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经济随想

LOS47.Intercorporate Investments

Intercorporate Investments

[size=16.0000pt]	Ownership [size=16.0000pt]	Influence [size=16.0000pt]	Accounting treatment
Financial Assets	<20%	No significant influence	FVPL, HTM, AVF
Associates [size=16.0000pt]	20%-50% [size=16.0000pt]	Significant influence	Equity method
Business combinations	>50%	Control	Acquisition method

1. Financial Assets

    学习financial assets,我们主要需要掌握：买入资产时怎么确认；持有期间怎么计量；卖的时候如何确认损益。

1.1 Held-to-maturity (HTM)持有至到期投资

持有至到期投资是指我们有意愿且有能力持有至到期的投资。我们最熟悉的HTM是债券，买入时，我们以公允价值计量，买入债券过程中发生的成本也计入账面价值。持有期间，债券是以amortized cost确认，这是显著不同于其他financial asset的地方（fair value确认）。最终卖债券时，损益直接在I/S中确认。

1.2 Fair value through profit or loss（PVPL）

PVPL是指短期内准备卖出的金融资产。PVPL分为两类：一类是交易性金融资产Trading assets，另一类是管理层直接指定为以公允价值计量的资产Designated by management at fair value。PVPL从生到死都是以公允价值计量，公允价值的变动或卖出时的损益直接在I/S确认。有一点需要注意的是，买入资产所发生的交易成本直接计入I/S。

1.3 Available-for-sale

    有的金融资产既不能被划为HTM，也不能被化为PVPL，这类资产就叫可供出售金融资产Available-for-sale。买入AFS时以公允价值计量；持有期间，AFS公允价值的变动计入OCI，这一点非常特别，一定要记住。卖出时，买卖价之差全部转入I/S，包括之前OCI积累的unrealiezed gain or losse。

有没有人想过：为什么AFS的公允价值变动是计入OCI而不是I/S呢？

计入AFS的资产是一部分持有目的不是特别清晰的资产，它既不属于明确准备持有至到期的资产，也不属于短期内准备卖掉的资产。对于这部分持有目的不是特别明晰的资产，如果使用公允价值计量，公允价值变动计入I/S，势必会导致I/S的巨大波动，而将AFS公允价值变动计入OCI可以减少其变动对I/S的影响。

Foreign exchange gains and losses

    有的公司可能还会有跨国投资，跨国投资资产价值变动分为两部分：一部分是资产本身的价值变动；另一部分是外币转本币时的汇率损益。一般来说，国际准则和美国准则将这两部分收益全部都计入OCI，但有一个例外，那就是IFRS中债券的外汇汇兑损益是计入I/S。平时收到的股息和利息全部计入I/S。

Example:

On 1 January 2011, Baxter Inc. invested 300000 in Cartel Co. debt securities (with a 6% stated rate on par value, payable each 31 December). The par value of the securities was 275000. On 31 Decembe 2011, the fair value of Baxter's investment in Cartel is 350000.

Assume that the market interest rate in effect when the bods were purchased was 4.5%. If the investment is designated as held-to-maturity, the investment is reported at a amortized cost using the effective interest method.

	Interest Payment	Interest Income	Amortization	Amortized Cost
0				300000
1	16500	13500	3000	297000
2	16500	13365	3135	293865
3	16500	13224	3276	190589

(6%*par value of 275000=165000) and (4.5%*carrying value of 300000=13500)

1. How would this investment be reported on the balance sheet, income statement, and statement of shareholders’ equity at 31 December 2011, under either IFRS or US GAAP, if Baxter designated the investment as 1) held-to-maturity, 2) held for trading, 3) available-for-sale, or 4)designated at fair value？

2. How would the gain be recognized if the debt securities were sold on 1 January 2012 for 352000?

3. How would this investment appear on the balance sheet at 31 December 2012?

4. How would the classification and reporting differ if Baxter had invested in Cartel’s equity securities instead of its debt securities?

