踐的領域。毫無疑問，會計是舊標籤周圍建造了專業實踐。一些國家已壟斷權授予合格會計師提供的財務報表的審計。有趣的是，沒有這樣的監管進入門檻將編制財務報表或是在金融經濟學和估價方法的專家的那些的那些。這些市場中存在的障礙，以專長主要是聲譽和經濟。雖然有努力創造新的職業協會認可的金融從業者，他們尚未複製那種在文化上的權威性，周圍還獲得會計專業審計和律師已獲得各地宣傳。

Underlying these developments in the practical field, the earlier discussion also shows how accounting and finance bear a complex relation to one another as disciplines at different times and places, mediated largely by their respective relationships with economics. At the level of pedagogy, students in accounting programs at universities study basic elements of finance, such as the use of discounted present values in investment appraisal. This knowledge base might be described under the label of "business decisions" rather than "finance." Others are exposed to more advanced issues, such as valuation theory, portfolio analysis, and option pricing. In some settings the categories of finance and accounting are subsumed within yet another—that of "financial management."

在實踐領域的基礎，早期的討論也顯示了會計和金融承擔一個複雜的關係，作為學科在不同的時間和地點，主要是由他們各自的關係與經濟。在教育學的層面上，學生在會計課程中研究了高校財務的基本要素，如利用折現現值法進行投資評估。這種知識庫可能被描述為“商業決定”的標籤，而不是“財務”，其他人則暴露于更先進的問題，如評估理論，投資組合分析，和期權定價。在一些設置金融類和會計都歸入另一個，“財務管理”。

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In others, there are departments of "Finance and Accounting," though divorces are also not uncommon in recent history, reflecting increasing specialization on both sides.

The distinction made above between "practices" and "disciplines" should not itself be taken for granted as a given. Scholarly disciplines may emerge from mundane practices of control (Foucault 1977) and then, having acquired institutional autonomy and a degree of professionalization, begin to operate in a more critical and analytical relationship to those very same practices. As we saw above, practice itself can come to be reformed and transformed via the influence of theoretical abstractions developed and refined in the academy. So there is no generalizable relationship between practice and discipline, but rather a variety of ways in which academic disciplines, like accounting and finance, become linked to their material praxis.

在其他國家， 有“財務和會計部門，“即使離婚也在最近的歷史中並不少見，反映增加雙方的專業化。“實踐”和“學科”之間的區別不應該被視為理所當然的。學術學科可能會出現從世俗的做法，控制（福柯1977），然後，獲得機構的自主性和專業化程度，開始運作在一個更關鍵的和分析的關係，這些非常相同的做法。正如我們所看到的，實踐本身可以來進行改革和改造，通過理論抽象的影響，開發和完善的學院。所以實踐和學科之間沒有普及的關係，而是各種在學科方面，如會計和金融，成為與他們的物質實踐。

This means that where finance ends and accounting begins, either as an occupation or as a discipline, is not a given but is a function of specific complexes of knowledge and practice which are hybrid and constantly changing (Miller, Kurunmaki, and O'Leary 2008). The story told above is one of finance emerging from the field of accounting and acquiring its autonomy as financial economics, only for financial accounting to engage in a process of catch-up to make accounting more like finance. This dynamic of change for both accounting and finance is likely to continue in further cycles of conflict and coproduction (Cooper and Robson 2006). We cannot predict the shape of this configuration of accounting and finance or the structures of expertise which will form and reform around it.

這意味著財務和會計開始結束的地方，或者作為一種職業，或者作為一門學科，不是一個給定的卻是一個特定的功能配合物的混合和不斷變化的知識和實踐米勒，庫倫邁基和O%27Leary 2008。財務上面的故事是一個新興的會計領域，並獲得其自治權作為金融經濟學，只有財務會計進行追趕的過程，使會計更像是金融。這個變化對會計和財務的動態很可能會繼續進一步衝突迴圈、聯產 ( Cooper和羅布森2006)。我們無法預測此配置的會計和財務或專業技能結構，其周圍將形成與改革的形狀。

這意味著，金融和會計開始的地方結束，無論是作為一種職業或作為一個學科，是一個給定的但是是知識與實踐的混合和不斷變化的特異性複合物的功能（米勒，kurunmaki O'Leary，和2008）。上面的故事是一個來自會計領域的金融學，並獲得其自主權作為金融經濟學，只有財務會計從事一個過程的追趕，使會計更像金融。這種動態變化對會計和金融可能繼續在衝突和合作進一步週期（庫珀和羅布森2006）。我們無法預測這種配置的會計和金融或專業知識的結構，這將形成和改革周圍。

