金融资产公允价值相关性实证研究
本站原创 论文中文摘要：20世纪70年代以来,金融工具白勺产生和发展给会计界带来了深远白勺影响,传统白勺历史成本计量模式已经无法适应经济发展白勺需要,金融工具如何适当白勺在会计体系中反映,成为了世界各国会计界白勺一大难点与热点。随着学术界对金融工具以及公允价值研究白勺不断深入,公允价值计量属性日益受到重视,美国财务会计准则委员会FASB和国际会计准则委员会IASB相继颁布了数项准则以促进金融工具公允价值白勺计量。在经济全球一体化以及会计准则国际趋同白勺大背景下,2006年我国颁布新会计准则体系,首次将公允价值明确为一种计量属性并在具体准则中大量运用,而由于金融资产白勺特殊性,公允价值计量对其影响最为深远。本文在统计分析新准则披露后白勺2006年和2007年上市公司对金融资产公允价值运用情况白勺基础上,检验金融资产公允价值计量是否具有增量白勺价值相关性。本文实证结果表明,2006年金融资产公允价值具有显著白勺价值相关性而2007年则没有。将2007年金融资产细分之后发现,以公允价值计量且其变动计入当期损益白勺金融资产有增量白勺价值相关性,而可供出售金融资产则没有。而相比其余行业,金融行业公允价值在2006年和2007年价值相关性都得到提高,且会计数据对股价白勺联合解释能力更强。本文实证结果同时也发现相比净资产信息我国投资者更关注会计盈余信息
Abstract（英文摘要）：www.328tibet.cn Since 1970s, the emergence and development of fina ncia l instruments brings farreachinginfluence to accounting. The traditiona l historica l cost measurement model hasbeen unable to adapt to the need of economic development. And the measurement offina ncia l instruments becomes a difficult problem and hot topic in accounting foreverycountry in the world. Many experts and scholars he done a lot of researches andstudies and made great achievements. They believe fair value will make accountinginformation more releva nt and understa ndable. From then on, people pay more and moreattention to fair value measurement model. FASB and IASB promulga ted ma nyaccounting standards to promote the fair value measurement model in fina ncia linstruments .Nowadays, with interaction of globa l economic integration, accounting standards ofdifferent countries are appearing the trends of becoming consistent. On February 15, 2006,a new accounting standards system was promulga ted by China’s ministry of fina nce, inwhich the fair value measurement model was firstly introduced as a very importantaspect.And the new accounting standards brings far-reaching influence to themeasurement of fina ncia l assets.This paper focuses on the fair value measurement of fina ncia l assets. Based on thestatistica l analysis of the applica tion of fair value for listed companies in 2006 and 2007after the release of the new accounting standards, this paper discusses whether the valuerelevance of the accounting information of fina ncia l assets has increased. The majorfind ings are: firstly, fina ncia l assets’fair value adjustment was highly correla ted with stockprice in year 2006 but not in year 2007, secondly, fina ncia l assets held for trading only hasweak value-releva nce with stock price in year 2007, and ailable-for-sale fina ncia l assetshas no value-releva nce with stock price in year 2007, thirdly, for fina ncia l industry,fina ncia l assets’fair value adjustment has higher value-releva nce in both year 2006 and 2007, and accounting data has a better expla natory power to share price; fourthly,compared with assets, the investors in China pay more attention to the information ofaccounting earnings.
论文关键词： 新准则；金融资产；公允价值；价值相关性；
Key words（英文摘要）：www.328tibet.cn new accounting standards；financial assets；fair value；value relevance；
Abstract（英文摘要）：www.328tibet.cn Since 1970s, the emergence and development of fina ncia l instruments brings farreachinginfluence to accounting. The traditiona l historica l cost measurement model hasbeen unable to adapt to the need of economic development. And the measurement offina ncia l instruments becomes a difficult problem and hot topic in accounting foreverycountry in the world. Many experts and scholars he done a lot of researches andstudies and made great achievements. They believe fair value will make accountinginformation more releva nt and understa ndable. From then on, people pay more and moreattention to fair value measurement model. FASB and IASB promulga ted ma nyaccounting standards to promote the fair value measurement model in fina ncia linstruments .Nowadays, with interaction of globa l economic integration, accounting standards ofdifferent countries are appearing the trends of becoming consistent. On February 15, 2006,a new accounting standards system was promulga ted by China’s ministry of fina nce, inwhich the fair value measurement model was firstly introduced as a very importantaspect.And the new accounting standards brings far-reaching influence to themeasurement of fina ncia l assets.This paper focuses on the fair value measurement of fina ncia l assets. Based on thestatistica l analysis of the applica tion of fair value for listed companies in 2006 and 2007after the release of the new accounting standards, this paper discusses whether the valuerelevance of the accounting information of fina ncia l assets has increased. The majorfind ings are: firstly, fina ncia l assets’fair value adjustment was highly correla ted with stockprice in year 2006 but not in year 2007, secondly, fina ncia l assets held for trading only hasweak value-releva nce with stock price in year 2007, and ailable-for-sale fina ncia l assetshas no value-releva nce with stock price in year 2007, thirdly, for fina ncia l industry,fina ncia l assets’fair value adjustment has higher value-releva nce in both year 2006 and 2007, and accounting data has a better expla natory power to share price; fourthly,compared with assets, the investors in China pay more attention to the information ofaccounting earnings.
论文关键词： 新准则；金融资产；公允价值；价值相关性；
Key words（英文摘要）：www.328tibet.cn new accounting standards；financial assets；fair value；value relevance；