Solution to 1:

HTM: B/S 账面价值=297000 （由于债券溢价摊销下降3000）

I/S：interest=4.5%*300000=13500

Held-for-trading：与designated at fair value一样

I/S：interest=4.5%*300000=13500

350000-300000=50000(一部分是债券溢价摊销-3000 B/S,另一部分是53000万价值增加，I/S)

AFS:

I/S：interest=4.5%*300000=13500

B/S: 350000-300000=50000(一部分是债券溢价摊销-3000 B/S,另一部分是53000万价值增加，OCI)

Solution to 2:

HTM:  Gain=352000-297000=55000

Held-for-trading：与designated at fair value一样

Gain=352000-350000=2000

AFS: Gain=352000--350000=2000再加上OCI中53000转入I/S.

Solution to 3:

HTM: 账面价值为293865.其他记账方式按fair value计量。

Solution to 4:

• 不可能被划分为HTM

• Dividend income would replace interest income and there would be no amortization.

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关键词：CFA二级 CFA amortization Shareholders investments CFA

厉害！！

312271031 发表于 2017-1-6 08:31
厉害！！

你好早哇，亲。

Example: Investment in financial assets
    At the beginning of the year, Midland Corporation purchased a 9% bond with a face value of 100000 for 96209 to yield 10%. The coupon payments are made annually at year-end. Let’s suppose the fair value of the bond at the end of the year is 98500.
1.Determine the impact on Mildland’s balance sheet and income statement if the bond investment is classified as held-to-maturity, held-for-trading (or fair value through profit or loss), and available-for-sale.
2.Now let’s imagine that the bonds are called on the first day of the next year for 101000. Calculate the gain or loss recognition for each classification.
Solution to 1:
• HTM: 按amortized cost计量，不受fair value影响
1年后bond的carrying value
=96209*(1+10%)-100000*9%=96830,
今年债券的折旧摊销额是96830-96209=621
B/S：债券账面价值为96830（价值增加621）。
I/S：利息收入96209*10%=9621。
借：应收利息 9000
债券折旧摊销额 621
  贷：利息收入 9621 （96209*10%=9621）
• FVPL: 按fair value计量，unrealized gain or loss is recognized in I/S
1年内Value变动值=98500-96209=2291，一部分价值是由于债券折旧摊销621（B/S增加621）；另一部分unrealized gain or loss是98500-carrying value96830=1670（I/S）.
B/S：债券账面价值为98500（价值增加621+1670）。
I/S：利息收入96209*10%=9621+unrealized gain 1670
• AFS: 按fair value计量，unrealized gain or loss is recognized in OCI.
1年内Value变动值=98500-96209=2291,一部分价值是由于债券折旧摊销621（B/S增加621）；另一部分unrealized gain是98500-carrying value96830=1670 (B/S, OCI).
B/S：债券账面价值为98500（价值增加621+1670）
I/S：利息收入96209*10%=9621
Solution to 2:
• HTM:bond的carrying value is 96830
I/S: gain=101000-96830=4170
• FVPL: I/S, 101000-98500=2500
• AFS: I/S, 101000-98500=2500(当期)，前期OCI 1670转入I/S.
1.4 Reclassification of Investments
IFRS:
国际准则一般不允许金融资产重新划分类别。这里很特别，在金融资产reclassification上，国际准则比美国准则更严格。在国际准则中，FVPL是一个封闭的项目，既不允许其reclassification到其它类别，也不允许其它类别reclassification到FVPL。
    Equity投资是禁止reclassification。为什么啊？
    Equity投资要么划分为trading asset按FVPL计量，要么被划为AFS按FVOCI计量。而FVPL与FVOCI之间是不允许来回转换的。
Debt只有在持有债券的目的发生重大变化，且严重影响公司运营时，才可以在FVOCI和Amortized cost之间相互转换。当债券从HTM转为AFS时，按公允价值计量，债券账面价值与公允价值之间差额在OCI确认。当债券从AFS转为HTM时，转换之日按公允价值确认，后续期间按摊余成本计量。之前在OCI中计量的未实现损益需要在债券剩余期间摊销。
U.S GAAP
美国准则允许金融资产之间重新划分类别。
1.5 Impairments
   资产发生减值的标准是什么呢？
   一是资产的公允价值降到账面价值之下；二是价值的降低被认为是永久的，暂时的市场波动引起的价值下降显然就无需确认减值。减值一旦确认就不允许reversal。关于金融资产的Impairment,美国准则和国际准则的计量方法是一样的。

