论文标题
X值调整：会计与经济管理观点
X-Value adjustments: accounting versus economic management perspectives
论文作者
论文摘要
本文根据不变性原则提供了一个数学框架，以根据信用，借方和资金调整计算：会计和管理观点的信用，借方和资金调整的方式对机构进行分类。这种概念分类有助于回答以下问题：每个机构所在的范式（情况）在哪个范式上？市场共识和法规指向（目标点）在哪里？切换观点以与未来共识（过渡设计）保持一致的含义，利弊是什么？提出了对不变方程原理的改进解决方案，以计算这些指标，以避免近似值和前台系统中使用的折现曲线。始终使用相同的计算引擎的适当选择，可以通过适当选择输入来更改透视图。介绍资产负债表融资的描述，以及用于两种观点的资金曲线的理由。
This paper provides a mathematical framework based on the principle of invariance to classify institutions in two paradigms according to the way in which credit, debit and funding adjustments are calculated: accounting and management perspectives. This conceptual classification helps to answer questions such as: In which paradigm each institution sits (point of situation)? Where is the market consensus and regulation pointing to (target point)? What are the implications, pros and cons of switching perspective to align with future consensus (design of a transition)? An improved solution of the principle of invariance equations is presented to calculate these metrics avoiding approximations and irrespective of the discounting curve used in Front Office systems. The perspective is changed by appropriate selection of inputs always using the same calculation engine. A description of balance sheet financing is presented along with the justification of the funding curves used for both perspectives.