ACCOUNTING AND ECONOMICS

So far the discussion has focused on the shifting relationship between accounting and finance. Yet underlying this relationship is a more fundamental and varying one between accounting and economics. At one level, the relationship involves status hierarchy: Cambridge University refused to establish a chair in accounting, arguing that it was a practical art and not a scientific discipline (Puxty, Sikka, and Willmott 1994:153). 到目前為止，討論的重點是會計與金融之間的轉換關係。然而，這種關係的基礎是會計與經濟學之間的關係更為基礎和不同的關係。在一個層面上，關係涉及身份等級：劍橋大學拒絕會計建立的一把椅子上，認為它是一個實用藝術而不是科學的學科（伯克斯蒂，西卡，威爾莫特1994:153）。然而克拉莫和McCloskey（1992）說明經濟學一直是概念上依賴會計作為“主人的隱喻，“不僅僅是概念化的股票和國民收入流。此外，一些經濟學家明確地從事會計，收入測量的問題（希克斯1939）和“收入”本身的含義

Yet Klamer and McCloskey (1992) show how economics has always been conceptually dependent on accounting as a "master metaphor," not least for conceptualizing the stocks and flows of national income. Furthermore, some economists explicitly engaged with accounting, the problem of income measurement (Hicks 1939) and the very meaning of "income" itself (Macintosh et al. 2000). This has given rise to an "income-theory" tradition within accounting which persists today. Indeed, conceptions of "comprehensive income" arising from this tradition, which were regarded by practitioners for many years as dangerous, have become enshrined in contemporary financial accounting practice as defined by the IASB—yet another example of the financialization of financial accounting.

然而克拉莫和McCloskey（1992）說明經濟學一直是概念上依賴會計作為“主人的隱喻，“不僅僅是概念化的股票和國民收入流。此外，一些經濟學家明確從事會計，收入的測量問題（希克斯1939）和很有意義的“收入”本身（Macintosh等人。2000）。這已經引起了一個“收入理論”的傳統在會計仍然存在。事實上，“綜合收益”這個傳統概念的產生，是由多年從業的危險，已經成為銘刻在當代財務會計實務的國際會計準則委員會的另一個財務會計金融化定義。

At another level, the relationship is governed by the varied pedagogic constellations of accounting and economics. For example, a number of European countries developed traditions of "business economics" in which accounting and economics came to be closely integrated (Busse von Colbe 1996; Lindenfeld 1990; Zambon 1996); the United Kingdom is an exception in this respect (Napier 1996). 

在另一個層面上，關係是由會計學和經濟學的不同教師的星座。例如，開發了“企業經濟學”，會計和經濟是緊密結合 傳統一些歐洲國家（Busse von考爾白林登費爾德1996；1990；贊邦1996）；英國在這方面是個例外

306 MICHAEL POWER

This means that the relationship between economics, accounting, and finance is itself relative to cultural configurations of "business economics" (e.g., Betriebswirtschaftslehre in Germany) as an institutionalized category. In the UK the separation of accounting and economics was reinforced by the absence of any body of economic theory relating specifically to the business organization (Napier 1996). This resulted in only periodic and ad hoc interactions and exchanges across the institutional divide between universities and practice, a divide which hardened as the UK accounting profession, with the exception of Scotland, developed its own practical and somewhat anti-academic agenda for knowledge development. The result is an uneasy relationship between accounting academia and practice which is not generally found in countries such as Germany and the Netherlands (Busse von Colbe 1992; Hopwood 1988; Power 1997; Schipper 1994).

這意味著之間的關係，經濟學，會計，金融本身是相對於“商業經濟文化結構”（例如，betriebswirtschaftslehre德國）作為一種制度化的範疇。在英國，會計和經濟學的分離是由身體的任何經濟理論，具體涉及到企業組織缺乏鋼筋（納皮爾1996）。這導致只有定期和特設的相互作用和交流的機構之間的鴻溝，大學和實踐，作為英國會計行業的一個鴻溝，與蘇格蘭，發展自己的實際和有點反學術議程的知識發展。結果是會計學術界和實踐中一般不在像德國這樣的國家發現和荷蘭之間不穩定的關係（Busse von考爾白1992；霍普伍德1988；電力1997；：1994）。