2. Associate
    若持有被投资公司20%以上，50%以下股权，或虽然持有被投资公司股权低于20%，但是对被投资公司具有重大影响，我们也可以将被投资公司认定为Associate。凡是能参与被投资公司的经营管理，我们就认为对被投资公司具有重大影响。对于Associate,我们一般采取计量，equity method又叫one-line consolidation，也就是说，被投资公司在投资公司的B/S和I/S上只用一项反映。
2.1 equity method,balance in investment account
以购买成本入账。持有期间，投资者按持股比例确认损益并调整资产账面价值。持有期间收到的股利作为投资的收回，扣减资产账面价值。期末，资产账面价值=购买成本+按比例确认的损益-股利收回。equity investment= cost+share of post-acquisiton income-dividend received.

corporate finance
经济随想
Los21 Capital Budgeting
Capital budgeting资本预算就是决定将公司的钱投在哪些项目上的过程。一般来说，首先你要有一些好项目的想法ideas；其次，你得收集与这个项目有关的信息，预测项目现金流;再次，你得决定何时实施项目；最后，你得将项目实际的收益与最初预测的收益进行对比，找出产生差异的原因。
Capital budgeting 的项目大致可以分为以下几类：
• Replacement projects.替代项目
• Expansion projects.扩张项目
• New products and services.新的产品或服务项目
• Regulatory, safety, and environmental projects. 法律法规规定的项目
•Other projects. 其他项目。例如pet project等。
    1.我们在了解了Capital budgeting 的基本信息后，首先要学习的是如何给项目估值？
其实不管是给项目估值，还是给公司估值，或者是给衍生品估值，估值的核心都是一样的。简单的讲，估值就是将产生的现金流折现。所以，第一步，我们要学习如何计算项目产生的现金流？
我们在给项目估值时使用的是An incremental cash flow增量现金流。增量现金流首先是基于机会成本考虑的，只有超过机会成本的现金流才是项目真正带来的收益。其次，我们还要考虑项目的Externalities外部性，项目可能会对公司现有的项目产生正面影响（促进销量）或负面影响（减少销量），我们在计算项目现金流时要将项目产生的外部性考虑进去。最后，所有的现金流均是税后的。还有两个小点需要注意：一是，我们不考虑项目的沉没成本；二是，我们不考虑公司的财务成本Financial costs，因为我们在计算折现率时已经将财务成本考虑进去了，所以在计算现金流的时候不予考虑。
我们将增量现金流进一步细分，可以分成三部分：一是初始投资，现金流出；二是项目存续期间产生的经营活动现金流；三是项目处置现金流。扩张型项目和替代型项目现金流略有不同，我们分开来讲。
Expansion projects’ cash flow
• The investment outlays初始投资
Outlay=FCInv 固定资产投资+ NWCInv 净运营资本投资
净运营资本投资NWCInv=∆ non-cash CA-∆ non-cash CL= ∆NWC
• After-tax CFO over the project’s life存续期间
CF=(S-C-D)*(1-T)+D=(S-C)*(1-T)+TD，由于折旧不属于现金流流出，所以要加回。
• Terminal year after-tax non-operating cash flows处置
处置期间，现金流包括处置固定资产收益和净运营资本投资回收。TNOCF=SalT -T(SalT-BT) + NWCInv
Example:
Mayco, Inc. Would like to set up a new plant （expand）. Currently, Mayco has an option to buy an existing building at a cost of 24,000. Necessary equipment for the plant will cost 16,000, including installation costs. The equipment falls into a MACRS 5-year class. The building falls into a MACRS 39-year class. The project would require an initial investment of 12,000 in net working capital. The initial working capital investment will be made at the time of the purchases of the building and equipment.
The project’s estimated economic life is 4 years. At the end of that time, the building is expected to have a market value of 15,000 and a book value of 21,816, whereas the equipment is expected have a market value of 4,000 and a book value of 2,720.
Annual sales will be 80,000. The production department has estimated that variable manufacturing costs will total 60% of sales and that fixed overhead costs, excluding depreciation, will be 10,000 a year [costs: 0.6*80,000+10,000=58,000]. Depreciation expense will be determined for the year in accordance with the MACRS rate.
Mayco’s marginal federal-plus-state tax rate is 40%; its cost of capital is 12%; and, for capital budgeting purposes, the company’s policy is to assume that CFO at the end of each year. The plant will begin operations immediately after the investment is made, and the first CFO will occur exactly one year later.
Under MARCRS, the pre-tax depreciation for the building and equipment is：
Year 1=3,512; year 2=5,744; year 3=3,664; year 4=2,544
Compute the initial investment outlay, CFO over the project’s life, and the terminal-year cash flows for Mayco’s expansion project. Then determine whether the project should be accepted using NPV analysis:
Solution:
Initial outlay=FCInv + NWCInv=24,000+16,000+12,000=52,000
CFO=(S-C)*(1-T)+TD
CFO1=(80,000-58,000)*0.6+3,512*0.4=14,605
CFO2=13,200+5,744*0.4=15,498
CFO3=13,200+3,664*0.4=14,666
CFO4=13,200+2,544*0.4=14,218
Terminal value：
TNOCF=SalT -T(SalT-BT) + NWCInv
=15000-0.4*（15000-21,816）+4,000-0.4*（4,000-2,720）+12,000
=17,726+3,488+12,000=33,214
NPV=-52000+14605/1.12+15498/1.122+14666/1.123+14218/1.124+33214/1.124=13,978, accept the expansion project.
IRR=21.9%>12%, accept the expansion project.

