顺周期效应下公允价值计量的价值相关性研究——兼论多重计量属性

发布时间：2018-11-13 14:03

【摘要】：从财务会计的重要目标入手,对决策有用观中的计量观与信息观进行了理论分析,认为二者应是有机结合的。计量观与信息观下的公允价值会计是存在缺陷的,高质量的会计信息要求对公允价值计量的顺周期性进行调整。在实证方面,对Feltham和Ohlson的模型进行变量分解后可以发现,公允价值计量具有顺周期的特点,风险调整前的每股公允价值变动损益与股价之间的敏感性较高,而经过风险调整后每股公允价值变动损益与股价之间的敏感性则较低;金融危机前公允价值计量与股价之间的同步性程度较高,而金融危机后二者之间的同步性程度明显降低。由于单一计量模式存在弊端,在财务报告中进行多重计量属性的披露是必要的,这有助于提高会计信息质量,而更具信息含量的披露也能满足异质利益相关者的决策需求,具有分散和降低金融风险的功效。
[Abstract]:Starting with the important goal of financial accounting, this paper makes a theoretical analysis of the metrological view and information view in the view of decision usefulness, and thinks that the two should be combined organically. The fair value accounting under the metrological view and the information view has the flaw, the high quality accounting information needs to adjust the fair value measurement procyclically. On the empirical side, after variable decomposition of Feltham and Ohlson models, we can find that fair value measurement has the characteristics of pro-cycle, and the sensitivity between the gains and losses of fair value per share and the stock price before risk adjustment is higher. After risk adjustment, the sensitivity between the change of profit and loss of fair value per share and the stock price is lower. Before the financial crisis, the degree of synchronism between fair value measurement and stock price is higher, but after the financial crisis, the degree of synchronization between them is obviously reduced. Because of the disadvantages of single measurement model, it is necessary to disclose multiple measurement attributes in financial reports, which is helpful to improve the quality of accounting information, and the disclosure with more information content can also meet the decision-making needs of heterogeneous stakeholders. It has the effect of dispersing and reducing financial risk.
【作者单位】：南京大学会计学系;重庆三峡学院会计学系;
【基金】：国家自然科学基金项目(70962005、71262006) 教育部人文社会科学研究青年项目(12YJC790141) 三峡学院校级重点项目(13ZD08)
【分类号】：F233

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