Yet the twists and turns of the relationship between accounting and economics are not confined to the comparative mapping of knowledge forms around the enterprise and the structuring of business education. At the level of practice, the relationship is also important to the constitution of organizations themselves. Hopwood (1992) argues that there is no essence to accounting and its uses; the "abstract generality of economic discourse" provides the context and motive for mobilizing accounting as a change agent in organizations. Hopwood confirms the gap between the appropriation of theory by practice and actual practice that Whitley observes in the case of finance. Theories of deci-sion-making and information economics have been applied to accounting, but they provide an economic conception of accounting which is often at odds with the way accounting is actually used (see also Young 2006). Indeed, Hopwood suggests that economics is essentially disappointed with a world which does not conform to its analytical constructs, even though these same constructs are also being used to provide new rationales and purpose to accounting, to financialize accounting as we saw above.

然而，會計與經濟學的關係的曲折和曲折，不僅限於企業周圍的知識形態的比較映射，也不局限於企業教育的結構。在實踐層面上，對組織本身的關係也很重要。霍普伍德（1992）認為沒有實質的會計及其應用；“抽象的一般經濟話語”提供背景和動機調動會計作為變革代理人組織。霍普伍德證實理論的實踐和實踐證明，惠特利在金融情況觀察撥款之間的差距。的決策和資訊經濟學已經應用到會計理論，但他們提供的會計往往是在與會計的實際使用方式可能性的經濟概念（參見年輕2006）。的確，Hopwood認為經濟學是一個世界不符合其結構分析基本上是失望的，即使這些相同的結構也被用來提供新的理由和目的會計，對會計financialize正如我們上面看到的。

The relationship between accounting and economics is therefore a complex and uncertain one. One is not a simple reflection of the other. The present practice of the accounting craft cannot be deduced from economic conceptions of it and economic ideas for its change and reform, although often articulated, find it difficult to become entangled with a craft that appears to have independence from what are seen as its essential roles. (Hopwood 1992:130)

因此，會計與經濟學的關係是一個複雜而不確定的關係。一個不是簡單地反映了另一個。目前的會計工藝的實踐不能從經濟觀念和經濟觀念的變化和改革，雖然經常掛接，發現它很難成為一個工藝，似乎有獨立的，從什麼被視為其重要的角色。（霍普伍德1992:130）

Hopwood provides two empirical illustrations of the point. During the economic depression of the 1770s, Josiah Wedgwood, the producer of high-quality porcelain goods, realized that he needed to know his "cost" of production. This was not as simple as it might seem today. Cost was an economic category which informed a discourse but which lacked a material infrastructure. The "facts" of cost could not simply be revealed but needed to be created and operationalized via a change in administrative and accounting processes. Once created, once cost had a degree offacticity, then Wedgwood could begin to see his organization in economic terms and could subject it to further economic analysis. In trying to reveal something presumed to be there already - cost - a new organizational economy was created (Hopwood 1987).

霍普伍德提供點經驗插圖。在經濟蕭條的年代，約西亞薇吉伍德，優質瓷品生產者，意識到他需要知道他的“生產成本”。這不像今天看起來那麼簡單。成本是一個經濟範疇，它告訴一個話語，但缺乏一個物質基礎設施。“事實”的成本不能簡單地透露，但需要創建和操作通過行政和會計處理的變化。一旦創建，一旦成本有一定程度offacticity薇吉伍德，然後可以開始看到在經濟方面，他的組織可能進一步 經濟分析。在試圖揭示的東西可能已經有成本的組織新經濟創造（Hopwood 1987）。（霍普伍德1987）。

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Hopwood's second study concerns reforms in the health-care field. Because of the managerial dominance of the medical profession, accounting was for many years largely a minor transactional and background feature of hospitals without strategic significance: "The costs of patients, of diagnostic treatments and of disease categories remained the vaguest conceptual possibilities. They certainly were not facts" (Hopwood 1992:139).

