公允价值的价值相关性实证研究

发布时间：2018-04-02 21:55

本文选题：公允价值　切入点：价值相关性　出处：《华东交通大学》2012年硕士论文

【摘要】：在最近的几十年里，公允价值一直是国内外的研究热点。2006年2月15日，财政部颁布实施了我国的新会计准则体系，其中1项基本准则，38项具体准则。并要求从2007年1月1日起，，先行在上市公司中全面实施。新准则体系的颁布与实施是我国会计史上的一个重要里程碑。新会计准则体系的最大亮点就是重新引入公允价值作为一种计量属性，且在《企业会计准则——基本准则》中突出强调将公允价值作为会计计量属性之一，并同时在17个具体会计准则中不同程度地运用了公允价值，如金融工具、非同一控制下的企业合并、债务重组、非货币性交易、投资性房地产等。我国目前所作的公允价值实证研究较少，已有的研究基本上都是对金融资产公允价值信息的价值相关性检验。这是因为我国长期以来缺少进行有效实证研究的平台。公允价值在我国应用的时间很短，数据有限，加之我国资本市场的有效性不佳，会计信息对于股价的影响力很有限。这些因素的存在都使得对公允价值的实证研究很难有效进行。但随着我国资本市场的不断发展，市场监管的不断强化，会计准则与国际准则的不断趋同，上市公司对外批露的会计信息越来越丰富，为我们现在的公允价值实证研究提供了良好的条件。本文在充分收集整理国内外研究资料、借鉴国内外相关研究成果的基础上，根据我国资本市场的实际情况，以我国上市公司2007年—2010年对外披露的财务报告信息为基础，检验公允价值的价值相关性，以考查新会计准则中公允价值应用的效果，通过对总样本组、分行业样本组的实证分析，得出结论：总体来看，对于各行业来讲，在新准则应用公允价值的条件下，每股净资产、每股收益均具有良好的价值相关性，对股价具有一定的解释和预测能力。每股经营现金流量、公允价值变动收益缺乏显著的价值相关性，对股价缺乏解释和预测能力。只有金融保险业、信息技术类样本组的公允价值变动收益与股价表现出一定的正相关关系，即有一定的价值相关性。因此，从总样本组、分行业样本组实证分析中，可以看出，公允价值缺乏价值相关性，即公允价值的应用对股价的变动缺乏增量的解释能力。最后，根据研究结论提出进一步完善我国公允价值计量的相关政策与建议。
[Abstract]:In recent decades, fair value has been a hot research topic at home and abroad. On February 15, 2006, the Ministry of Finance promulgated and implemented the new accounting standards system of our country, of which one basic standard contains 38 specific standards.And require from January 1, 2007, in advance in the full implementation of listed companies.The promulgation and implementation of the new standard system is an important milestone in the accounting history of our country.The greatest highlight of the new accounting standard system is to re-introduce fair value as a measurement attribute, and highlight the fair value as one of the accounting measurement attributes in Enterprise Accounting Standard-basic Standards.At the same time, the fair value is used in 17 accounting standards, such as financial instruments, corporate mergers under the same control, debt restructuring, non-monetary transactions, investment real estate, and so on.There are few empirical studies on fair value in China, and the existing research is basically a value correlation test of fair value information of financial assets.This is because our country for a long time lack of effective empirical research platform.The application of fair value in our country is very short, the data is limited, and the efficiency of our capital market is not good, so the influence of accounting information on stock price is very limited.The existence of these factors makes the empirical research on fair value difficult to carry out effectively.However, with the continuous development of the capital market, the strengthening of market supervision and the convergence of accounting standards and international standards, the accounting information disclosed by listed companies is becoming more and more abundant.For our current fair value empirical research to provide a good condition.On the basis of collecting and arranging domestic and foreign research materials and drawing lessons from relevant research results at home and abroad, according to the actual situation of China's capital market, this paper bases on the financial report information disclosed by listed companies in China from 2007 to 2010.To test the value relevance of fair value, to examine the effect of fair value application in the new accounting standards, through the empirical analysis of the total sample group and the industry sample group, the conclusion is drawn: generally speaking, for each industry,Under the condition of applying fair value to the new criterion, the net assets per share and earnings per share have good value correlation, and have certain ability to explain and predict the stock price.Operating cash flow per share, fair value change earnings lack of significant value correlation, lack of interpretation and prediction of stock prices.Only the financial insurance industry, information technology sample group fair value change income and stock price show a certain positive correlation, that is, there is a certain value correlation.Therefore, from the empirical analysis of total sample group and industry sample group, we can see that fair value lacks value correlation, that is, the application of fair value lacks the incremental explanatory power to the change of stock price.Finally, according to the conclusion of the study, put forward the further improvement of fair value measurement of the relevant policies and recommendations.
【学位授予单位】：华东交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】