金融资产公允价值的价值相关性分析.docx

金融资产公允价值的价值相关性分析
摘要
【内容摘要】本文对会计准则国际趋同后公允价值相关信息的价值相关性进行研究发现,我国上市公司与公允价值相关的信息具有一定的价值相关性,新会计准则对公允价值的引入在一定程度上提升了财务报告信息的信息含量,同时本文针对研究结论和我国国情提出了政策建议。公允价值是随着金融市场自由化而发展起来的,国际会计准则理事会(IASB)和美国会计准则委员(FASB)在这方面的研究一直走在最前端,我国也在2006年新会计准则中重新确立了公允价值计量属性的地位。由于金融资产有较为活跃的交易市场,其公允价值的可靠性较高,以公允价值计量的金融资产产生的变动损益或净额对企业的会计盈余信息会带来一定的影响。 2007年金融危机之后,公允价值尤其是金融资产的公允价值计量更是引发了金融界和会计界的激烈争论。本文基于这样的背景,首先回顾了国内外关于公允价值的价值相关性的理论和实证研究;其次阐述了IASB、FASB和我国金融资产公允价值准则的演变历史,详细介绍了我国金融资产公允价值运用现状,最后采用价格模型(Olson,1995)检验我国沪市A股上市公司中交易性金融资产和可供出售金融资产的公允价值变化额是否分别与股票价值具有价值相关性;交易性金融资产公允价值变动损益的价值相关性是否显著高于可供出售金融资产公允价值变动净额的价值相关性;金融资产公允价值的相关性是否受到经济环境因素的影响。本文的研究成果可以为金融资产公允价值信息在我国资本市场上的价值相关性提供一定的经验证据,同时,合理借鉴国外经验也是我国金融资产会计发展的重要环节。
【关键词】新会计准则公允价值价值相关性
Abstract:
This paper studies the value-relevance of fair value information after the accounting standards' international convergency, the result shows that fair value information in annual reports has certain value relevance in Chinese panies, and can increase the value content of financial information, this study also offers several related advices. Fair value is developed along with the financial market liberalization, IASB and FASB Research in this area has been walking in the front, China is also in 2006 the new accounting standards in the re establishment of the fair value measurement attribute position
Because there are more active trading market in financial assets, the higher reliability of the fair value of the, Financial assets caused by the change of e on the accounting earnings information will bring certain impact. After the 2007 financial crisis, The measurement of fair value of financial assets is triggered a fierce debate between financial and accounting circles. Based on this background, First reviews the theoretical and empirical research on value relevance of fair value at home and abroad, Secondly, the evolution history of IASB, FASB and China's financial assets at fair value criterion, Details of China's financial assets at fair value application. The valu