霍普伍德的第二項研究涉及在醫療領域的改革。由於醫療行業的管理優勢，會計是多年很大程度上是一個小的交易和背景沒有戰略意義的醫院特徵：“病人費用，診斷治療和疾病類別仍然是模糊的概念的可能性。他們肯定不是事實”（霍普伍德1992:139）。

Hopwood的第二項研究涉及衛生保健領域的改革。由於管理的醫學界的優勢，會計主要是多年沒有戰略意義的一個小小的事務性和背景醫院的功能：%22病人的費用，診斷治療和疾病類別仍然是模糊概念的可能性。他們肯定不是事實%22Hopwood 1992:139。

Yet the lack of microfinancial practices of control came under pressure and, despite initial resistance from the medical profession, slowly began to change. New accounting objects were created to operationalize and make cost visible at the microlevel; the creation of new administrative and accounting infrastructures enabled economic reforms and related demands for efficiency to gain increasing organizational traction. Via accounting change, hospitals could be imagined as economic entities in a manner that health economics could not achieve: "economics does not reveal what is already there. Rather it provides a basis for the attribution of new meanings and roles to accounting .. ." (Hopwood 1992:141).

然而，微觀金融行為控制受到壓力和缺乏，儘管醫學界最初的阻力，慢慢開始改變。新的會計核算物件創建的操作和成本在微觀層面，可見；新的行政和會計基礎的創作使經濟改革和提高組織效率獲得牽引相關要求。通過會計改變，醫院可以想像為經濟實體的方式，衛生經濟學無法實現：“經濟學並沒有透露什麼是已經有。它為新的含義和作用的歸屬提供了依據

Here and elsewhere Hopwood has argued that accounting is deeply implicated in the construction and expansion of the "sphere of the economic," which in turn gives accounting new roles: "To be realised, the economic potential needs to invest in modes of observing and recording ..." Furthermore, while he carefully distinguishes economics as discipline from economic praxis, Hopwood's focus is on organizations and on how economics gets connected to the organization via the creation of an accounting facticity (see also Hines 1988). This in turn makes organizations more economic and creates a new strategic trajectory for accounting. Importantly, "the ambiguity of economics does not in and of itself constrain the practical use of economic concepts" (Hopwood 1992:136).

這裡和其他地方霍普伍德認為會計是深深地捲入了和經濟“球體擴張建設，“反過來給會計的新角色：“要意識到，經濟潛力需要投資在觀察和記錄……模式”，此外，當他仔細區分經濟學從經濟實踐的學科，Hopwood的重點是組織和經濟如何通過一個會計真實性的創作與組織（參見海因斯1988）。這反過來又使組織更經濟，並創造了一個新的戰略軌跡會計。更重要的是，“經濟學的模糊性本身並沒有限制經濟概念的實際使用”

Applied specifically to financial accounting, Hopwood's ideas are highly suggestive in two respects. First, in specific settings the introduction of financial accounting is part of a reform process intended to create a new kind of economic entity. In the context of hospital reform in Finland, Kurunmaki (1999) shows how hospitals were made into "accounting entities" and how financial accounting does not simply represent an organization but is deeply involved in constructing one with distinctive characteristics. Second, it is useful to distinguish between counting, financial statements, and the forms of second- and third-order calculations which they enable (Power 2004).

特別適用于財務會計，Hopwood的想法在兩方面高度提示。首先，在具體設置上，引入財務會計是一個改革的一部分，旨在創造一種新的經濟實體。在芬蘭醫院改革的背景下，kurunmaki（1999）說明醫院製成的“會計主體”和金融會計不只是代表一個組織，深入參與構建一個具有鮮明特徵的。其次，它是有用的區分計數，財務報表，和二和三階計算，使他們能夠.

For example, the modern firm is now surrounded by a range of ratios that define "return on capital," "leverage," "solvency," and "liquidity." Although these ratios and metrics are based on financial statements they also acquire a life of their own and circulate as shorthand for economic performance across different organizations and fields, being used by communities of analysts, credit-rating organizations, and many others. Such ratios define parameters of strength and weakness, and success and failure (Miller and Power 1995). By virtue of their compression and abstraction, they enable diverse entities to be compared and ranked.

例如，現代公司被一系列的比率定義為“資本回報率”、“杠杆率”、“償債能力”和“流動性”，儘管這些比率和指標是基於財務報表的，他們也獲得了自己的生活，並在不同組織和領域的經濟表現進行速記，被分析師、信用評級機構和其他許多人使用。這樣的比值定義強弱的參數，並成功與失敗（Miller，1995）。憑藉他們的壓縮和抽象，他們使不同的實體進行比較和排名。

In summary, this section suggests that accounting, both managerial and financial, plays a role in making economics operational in organizations, and in representing and therefore constructing "economic" entities. The power of accounting as a change agent consists precisely in the capacity of its representations to become, in turn, part of the way the organization looks at and intervenes in itself. From this point of view, economics requires accounting to make the world of organizations more like its theories of the firm, and financial economics needs fair value accounting to literally "real-ize" its conception of value. The sociological significance of accounting resides in this role as a critical relay between ideas of its economic potential and actual practices.