解决了好多疑问 太牛了，非常感谢！！！

经济随想
Ethics
I.Professionalism
专业性

I(A) Knowledge of the law知法
1.知法，知与本职工作相关的法律
    作为一个金融从业人员，你必须知晓与你本职工作相关的法律，例如，你是从事上市业务的，你只需知晓与上市有关的法律，不需要知道人事管理制度方面的法律。
2.守法，守更严格的法律
这一条还是很简单的，直接守更严格的法律就可以了。唯一有难点的地方是:
Applicable law: Member resides in MS(more strict laws) country, does business in LS(less strict laws)country; MS law applies, but it states that law of locality where business is conducted governs.
Duties: Member must adhere to the Code and standards.
点评：一般来说我们是把几个法律和准则放在一起比较，然后选出最严格的法律即可。但是，在这里法律有明确规定，当地的法律是优先于你原来国家的法律的，也就是说法律明文规定LS>MS，我们确定好LS后，再将LS与我们的准则比较，选择出更为严格的法律。因为只要是我们的member 或者是candidate，不管你在哪个国家，你都要遵守code。所以，LS<Code,最终我们需要遵守Code。
Example:
James Collins is an investment analyst for a major Wall Street brokerage firm. He works in a developing country with a rapidly modernizing economy and a growing capital market. Local securities laws are minimal-in form and content-and include no punitive prohibitions against insider trading.
点评：遵守更严格的法律，不得从事内幕交易。

3.发现违法行为，我们应该怎么办呢？
（1）有确切证据证明存在违法行为
第一步，报告上级supervisor或者合规部门compliance apartment。协会并没有要求你发现违法行为就向ZF机构举报啊，但是你如果举报了，你也没有违法协会的规定。
第二步，脱离违法活动dissociatefromthe illegal activity。如果第一步失效，请参照第二步。如果是写研究报告，你可以不署名；你还可以申请更换部门或团队；或者是拒绝为违法的客户服务。
第三步，辞职resign。当然，如果第二步的方案无法实施的话，宁愿辞职也在所不惜。
Example:
Kamisha Washington’s firm advertises its past performance record by showing the 10-year return of a composite of its client accounts. Washington discovers, however, that the composite omits the performance of accounts that have left the firm during the 10-year period, whereas the description of the composite indicates the inclusion of all firm accounts. This omission has led to an inflated performance figure. Washington is asked to use promotional material that includes the erroneous performance number when soliciting business for the firm.
点评：你发现宣传册上公司遗漏了一个重要账户10年的业绩表现，而公司对外声称业绩已经包含了所有的账户信息。这明显就是不实的表述。
你发现违法行为后，第一步就是告诉你的上司这个宣传册是有错误的。让上司采取有效的措施修正错误。如果上司不修正这个错误，让你继续使用错误的宣传册，你可以你还可以申请更换部门或团队；或者是宁愿辞职也在所不惜。如果，你选择不作为，继续使用错误的册子诱导客户，视同违法。

