金融资产公允价值的价值相关性研究

发布时间：2018-04-27 18:54

本文选题：公允价值 + 价值相关性　；参考：《东北林业大学》2013年硕士论文

【摘要】：伴随着资本市场的快速发展,股权分散程度的提高,会计目标也由过去的受托责任观向决策有用观方向转变,会计信息的解释能力越来越受到投资者的普遍关注。我们认为信息在时间上的分布有多种表现形式,不仅表现为过去的信息、现在的信息,更多的应当是表现为未来的信息。传统的历史成本计量模式主要是基于资产以及负债的账面价值,重点强调发生在过去的会计信息,不能对经济环境的变化做出及时的反映,无法为会计信息使用者提供能够为其决策参考带来实际意义的未来信息。而公允价值则是一种面向未来的、全新的会计计量模式,能够显著提高会计信息的解释能力,提供更为广泛的增量价值信息,满足投资者的决策需要,帮助投资者更加准确的预测公司的经营状况和未来发展趋势。因此,公允价值的概念一经提出,就因为其高度的决策相关性而受到人们的推崇和青睐。 2006年,伴随着新会计准则的颁布,我国全面扩大了公允价值的应用范围,这使得我国公允价值的研究取得了较为长足的进步,国内研究学者对于公允价值在我国的应用大多持乐观和积极的态度。然而,金融危机的爆发却使得公允价值再一次的面临质疑和争议,国外会计准则制定机构纷纷调整了公允价值在金融资产计量上的应用,提高了金融机构在金融资产计量属性上的自主选择权。面对国际经济形势的变化,我国的公允价值计量应该何去何从,是否应当重新规避公允价值计量在我国的应用?虽然公允价值在金融危机的冲击下暴露出了在计量模式上的弊端和漏洞,但是这不应该成为放弃应用公允价值计量的理由。相反的,我们应当把此次金融危机视为一次深入拓展公允价值研究的良好契机,针对不活跃的交易市场环境下如何提高公允价值信息的相关性和可靠性进行更加充分的探讨,完善我国的公允价值理论体系。本文首先对公允价值的理论体系进行了描述,对公允价值及其相关性的定义和理论基础进行了全方位的解读,从理论角度分析了公允价值在提高价值相关性方面确实存在巨大优势。在相关理论的支撑下,本文根据研究目标提出了相关研究假设,采用2011年和2012年上市公司财务报告的数据作为样本,借鉴国内外学者的研究方法,采用在价值相关性研究领域比较成熟和完善的价格模型,以上市公司的股票价格作为因变量,通过拆分变量来检验公允价值变动损益和可供出售金融资产公允价值变动额同股票价格之间的价值相关性。通过对符合条件的数据进行的描述性统计分析、相关性分析和回归分析,我们可以较为清晰的看到公允价值变动损益和可供出售金融资产变动额与股票价格之间确实存在相关关系,证明了之前的假设,肯定了公允价值在价值相关性方面所具有的优势。
[Abstract]:With the rapid development of the capital market and the improvement of the degree of equity decentralization, the accounting objective has also changed from the perspective of fiduciary responsibility to the view of usefulness in decision-making. The interpretation ability of accounting information has been paid more and more attention to by investors. We think that the distribution of information in time has many forms, not only the information of the past, the information of the present, but also the information of the future. The traditional historical cost measurement model is mainly based on the book value of assets and liabilities. The emphasis is on accounting information that has occurred in the past and cannot reflect the changes in the economic environment in a timely manner. It is impossible to provide accounting information users with future information that can bring practical meaning to their decision-making reference. The fair value is a future-oriented, new accounting measurement model, which can significantly improve the interpretation of accounting information, provide a wider range of incremental value information, and meet the decision-making needs of investors. Help investors to predict the company's business situation and future trends more accurately. Therefore, the concept of fair value, once put forward, is highly valued and favored by people because of its high decision relevance. In 2006, with the promulgation of the new accounting standards, China has comprehensively expanded the scope of application of fair value, which has made great progress in the research of fair value in China. Domestic scholars are optimistic and positive about the application of fair value in China. However, due to the outbreak of financial crisis, fair value once again faces doubt and controversy. Foreign accounting standard-setting organizations have adjusted the application of fair value in the measurement of financial assets. Improve the financial institutions in the measurement of financial assets on the independent choice. In the face of the change of international economic situation, where should our fair value measurement go? should we avoid the application of fair value measurement in our country again? Although fair value in the financial crisis exposed the shortcomings and loopholes in the measurement model, but this should not become a reason to give up the use of fair value measurement. On the contrary, we should regard the financial crisis as a good opportunity to further expand the research on fair value, and discuss more fully how to improve the relevance and reliability of fair value information in the inactive trading market environment. Perfect the fair value theory system of our country. This paper first describes the theoretical system of fair value, and interprets the definition and theoretical basis of fair value and its correlation. From the theoretical point of view, fair value in improving the relevance of value is indeed a huge advantage. Based on the relevant theories, this paper puts forward the relevant research hypotheses according to the research objectives, and uses the data of the financial reports of listed companies in 2011 and 2012 as samples to learn from the research methods of domestic and foreign scholars. Adopting the mature and perfect price model in the field of value correlation, taking the stock price of the listed company as the dependent variable, By splitting the variables to test the fair value change gains and losses and the value correlation between the fair value change amount of financial assets available for sale and the stock price. Through descriptive statistical analysis, correlation analysis and regression analysis of eligible data, We can clearly see that there is a real correlation between the change in fair value gains and losses and the amount of change in financial assets available for sale and the stock price, which proves the previous hypothesis. Affirmed the fair value in the value correlation aspect has the superiority.
【学位授予单位】：东北林业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F233;F832.5

【参考文献】