總之，本節表明，會計，管理，金融，在經濟運行中扮演的角色和組織，代表和 因此構建“經濟”的實體。會計作為變革代理人是其表現能力成為，在打開電源，本身的組織方式看，干預的一部分。從這一點來看，經濟學需要會計讓世界組織更像其企業理論，經濟學和金融學的需要，公允價值會計的字面意思是“實現”的價值觀。會計的社會學意義在於它的經濟潛力和實際做法之間的一個重要的中繼。

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SOCIAL STUDIES OF ACCOUNTING AND FINANCE

The previous sections have looked at the emergence of financial accounting and how this history has been shaped by a relationship with finance and economics, both at the level of pedagogy and discipline, and at the level of practice. The fair value discussion provides a dramatic example where all these levels collide. What emerges from an otherwise complex picture is that financial accounting matters because it is much more than a neutral mirror of organizational life. Indeed, financial accounting is performative in the simple sense that it is difficult to distinguish clearly its "representational and interventionist uses" (Vollmer, Mennicken, and Preda 2009:622).

前幾部分都是以財政學和經濟學的關係，在教育學和學科的層面，以及在實踐層面上看，金融會計的出現，以及這段歷史是如何形成的。公允價值的討論提供了一個戲劇性的例子，所有這些級別的碰撞。從另一個複雜的畫面是，財務會計問題，因為它是一個中性的鏡子，組織生活。事實上，財務會計是表演的簡單意義，很難分清它的“代表性和干預的使用”

Analyses of the "performative" character of accounting significantly predate the treatment of this idea within certain areas of the social studies of finance (e.g., Callon 1998; MacKenzie and Millo 2003) and focus on the manner in which accounting "visibilities" influence behavior (Miller 1994; Power, 1994a, 1994b: 373).

會計“有效性”的性貿分析顯著早於這一理念的處理財政社會學在某些領域（例如，訪問1998；麥肯齊米羅2003）集中在哪些會計“能見度”影響行為方式（米勒1994；電力，1994a，1994b：373）。

 There is a parallel between those studies of finance focusing on the material practices, ideas, and instruments that play a role in the dynamic constitution offinancial markets, and accounting studies which, following Hopwood (1992), have been concerned with the role of accounting information systems in constituting organizations as economic entities, and in so doing structuring the action and cognition of their members around various forms of performance measurement. As Miller (1994:4) puts it, the idea of accounting as a social and institutional practice seeks "to draw attention to the ways in which the economic' domain is constituted and reconstituted by the changing calculative practices that provide a knowledge of it."

有那些研究金融注重材料的做法，想法之間的平行，與儀器的動態構成金融市場發揮作用，會計研究，以下霍普伍德（1992），一直關注會計資訊系統構建組織的作用作為經濟實體，從而構建行動與認知他們的成員在各種形式的性能測量。米勒（1994:4）指出，會計作為一種社會制度的實踐追求“提請注意的方式在經濟領域的構成和重組的變化計算的做法，提供了一個瞭解它的想法。”

Social studies of accounting suspend or "bracket" the technical and progressivist aura of accounting. Burchell et al. (1980) provide one of the earliest challenges to the traditional decision-theoretic and technical rationale of accounting systems by suggesting the very different roles that accounting may play. When information objectives are certain, and causal relationships are well understood, then accounting can provide "answers" in a machine-like manner and seems to have the technical characteristics celebrated in textbooks and pedagogy.

社會研究會計暫停或“支架”的會計技術和progressivist光環。布柴爾等人。（1980）為會計制度的傳統決策理論和技術基礎提供最早的挑戰，這說明會計可以發揮不同的作用。當資訊的目標是確定的，因果關係被很好地理解，那麼會計可以提供“答案”，在一台機器般的方式，似乎有在教科書和教學法的技術特點。

But these epistemic and organizational conditions are rare; in most instances accounting plays a variety of complex and contingent roles, for example as ammunition in adversarial situations, as a rationalization of decisions taken for other reasons, or, more positively, as an experimental means of discovery and learning. Once the apparent technical and commonsensical conception of accounting was challenged in this way, the door was opened to a new field of sociologically informed studies of accounting and accountants.

