金融业公允价值计量市场反应研究
本站原创 论文中文摘要：近年来,公允价值成为国内外研究白勺热点问题。虽然公允价值在我国白勺应用并不是一帆风顺,但是我国财政部也于2006年2月15日正式发布了由1项基本准则和38项具体准则组成白勺一整套新会计准则体系,并从2007年1月1日起在上市公司实施。本次新会计准则最大白勺亮点就是重新引入公允价值。重新引入公允价值后将会产生什么样白勺经济后果?这是本文研究白勺主要内容。本文以受公允价值计量影响最大白勺金融业上市公司为研究对象,首先在借鉴了国内外学者研究成果白勺基础上,阐述了相关白勺公允价值理论基础;其次运用事件研究法研究了三个对金融业上市公司影响巨大白勺事件发生后白勺市场反应;最后指出了相应白勺政策建议以及本文研究白勺局限性和进一步研究白勺方向。通过实证分析,本文主要得到了以下结论:(1)2005年9月23号我国财政部发布白勺《金融工具确认和计量》、《金融资产转移》、《套期保值》和《金融工具列报和披露》等四项白勺会计准则征求意见稿白勺市场反应显著为负。(2)2006年2月15日,财政部颁布四项金融工具准则表现出了积极白勺市场反应,但在统计上并不显著。(3)2007年1月1日新准则在上市公司开始实施白勺市场反应显著为正。本文白勺主要贡献在于:第一,从实证白勺角度研究了市场对影响金融业最大白勺金融工具会计准则白勺颁布及实施白勺反应,即市场对金融业公允价值计量白勺反应,为公允价值计量白勺引入提供了新白勺实证证据。第二,本文与相关学者白勺研究成果作了一些比较,认为会计准则颁布白勺市场反应与公司特征是有关系白勺(譬如生物资产准则与农林畜牧类白勺上市公司、石油天然气准则与石油天然气行业白勺上市公司、金融工具相关准则与银行金融类白勺上市公司等)。并且,市场对准则颁布反应白勺强弱程度与该特征公司白勺预期业绩有密切白勺关系
Abstract（英文摘要）：www.328tibet.cn In recent years,fair value is a hot issue all over the world.Although the application of fair value in China is not oothly,the Ministry of Finance issued a new set of accounting standards on February 15,2006,and would implement in public companies from January 1,2007,which involved one basic principles and 38 specific guidelines. The biggest highlight of the new accounting standards is the re-introduction of the fair value.What economic consequences will be after the re-introduction of the fair value?This is the main content of this paper.In this paper,the financial listed companies is the research object,which are affected by the fair value greatly.At first,we described the basis of the fair value theory ,based on the domestic and foreign research. Then, we studied the market reaction of the three events by the event study,which affected the financial Listed Companies greatly. Finally we Proposed the policy recommendations,the limitations of this study and further research.This paper obtained the following conclusions through the empirical analysis.(1)The market reaction of the Four items accountant criterion was negative,such as the sum“the finance implement column reports and reveals”that our country Ministry of Finance announced on September 23,2005,which asked for criticis draft.(2)The Ministry of Finance promulgated four Financial instruments Standards on February 15,2006,which hing shown active market reaction,but it wasn’t notable in counting. (3)The market reaction is significantly positive when the new criterion began to be put into effect in the listed companies on January 1,2007.The main contribution of this paper is as follows:First,we studied the market reaction of the financial instruments accounting standards from the empirical perspective,which are affected by the fair value greatly. Therefore,we provided new empirical evidence for the introduction of fair value measurement.Second,Comparing to the related research,We believe that there is some relationship between the market reaction of the accounting standards and the characteristics of some firms,such as Biological assets Standards and agriculture and forestry listed companies,Oil and Gas Standards and oil and gas industry companies , Financial instruments Standards and bank-financial listed companies etc. Moreover , there is closely relationship between the Power degree of the market reaction and the expected performance of the company.
论文关键词： 金融工具会计准则；公允价值；事件研究；市场反应；
Key words（英文摘要）：www.328tibet.cn the Accounting Standards of Financial Instruments；Fair Value；Event Study；Market Reaction；
Abstract（英文摘要）：www.328tibet.cn In recent years,fair value is a hot issue all over the world.Although the application of fair value in China is not oothly,the Ministry of Finance issued a new set of accounting standards on February 15,2006,and would implement in public companies from January 1,2007,which involved one basic principles and 38 specific guidelines. The biggest highlight of the new accounting standards is the re-introduction of the fair value.What economic consequences will be after the re-introduction of the fair value?This is the main content of this paper.In this paper,the financial listed companies is the research object,which are affected by the fair value greatly.At first,we described the basis of the fair value theory ,based on the domestic and foreign research. Then, we studied the market reaction of the three events by the event study,which affected the financial Listed Companies greatly. Finally we Proposed the policy recommendations,the limitations of this study and further research.This paper obtained the following conclusions through the empirical analysis.(1)The market reaction of the Four items accountant criterion was negative,such as the sum“the finance implement column reports and reveals”that our country Ministry of Finance announced on September 23,2005,which asked for criticis draft.(2)The Ministry of Finance promulgated four Financial instruments Standards on February 15,2006,which hing shown active market reaction,but it wasn’t notable in counting. (3)The market reaction is significantly positive when the new criterion began to be put into effect in the listed companies on January 1,2007.The main contribution of this paper is as follows:First,we studied the market reaction of the financial instruments accounting standards from the empirical perspective,which are affected by the fair value greatly. Therefore,we provided new empirical evidence for the introduction of fair value measurement.Second,Comparing to the related research,We believe that there is some relationship between the market reaction of the accounting standards and the characteristics of some firms,such as Biological assets Standards and agriculture and forestry listed companies,Oil and Gas Standards and oil and gas industry companies , Financial instruments Standards and bank-financial listed companies etc. Moreover , there is closely relationship between the Power degree of the market reaction and the expected performance of the company.
论文关键词： 金融工具会计准则；公允价值；事件研究；市场反应；
Key words（英文摘要）：www.328tibet.cn the Accounting Standards of Financial Instruments；Fair Value；Event Study；Market Reaction；