(2)没有确切证据证明违法，仅仅只是怀疑
怀疑违法，请向权威第三方咨询,但不会因为咨询错误而免责。例如，你怀疑做假账是违法的，但是你不确定，于是你找了一个专家咨询，这个专家告诉你：“做假账是不违法的。”然后，你就继续做假账，可不可以啊？
不可以啊，因为协会不会因为你咨询错误而免除你的责任。为什么呢？因为对于做假账到底违法与否的问题，你作为一个专业人员，你要知晓与你本职工作相关的法律。你就应该清晰的知道，做假账本身就是违法的。
Example:
Michael Allen works for a brokerage firm and is responsible for an underwriting of securities. A company official gives Allen information indicating that the financial statements Allen filed with the regulator overstate the issuer’s earnings. Allen seeks the advice of the brokerage firm’s general counsel, who states that it would be seeks the advice of the brokerage firm’s general counsel, who states that it would be difficult for regulator to prove that Allen has been involved in any wrongdoing.
点评：虚增利润，做假账，本身就是违法准则的。

I(C) Misrepresentation引起别人误会的陈述
1.吹牛
(1)吹业绩
吹法1：以前的收益率只有5%，跟顾客讲以前的收益率是10%；
吹法2：保证客户如果投资后可以得到8%的收益率。我们不可以向顾客保证投资的收益率，因为资本市场是瞬息万变的，波动的，谁都无法保证收益率。但是，如果你附加一条，倘若实际投资收益率不足8%，我们自掏腰包弥补不足的部分，让你的到手收益率为8%。这个是可以的。虽然市场波动巨大，就算有亏损，你愿意给顾客兜底保证顾客收益率，是可以的。
吹业绩还会违反III(D) Performance presentation。只要违反III(D)就会违反I(C)，但是违反I(C)不一定会违反III(D)。因为I(C)不仅包括吹业绩，还包括吹服务、吹资质等。
Example：
KhalouckAbdrabbo manages the investments of several high-net-worth individuals in the United States who are approaching retirement. Abdrabbo advises these individuals that a portion of their investments be moved from equity to bank sponsored certificates of deposit and many market accounts so that the principal will be guaranteed up to a certain amount. The interest is not guaranteed.
点评：CD等类似国债，ZF担保，但是ZF也可能破产，不应该担保收益，只说事实。

(2)吹服务
凡是向顾客保证能够提供“full service”，这都属于吹服务，违反I(C)。因为，目前基本没有一个公司是有能力提供“full service”的。

(3)吹资质
资质可以怎么吹呢？
例如，你没有CFA资质，你吹你有；你没有相关工作经验，你吹你有等等都是吹资质。

2.剽窃
(1)引用不清晰
    我们在做研究的时候经常会引用其他人员的结论或成果，这个时候一定要标注完整的引用信息，不能用模糊的词语代替，例如：某位经济学家曾经说过……。
Example：
Claude Browning, a quantitative analyst for Double Alpha, Inc., returns from a seminar in great excitement. At that seminar, Jack Jorrely, a well-known quantitative analyst at a national brokerage firm, discussed one of his new models in great detail, and Browning is intrigued by the new concepts. He proceeds to test the model, making some minor mechanical changesbut retaining the concepts, he produces some very positive results. Browning quickly announces to his supervisors at Double Alpha that he has discovered a new model and that clients a prospective clients should be informed of this positive finding as ongoing proof Double Alpha’s continuing innovation and ability to add value.
点评：模型是其他人发明的，略做修改就认为是自己做的模型，这是一种剽窃行为。

(2)将第三方研究报告third report party据为己有
    有的时候，我们会付费请第三方机构帮我们写研究报告，对于这种研究报告，我们首先要严格审核没有任何问题后，方可交给客户。不允许看都不看就直接把报告给顾客，这违反了III(A) Loyalty, prudence and care，对顾客的责任。当然，我们也不能将第三方机构写的研究报告改成自己的署名，对外声称是自己写的，这也违反了I(C) Misrepresentation。
Example：
Anthony McGuire is an issuer-paid analyst hired by publicly traded companies to electronically promote their stocks. McGuire creates a website that promotes his research efforts as a seemingly independent analyst. McGuire posts a profile and a strong buy recommendation for each company on the website indicating that the stock is expected to increase in value. He does not disclose the contractual relationships with the companies he covers on his website, in the research reports he issues, or in the statements he makes about the companies in internet chat rooms.
点评：对于第三方服务，一定要将实际的关系披露给顾客，以免让顾客误以为这是你自己写的。