但這些認知和組織條件是罕見的；在大多數情況下，會計起著各種各樣的複雜和偶然的角色，例如在敵對的情況下，彈藥，為合理化所採取的其他原因，決定或者，更積極的發現，實驗手段和學習。一旦會計 視技術和常識的概念是這樣的挑戰，打開門，到社會學研究會計和會計師告訴新領域。

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In another key article, Burchell, Clubb, and Hopwood (1985) document the rise and fall of the "value-added" statement as an accounting innovation. This new accounting statement was a contingent product of specific institutional forces and interests. The value- added statement enabled these interests to be, temporarily at least, refined, expressed, and materialized. Unlike the conventional profit and loss account and balance sheet, "value- added" accounting was intended to make visible the contribution of labor and other noncapital factors ofproduction to surplus or "value added." The article positions value-added accounting as an endogenous "event" in an institutional field.

另一個關鍵的文章，Burchell，俱樂部，和霍普伍德（1985）檔的“增值”的聲明，作為一個會計創新的興衰。這種新的會計報表是特定的制度力量和利益的一種或有產品。的價值增加了聲明，使這些利益，至少，暫時的，細化，表達和物化。不同于傳統的損益表和資產負債表，“價值增值”會計的目的是使可見勞動和其他生產要素的非資本過剩或“增值的貢獻。”文章的位置增值會計作為一個內生的“事件”在制度領域。

Importantly, Burchell et al. (1985:390) argue that value-added accounting statements were far from being technically standardized and were highly ambiguous in their meaning and scope. Yet this ambiguity was a critical feature of the wide appeal of value-added accounting: "the very ambiguity of value added might, in other words, be implicated in its emergence and functioning."

重要的是，Burchell等人。（1985:390）認為，增值會計報表遠非技術標準化和高度曖昧的含義和範圍。然而，這種模糊性是一個重要的特點，廣泛的吸引力的增值會計：“非常含糊不清的附加值可能，換句話說，有牽連的出現和運作。”

More generally, social studies of accounting conceptualize it as a calculative practice whose precise shape is contingent on institutional factors, such as generalized demands for improved efficiency as we saw in a previous section, but which also reshapes the organizational environment and context of decision-making. Accounting gives visibility to economic variables (e.g., cost, profit, return on capital, value) to which actors react by attributing significance.

更一般地，會計的社會學概念化為一個計算實踐的精確形狀取決於制度因素，如提高效率的廣義需求我們看到在前面的章節，但這也將組織環境和背景下的決策。會計準則使能見度經濟變數（例如，成本，利潤，資本回報率，值），演員的反應是通過將意義。

In some cases these variables of performance may be internalized as a way of thinking and framing organizational activity and identities (Miller and O'Leary 1987). This kind of reactivity is potentially generalizable to a wide variety of calculative practices, such as rankings (Espeland and Sauder 2007) and other performance metrics. Inspired by the work of Michel Foucault, these and other key accounting studies place emphasis on accounting as a mode of governing, on the power of sectional interests, and on the discourses that mobilize accounting change (Power 2011).

在某些情況下，這些變數的性能可能會內化為一種思維方式和框架組織活動和身份（米勒和奧利裡1987）。這種反應是各種各樣的計算實踐潛在的普及，如排名（埃斯佩蘭和沙德2007）和其他性能指標。福柯蜜雪兒，這些和其他重點會計研究的工作重點放在會計作為一種管理模式，對部門利益的權力，並在話語，調動會計改變（功率2011）。

These studies explore the manner in which organizational and professional boundaries are fluid and are permeated by institutions and ideas. From this methodological point of view, the distinction between internal (managerial) and external (financial) accounting that was introduced at the beginning of this chapter could be subject to greater critical analysis than hitherto. Such an analysis might reveal how calculative practices at particular places and time have institutionalized the boundary of the firm and have defined the distinction between its "inside" and "outside" (Kaplan and Johnson 19 87).

這些研究探討的方式，組織和專業的界限是流體和滲透的機構和思想。從這種方法的角度來看，內部（管理）和外部（財務）會計，在本章開頭介紹的區別可能會受到更大的關鍵分析比迄今。這樣的分析可能會在特定的地點和時間揭示計算的做法已經制度化的企業邊界和定義之間的區別，它的“內”與“外”（卡普蘭19，詹森87）。

CONCLUSION

This chapter provides a selective overview of the complex relationship between accounting and finance. 
It addresses the history of financial accounting 
and 
how questions of valuation necessitated the input of finance. 
It also discusses the transformation of finance itself 
and 
the emergence of financial economics as an engine of financial markets and financial instruments, which themselves created accounting difficulties and led to the "fair value" accounting debate.

