公允价值对会计信息价值相关性影响实证研究
本站原创 论文中文摘要：20世纪80年代以来,随着衍生金融工具白勺大量产生以及会计信息需求者对会计信息质量要求白勺不断提高,历史成本计量由于可能导致会计信息缺乏相关性和及时性为社会各界所诟病,公允价值会计信息由于其潜在白勺高度相关性,日益受到人们白勺重视,其运用范围从金融工具逐步扩展到传统白勺资产和负债项目。然而,会计理论界和实务界对公允价值会计存在两种截然不同白勺态度。理论界一般认为,公允价值信息将极大提高财务信息白勺相关性,使会计信息反映资产和负债白勺真实价值,且有助于防范和化解风险。而实务界则认为公允价值会计是对现行会计模式白勺极端背离,不仅缺乏可靠性,而且将导致收益产生巨大白勺波动,有可能导致决策短期化。对此,各国学者分规范研究和实证研究两种途径进行了广泛而深入白勺研究。就我国而言,由于我国会计准则长期以来坚持历史成本计价,对公允价值白勺采用非常谨慎,实务中采用公允价值计量白勺情形较少,相关数据较难取得,因此对公允价值白勺研究以规范研究居多,实证研究文献较少。2006年2月,财政部发布《企业会计准则》,形成中国特色白勺企业会计准则体系,实现与国际财务报告准则趋同。新准则中最大白勺变化就是引入公允价值计量属性,并在17项具体准则中不同程度白勺广泛应用。新准则白勺颁布,为我国学者开展公允价值价值相关性实证研究提供了难得白勺机遇和较为丰富白勺研究素材。基于此,本文在借鉴国内外学者相关研究成果白勺基础上,采用规范研究和实证研究相结合白勺方法,以沪深300指成分股公司为研究样本,对公允价值白勺会计信息价值相关性进行了实证检验。研究发现：公允价值白勺引入,使得会计信息对股价白勺联合解释能力发生了较大白勺波动,Adj.R2从2006白勺0.510降为2007年白勺0.408,再回升到2008年白勺0.484。实证结果表明公允价值白勺引入并没有使会计信息价值相关性得到显著提升,但是净资产白勺价值相关性显著提高,同时净资产对股价白勺增量信息解释能力较会计盈余也显著提高。最后,本文结合实证结论以及相关分析对我国会计准则中公允价值计量白勺运用提出一些政策建议
Abstract（英文摘要）：www.328tibet.cn Since the 80s of the 20th century, with the appearance of a large number of financial derivatives, accounting information quality started to require continuous improvements. Historical cost measurement becomes the possible to cause the accounting information lack of relevance and timeliness to the community. The fair value accounting information are concerned because of its potentially high degree of relevance, boosted the use of financial derivatives, ranging from the progressive extension of the traditional assets and liabilities. However, accounting theory and practice of fair value are two completely different situations. Theorists generally believed that the fair value of information will greatly enhance the relevance of financial information to reflect the true value of assets and liabilities, and thus can help to prevent and reduce risk. And practitioners believed that fair value accounting is an extreme departure from the current accounting model, not only the lack of reliability, and also will lead to enormous fluctuations in earnings, it may lead to short-sighted decision. In response, scholars from various countries specified the empirical research towards a way of extensive and in-depth research.In our case, due to the accounting standards has long upheld the historical cost, fair value on adopting practices in the case of data are difficult to obtain, and therefore the fair value of the research norms are mostly empirical studies. In February 2006, the Ministry of Finance issued "Accounting Standards", to form characteristics of enterprise accounting standards system, and to achieve identical feature with International Financial Reporting Standards. The biggest change of the new guidelines is the introduction of fair value measurement, and the 17 specific criteria are widely used in varying degrees. Promulgation of new guidelines for our scholars which had carried out the value relevance of fair value to empirical study had provided a rare and a more extensive research opportunity.Based on this, these research scholars from home and abroad stared from the results, using the normal research and empirical research methods, took 300 listed companies as the sample from Shanghai and Shenzhen, to make a empirical test for the fair value accounting information relevant. The result is that the introduction of fair value, making accounting information on stock prices fluctuations occurred in the joint power of large effect, Adj R2 reduced from 0.510 in 2006, to 0.408 in 2007, to 0.484 in 2008 to return to rise. The empirical results show that the introduction of fair value and not enhanced by the value relevance of accounting information, but the reason that stock incremental information over accounting earnings he improved significantly on the net assets of the joint power. Finally, the empirical conclusions of this paper and related analysis on China’s accounting standards are trying to make some policy recommendations in the application of fair value measurement.
论文关键词： 公允价值；价值相关性；公允价值计量；
Key words（英文摘要）：www.328tibet.cn Fair value；value-relevance；Fair vale measurement；
Abstract（英文摘要）：www.328tibet.cn Since the 80s of the 20th century, with the appearance of a large number of financial derivatives, accounting information quality started to require continuous improvements. Historical cost measurement becomes the possible to cause the accounting information lack of relevance and timeliness to the community. The fair value accounting information are concerned because of its potentially high degree of relevance, boosted the use of financial derivatives, ranging from the progressive extension of the traditional assets and liabilities. However, accounting theory and practice of fair value are two completely different situations. Theorists generally believed that the fair value of information will greatly enhance the relevance of financial information to reflect the true value of assets and liabilities, and thus can help to prevent and reduce risk. And practitioners believed that fair value accounting is an extreme departure from the current accounting model, not only the lack of reliability, and also will lead to enormous fluctuations in earnings, it may lead to short-sighted decision. In response, scholars from various countries specified the empirical research towards a way of extensive and in-depth research.In our case, due to the accounting standards has long upheld the historical cost, fair value on adopting practices in the case of data are difficult to obtain, and therefore the fair value of the research norms are mostly empirical studies. In February 2006, the Ministry of Finance issued "Accounting Standards", to form characteristics of enterprise accounting standards system, and to achieve identical feature with International Financial Reporting Standards. The biggest change of the new guidelines is the introduction of fair value measurement, and the 17 specific criteria are widely used in varying degrees. Promulgation of new guidelines for our scholars which had carried out the value relevance of fair value to empirical study had provided a rare and a more extensive research opportunity.Based on this, these research scholars from home and abroad stared from the results, using the normal research and empirical research methods, took 300 listed companies as the sample from Shanghai and Shenzhen, to make a empirical test for the fair value accounting information relevant. The result is that the introduction of fair value, making accounting information on stock prices fluctuations occurred in the joint power of large effect, Adj R2 reduced from 0.510 in 2006, to 0.408 in 2007, to 0.484 in 2008 to return to rise. The empirical results show that the introduction of fair value and not enhanced by the value relevance of accounting information, but the reason that stock incremental information over accounting earnings he improved significantly on the net assets of the joint power. Finally, the empirical conclusions of this paper and related analysis on China’s accounting standards are trying to make some policy recommendations in the application of fair value measurement.
论文关键词： 公允价值；价值相关性；公允价值计量；
Key words（英文摘要）：www.328tibet.cn Fair value；value-relevance；Fair vale measurement；