足球运动员人力资本作为资产计量的关键因素的案例研究外文翻译(编辑修改稿)

足球运动员人力资本作为资产计量的关键因素的案例研究外文翻译(编辑修改稿)内容摘要：

stion. This model is based on a model set out by Ogan (1977) for valuing US professional sports teams. HISTORICAL COST: METHOD Three Scottish clubs, Celtic, Heart of Midlothian and Rangers capitalize those players bought by the club on the transfer market at their cost of registration in their accounts. A survey of English clubs identified four clubs also following this accounting treatment (Touche Ross, 1994, ). The corresponding 1993 survey concluded that mercial logic supports a historical cost capitalization approach, given the value of current transfers and player squads (Touche Ross, 1993, ). Table I sets out the information that would be recorded for the case study club under this method: Table1. FIRST TEAM SQUAD HISTORICAL COST AT YEAR END 1993 COST OF REGISTRATION RESIDUAL VALUE PER UEFA COEFFICIENT FACTOR AMORTISATION CHARGE 1993 NET BOOK VALUE WRITE DOWN TO NET REALISABLE VALUE YEAR END BALANCE SHEET VALUE 163。 000 163。 000 163。 000 163。 000 163。 000 163。 000 1950 2624 88 1683 308 1375 In practice the cost of registration would be amortized over the length of a player39。 s contract, however in this case, each player39。 s cost of registration has been amortized over the period since he joined the club until the end of his existing contract, consistent with the regular review and revision of the useful life of assets as suggested in SSAP 12, paragraph 18 (ASC, 1987). The residual value has been estimated using the Union of European Football Associations coefficient factor formula by reference to a player39。 s earnings and a multiplier factor based on his age at the end of his contract (UEFA, 1992, Article 3), as used in practice by the clubs referred to above. As the exercise was carried out retrospectively a player39。 s earnings over the most recent season have been used within the multiplier formula to establish the residual value. Consequently the residual value of each player has been inflated and in many cases is considerably in excess of the acquisition cost. The use of the UEFA multiplier to establish residual values on this evidence, notwithstanding the distortion caused by using current earnings to calculate residual value mentioned above, would seem to be open to question. In all but one case, including players who are in their first contract at the club and to whom therefore the problem of inflated residual values is not relevant, the player39。 s residual value per the UEFA multiplier is in excess of the Chairman/Manager39。 s estimate of the recoverable amount on the player, and in all but three cases is in excess of the original cost of acquisition. All players have been written down to the Chairman/Manager39。 s estimate of realizable value if appropriate. Due to its nature the value of a player must continually fluctuate. However, given the widely held belief that all players are for sale at the right price, if the directors believe on the basis of their experience of the market place that the book value is not recoverable, then an immediate write off is appropriate. From Table I it appears that several players have been subject to permanent diminution in value. One explanation for this is the conditions of reemployment imposed on clubs by the Scottish League, whereby when a player reaches the end of his contract his employer must either offer him a new contract on at least the same basic terms or alternatively set the player free to arrange the transfer of his own。