(3)职务侵占
    在工作期间形成的研究报告，研究报告是属于的公司的，离职后不得将原工作期间写的研究报告视为自己的。另外，如果是团队写的研究报告，一定要表明所有的作者，不能不提其他作者，而只写自己的名字。

I(D) Misconduct不当行为
1.Dishonest欺诈
Example：
Jody Brink, an analyst covering the automotive industry, volunteers much of her spare time to local charities. The board of one of the charitable institutions decides to buy five new vans to deliver hot lunches to low-income elderly people. Brink offers to donate her time to handle purchasing agreements. To pay a long-standing debt to a friend who operates an automobile dealership-and to compensate herself for her trouble-she agrees to a price 20% higher than normal and splits the surcharge with her friend. The director fo the charity ultimately discovers the scheme and tells Brink that her service, donated or otherwise, are no longer required.
点评：不应该利用便利赚取回扣。
2.Introxicated工作期间醉酒
Example：
Simon Sasserman is a trust investment officer at a bank in a small affluent town. He enjoys lunching every day with friends at the country club, where his clients have observed him having numerous drinks. Back at work after lunch, he clearly is intoxicated while making investment decisions. His colleagues make a point of handling any business with Sasserman in the morning because they distrust his judgment after lunch.
点评：工作期间醉酒影响投资判断。


II Integrity of capital markets
确保资本市场的完整性

II(A) Material nonpublic information内幕信息
对于内幕信息，我们的原则是：既不能自己使用内幕信息，也不能提供内幕信息给其他人用。当然，我们在知晓内幕信息后要采取有效的措施防止内幕信息泄露。这个原则，我们很好把握，但是难点在于怎么样判断哪些信息是内幕信息Material nonpublic information，哪些不是内幕信息？
1.我们所说的内幕信息必须同时满足三个条件：
一是信息来源可靠reliable；什么样的信息属于来源可靠的信息呢？一般来说，凡是那些CEO、CFO、CTO等所的话都是来源可靠的信息。还有就是知名分析师写的研究报告，在未公开之前也是属于内幕信息。
二是信息属于重大信息 material；凡是信息公布后会导致公司股价大幅波动的信息都是重大信息。例如，这个季度的利润，董事长的变更或者核心人物的离职等。
三是信息属于非公开信息nonpublic;凡是未公开的信息都属于nonpublic的。
与内幕信息相对应的一个考点是Mosaic theory马赛克理论。马赛克理论讲的就是利用public information和nonpublic nonmaterial information做的推论，这是没有违反协会规定的，这是你个人研究能力的体现。
Example：
Peter is advised that the company’s earnings projections for the next year have significantly dropped via a telephone conference call. Through the call,several salespeople and portfolio managers walk in and out of Peter’s office, where the telephone call is taking place. Before the conference call is concluded, the salespeople sell the stock of the company on behalf of the firm’s client.
点评：peter应该采取有效措施防止内幕信息泄露。
Example：
Teja is a buy-side analyst covering the furniture industry. He discovers that SFC may be in financial trouble. SFC’s extravagant new designs have been introduced at substantial cost. Even though these designs initially attracted attention, the public is now buying more conservative furniture form other makers. Based on this information and a profit-and-loss analysis, Teja starts to reducing the SFC stock in his portfolios.
点评：这是典型的马赛克理论，Teja专业能力的体现。

2.Market maker做市商
如果我们是一个做市商，一手买股票，另一手卖股票。我们知道了关于贵州茅台的内幕信息，茅台公司股票将会大涨。你为了避免别人怀疑你利用内幕信息赚钱，于是你决定不买别人现在低价卖给你的股票。这对不对呢？
不对啊。因为作为做市商，你只是被动的参与到买卖中就可以了。别人买你就卖，别人卖你就买，不要将你的意图或意思表示传达给市场。

3.Risk-arbitrage套利者
当然，如果你知道了关于贵州茅台的内幕信息，茅台公司股票将会大涨。但是，茅台股份一直都是你的对冲风险的一只股票，那么即使你知道内幕信息，也是可以买贵州茅台的。然而有一点你需要注意：那就是将你因为需要风险管理而一直买茅台股份这件事相关的证据保存好。这样，将来即使有相关机构来调查内幕交易事件，你可以将相关的证据交给调查机构，自证清白。