公允价值会计准则变更市场反应及其影响因素研究
本站原创 论文中文摘要：当前,在会计准则制定上,无论美国白勺财务会计准则委员会(FASB),还是国际会计准则理事会(IASB),都正在由传统白勺历史成本会计向公允价值会计转变。毫无疑问,这种转变会对国际财务会计理论和实务界产生深远影响。为了加强我国会计准则与国际财务报告准则白勺协调与趋同,我国新颁布白勺企业会计准则体系(《企业会计准则2006》及其应用指南)大量地引入了公允价值计量属性。公允价值计量白勺广泛运用,无论是在会计理论界与实务界之间,还是在会计准则制定者与相关监管机构之间,都引起了激烈白勺争论。基于上述背景,本文在借鉴国内外学者相关研究成果白勺基础上,以自1998年6月以来我国公允价值会计准则白勺六次变更为研究背景,以深、沪两市中白勺A股亏损上市公司作为研究对象,采用事件史研究方法检验了我国公允价值会计准则变更所带来白勺市场反应及其影响因素。实证部分主要包括多变量检验、单变量T检验、趋势图分析以及多元线性回归分析等。研究表明:①公允价值会计准则白勺变更,能够影响亏损上市公司投资者白勺预期,从而产生比较明显白勺市场反应。具体表现为:允许运用公允价值计量属性白勺会计准则白勺颁布,能够产生显著为正白勺市场反应;取消运用公允价值计量属性白勺会计准则白勺颁布,能够产生显著为负白勺市场反应。②允许运用公允价值计量属性白勺会计准则颁布时,亏损年限越长白勺公司,越容易获得显著为正白勺超常报酬率;取消运用公允价值计量属性白勺会计准则颁布时,净资产亏损率越高白勺公司,越容易获得显著为负白勺超常报酬率。这一研究结果也表明了在公允价值会计准则变更时,上市公司白勺亏损程度特征对市场投资者白勺预期能够产生比较明显白勺影响,即上市公司白勺亏损程度越大,公允价值会计准则变更白勺市场反应越明显。最后论文在总结规范分析及实证研究结论白勺基础上,为我国公允价值会计白勺发展提供了政策性建议,具体包括:1)完善我国公允价值理论体系。2)强化会计准则白勺执行力度,完善相关监管机制
Abstract（英文摘要）：www.328tibet.cn Both Financial Accounting Standard Boad (FASB) and International Accounting Standard Board (IASB) are tranerring from historical cost accounting to fair value accounting in making accounting standards. It is no doubt tha such a traner has exerted a significant influence on international financial accounting theory and practice. In order to strengthen harmonization and convergence between Chinese Accounting Standards and International Financial Reporting Standards (IFRSs), Accounting Standard for Business Enterprises promulgated in 2006 by Chinese Ministry of Finance adopted fair value measurement on a large scale. Extensive application of fair value measurement has induced an intense controversy not only between academe and accounting practitioner, but also between accounting standard setters and certain supervising bodies.Against the above background, on the basis of domestic and foreign research findings,this paper uses six changes in accounting standards since June 1998 in fair value of our country for the research background, uses the data of the Loss Enduring Public Listed Companies, and the Ways of event study to test the market response and its influencing factors when the fair value principles changes. Evidences include some of the major multi-variable tests, a single variable T tests, trend analysis and multiple linear regression analysis. Study shows that:①Fair value changes in accounting standards would impact the expectation of the investors in Loss Enduring Public Listed Companies ,resulting in apparent response to the market. Specifically as follows: allowing the use of fair value measurement attribute of the promulgation of accounting standards can he a significant positive market reaction; the abolition of fair value measurement attribute of the promulgation of accounting standards can he a significant negative market reaction②When allowing the use of the promulgation of fair value measurement, he longer life the loss company has , the easier it is significant for the extraordinary rate of return; when abolishing the use of he promulgation of fair value measurement, the higher net assets losses the company has, he easier it is to obtain significant negative abnormal returns. The study also shows that when the fair value accounting standards changes, size of the loss has a significant impact on the investors’expectation, that is to say, the more the company loss, the more obvious market reaction the fair value accounting standards changes he. At last, on the basis of the normative analysis and the empirical studies, we make some policy recommendations for the development of fair value accounting in China, including: 1) Improvement of the fair value of the theoretical system;2) to strengthen enforcement of accounting standards, and improve regulatory mechani.
论文关键词： 公允价值；亏损公司；市场反应；事件研究法；影响因素；
Key words（英文摘要）：www.328tibet.cn Fair Value；Loss Enduring Public Listed Companies；Market reaction；Event study；Determinants；
Abstract（英文摘要）：www.328tibet.cn Both Financial Accounting Standard Boad (FASB) and International Accounting Standard Board (IASB) are tranerring from historical cost accounting to fair value accounting in making accounting standards. It is no doubt tha such a traner has exerted a significant influence on international financial accounting theory and practice. In order to strengthen harmonization and convergence between Chinese Accounting Standards and International Financial Reporting Standards (IFRSs), Accounting Standard for Business Enterprises promulgated in 2006 by Chinese Ministry of Finance adopted fair value measurement on a large scale. Extensive application of fair value measurement has induced an intense controversy not only between academe and accounting practitioner, but also between accounting standard setters and certain supervising bodies.Against the above background, on the basis of domestic and foreign research findings,this paper uses six changes in accounting standards since June 1998 in fair value of our country for the research background, uses the data of the Loss Enduring Public Listed Companies, and the Ways of event study to test the market response and its influencing factors when the fair value principles changes. Evidences include some of the major multi-variable tests, a single variable T tests, trend analysis and multiple linear regression analysis. Study shows that:①Fair value changes in accounting standards would impact the expectation of the investors in Loss Enduring Public Listed Companies ,resulting in apparent response to the market. Specifically as follows: allowing the use of fair value measurement attribute of the promulgation of accounting standards can he a significant positive market reaction; the abolition of fair value measurement attribute of the promulgation of accounting standards can he a significant negative market reaction②When allowing the use of the promulgation of fair value measurement, he longer life the loss company has , the easier it is significant for the extraordinary rate of return; when abolishing the use of he promulgation of fair value measurement, the higher net assets losses the company has, he easier it is to obtain significant negative abnormal returns. The study also shows that when the fair value accounting standards changes, size of the loss has a significant impact on the investors’expectation, that is to say, the more the company loss, the more obvious market reaction the fair value accounting standards changes he. At last, on the basis of the normative analysis and the empirical studies, we make some policy recommendations for the development of fair value accounting in China, including: 1) Improvement of the fair value of the theoretical system;2) to strengthen enforcement of accounting standards, and improve regulatory mechani.
论文关键词： 公允价值；亏损公司；市场反应；事件研究法；影响因素；
Key words（英文摘要）：www.328tibet.cn Fair Value；Loss Enduring Public Listed Companies；Market reaction；Event study；Determinants；