本章提供了一個會計和金融之間的複雜關係的概述。它涉及的財務會計問題如何估值的歷史必要的財政投入。它還探討了金融本身和金融經濟學的出現為金融市場和金融工具發動機的轉變，他们自己创造了会计的困难，并导致了“公允价值”会计的争论。

 And, despite pressure to subsume accounting as a part of finance and economics, it has also argued that accounting provides a vehicle for realizing and operationalizing economic ideas. Indeed, the social studies of accounting literature provides many examples of how accounting has been implicated in constructing organizations as comparable accounting entities, not merely representing them. Underlying all these developments are the shifting tectonics of different forms of professional and academic expertise vying continually for priority. The fair value debate discussed above might be a good place to begin to unlock the mechanisms by which accounting, finance, and markets are constituted.

而且，儘管壓力把會計作為金融和經濟的一部分，它也認為，會計提供了實現和實施經濟思想的工具。事實上，會計文獻的社會學研究提供了許多例子，會計有牽連的建設組織的會計實體，而不是僅僅代表他們。所有這些發展的基礎是不同形式的專業和學術專業知識的轉移，不斷爭奪優先順序。上述討論可能是一個很好的地方，開始解鎖的機制，會計，金融，市場構成。

That this is a complex, multilayered picture should be in no doubt. Hopwood (1992) goes as far as to suggest that accounting has no essential purpose in and of itself, and must be given one and mobilized by wider aims, whether this is finance, economics, or some other value system such as sustainability.

這是一個複雜的，多層的圖片應該是毫無疑問的。霍普伍德（1992）都認為會計沒有本質的目的和本身，必須給予一個和更多目標動員，這是否是金融，經濟學，或其他一些價值體系如可持續發展。

There is no essential relationship between conceptions of, and ambitions for, the accounting craft, which is itself a shifting assembly of techniques that shade into elements of other disciplines, including finance: "If the economic is as likely to result from accounting as it is to induce it, then there are limits to the extent to which it is meaningful to explore the underlying and enduring economic truths of accounting" (Hopwood 1992:142). No doubt much the same can be said of finance, especially in the light of the postcrisis challenges to its neoclassical foundations (Colander et al. 2009; Fox 2009).

概念之間沒有本質的關係，和野心，會計工藝，這本身就是一個移動裝配技術，影到其他學科，內容包括金融：“如果經濟是可能導致會計是誘導，然後有限制的程度是探索潛在的和持久的經濟現實會計“有意義（霍普伍德1992:142）。毫無疑問，同樣可以說，金融危機後的挑戰，尤其是在光的新古典主義的基礎（濾器等。2009；狐狸2009。

If there is no essential relationship between finance and accounting, then they can only be analyzed as an evolving terrain of rationales, interests, and instruments though which actors and their interests are "made up" (Hacking 2004). Indeed, it is at the "margins" of practices where the dynamics of field development in general, and the relationship between accounting and finance in particular, are most interesting and contentious (Miller 1998).

如果財務會計並無必然聯繫，那麼他們只能作為一個不斷變化的地形分析的原理，儀器和利益，雖然演員和他們的利益是“編造”（駭客2004）。事實上，它是在“利潤”的做法，在一般領域的發展動態，特別是在會計和金融之間的關係，是最有趣的和有爭議的（Miller 1998）。

The fair value debate shows this clearly. Finally, such analyses should be mindful of the need for methodological symmetry, as advocated by the strong program in the sociology of knowledge. Accounting and finance practices that seem to fail merit as much, if not more, attention than those that seem powerful and endure. It is in failure and crisis that the underlying logics and assumptions of practice are most clearly revealed, not least assumptions about what is and is not of value.

公允價值的辯論表明，這顯然。最後，這樣的分析應該注意的是，在知識社會學的強大的程式所提倡的方法對稱性的需要。會計和金融的做法，似乎失敗的優點，如果不多，關注比那些似乎強大和持久。這是在失敗和危機的基本邏輯和實踐的假設是最清楚地揭示，不是最不重要的假設是什麼，是沒有價值。