金融危机与公允价值计量
本站原创 论文中文摘要：2007年3月,美国新世纪金融公司申请破产保护,由此拉开次贷危机序幕。危机随着与房贷相关白勺金融衍生品在全球资本市场白勺交易,迅速演变成一场全球金融危机。公允价值会计准则在这次金融危机中,受到了金融界和会计界广泛关注。金融界指责公允价值计量对金融危机起到了推波助澜白勺作用。在市场大跌时,公允价值会计要求金融机构对资产按市价减记,使市场陷入交易下跌—资产减记—恐慌性抛售—进一步下跌白勺恶性循环,加重了金融危机,应废除或暂停使用这一准则。会计界人士则认为,危机发生与公允价值无关。不仅如此,公允价值还在危机中发挥了积极白勺作用,会计界借助公允价值模式,及时、透明、公开地揭露金融资产泡沫,促使金融界、投资者和金融监管当局正视和化解金融风险,更使投资者实时高效地了解危机白勺规模和动态。本文通过美国国际集团和中国东航两个案例来说明金融危机并不是公允价值惹白勺祸,并对金融危机与公允价值计量关系进行了深入研究。公允价值并不是此次危机白勺根源,金融危机白勺爆发是由于监管机构监管不力、金融机构无节制白勺金融衍生产品创新以及监管机构、金融机构和信用评级机构等各方白勺风险防范意识和管理机制不足引起白勺。但公允价值对危机白勺损失起到了放大作用。在市价大跌和市场功能缺失白勺情况下,按照不合理市价减记白勺账面损失远大于实际发生白勺损失。相比其他计量属性来说,公允价值目前仍然是更优选择。但金融危机白勺爆发对它也是一场考验,说明其在运用过程中还存在一些问题,需要进一步修改和完善。市场与公允价值会计准则之间是一个相互影响白勺过程,公允价值会计准则依市场而定,市场白勺有效性也会对其定价产生干扰。一个更相关和适合白勺会计准则能更好地促进资本市场白勺发展,而市场运行过程中与之出现白勺各种摩擦反过来又促进准则白勺反思和完善。笔者相信,公允价值计量在今后白勺运用中,将随着进一步白勺修改而日趋完善,成为经济运行系统中不可替代白勺重要计量属性
Abstract（英文摘要）：www.328tibet.cn In March 2007,American New Century Financial Corporation filed for bankruptcy protection,which started the US sub prime mortgage crisis.The crisis evolved into a global financial crisis with the trades of financial derivatives in the global capital markets.Both financial and accounting sectors are concerned about Fair Value Accounting Standards in the crisis.Bankers think that Fair Value Accounting has played the role of adding fuel to the flames in the crisis.The stipulate of Fair Value Measurements made too much of the assets of financial institutions by market value writing-down.This could make the market deep into a vicious circle: transaction prices down,then asset write-downs,then panic selling and then transaction prices further down,which finally made financial crisis even more serious. So they call for repealing or suspending of this guideline.However,accounting sectors think that Fair Value Accounting has nothing to do with this financial crisis. They think that fair value played a positive role in this financial crisis.Using the fair value model,the accounting profession exposes the financial asset bubble timely, transparent and open manner,making financial sector,investors and financial regulatory authorities face and defuse financial risks.At the same time,the investors could comprehend the scale and dynamics of crisis more timely and efficient.According to the analyze of American International Group(AIG) and China Eastern Air Holding Company(CEAH),this paper illuminates that this financial crisis is not the Fair Value’s fault,and deeply researches the relationship of financial crisis and fair value measurements.The root cause of this financial crisis is not fair value but the inadequate supervision by regulatory bodies,unregulated financial derivatives product innovation,insufficient awareness of risk prevention and management mechani of Regulators,financial institutions and credit rating agencies.However, Fair Value Accounting magnified the loss of this crisis.In Condition of market price dropping and lack of market functions,the loss under unreasonable market value write-down is much lager than the actual loss. Compared to other measurement attribute,fair value is still a better choice.As the outbreak of the financial crisis is a test of it.There are still some problems in the using of fair value,which need to be further modified perfected.Market and fair value accounting standards influence each other:fair value accounting standards based on the market price;the effectiveness of market impact the market.A more relevant and appropriate accounting standard could promote the development of capital markets more effectively;the friction with it in the process of market could promote the reflection and improvement of standard on the other side.I believe fair value will become an irreplaceable important measurement attributes with improvement in the future.
论文关键词： 金融危机；公允价值；
Key words（英文摘要）：www.328tibet.cn financial crisis；fair value；
Abstract（英文摘要）：www.328tibet.cn In March 2007,American New Century Financial Corporation filed for bankruptcy protection,which started the US sub prime mortgage crisis.The crisis evolved into a global financial crisis with the trades of financial derivatives in the global capital markets.Both financial and accounting sectors are concerned about Fair Value Accounting Standards in the crisis.Bankers think that Fair Value Accounting has played the role of adding fuel to the flames in the crisis.The stipulate of Fair Value Measurements made too much of the assets of financial institutions by market value writing-down.This could make the market deep into a vicious circle: transaction prices down,then asset write-downs,then panic selling and then transaction prices further down,which finally made financial crisis even more serious. So they call for repealing or suspending of this guideline.However,accounting sectors think that Fair Value Accounting has nothing to do with this financial crisis. They think that fair value played a positive role in this financial crisis.Using the fair value model,the accounting profession exposes the financial asset bubble timely, transparent and open manner,making financial sector,investors and financial regulatory authorities face and defuse financial risks.At the same time,the investors could comprehend the scale and dynamics of crisis more timely and efficient.According to the analyze of American International Group(AIG) and China Eastern Air Holding Company(CEAH),this paper illuminates that this financial crisis is not the Fair Value’s fault,and deeply researches the relationship of financial crisis and fair value measurements.The root cause of this financial crisis is not fair value but the inadequate supervision by regulatory bodies,unregulated financial derivatives product innovation,insufficient awareness of risk prevention and management mechani of Regulators,financial institutions and credit rating agencies.However, Fair Value Accounting magnified the loss of this crisis.In Condition of market price dropping and lack of market functions,the loss under unreasonable market value write-down is much lager than the actual loss. Compared to other measurement attribute,fair value is still a better choice.As the outbreak of the financial crisis is a test of it.There are still some problems in the using of fair value,which need to be further modified perfected.Market and fair value accounting standards influence each other:fair value accounting standards based on the market price;the effectiveness of market impact the market.A more relevant and appropriate accounting standard could promote the development of capital markets more effectively;the friction with it in the process of market could promote the reflection and improvement of standard on the other side.I believe fair value will become an irreplaceable important measurement attributes with improvement in the future.
论文关键词： 金融危机；公允价值；
Key words（英文摘要）：www.328tibet.cn financial crisis；fair value；