金融行业上市公司公允价值会计的价值相关性

发布时间：2018-01-17 14:11

本文关键词：金融行业上市公司公允价值会计的价值相关性　出处：《中南财经政法大学学报》2015年03期 　论文类型：期刊论文

【摘要】：公允价值会计对金融行业的重要性强于其他行业,本文以2007~2013年沪深两市金融行业上市公司为样本,使用价格模型和收益模型检验公允价值会计对股票报酬与股票价格的影响。基于金融资产处置时公允价值变动转回特征,本文对交易性和可供出售金融资产公允价值变动信息进行检验发现:公允价值计量的每股净资产对股票价格和股票报酬均有显著解释力;考虑公允价值变动损益转回的交易性金融资产等产生的公允价值变动损益对股票价格和股票报酬有显著解释力,不考虑转回的公允价值变动损益对股票价格和股票报酬均无显著解释力;可供出售金融资产的公允价值变动信息不具有价值相关性,表明我国证券市场具有"功能锁定"效应,信息使用者"丢了西瓜捡芝麻"。
[Abstract]:Fair value accounting is more important to financial industry than other industries. This paper takes the listed companies of Shanghai and Shenzhen stock markets as samples from 2007 to 2013. This paper uses price model and income model to test the influence of fair value accounting on stock compensation and stock price. Based on the characteristics of the change of fair value when financial assets are disposed of. This paper examines the fair value change information of transactional and marketable financial assets and finds that the net assets per share measured by fair value have significant explanatory power on both stock prices and stock returns; Considering the fair value change profit and loss of the transaction financial assets and so on the fair value change profit and loss has the remarkable explanation to the stock price and the stock reward. No significant explanation for the stock price and stock reward is obtained without taking into account the changing gains and losses of the reverse fair value; The change information of fair value of financial assets available for sale is not of value relevance, which indicates that the securities market of our country has the effect of "function locking", and the information user "lost watermelon and sesame".
【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家社会科学基金资助项目“中国金融行业上市公司强制执行公允价值会计的表现及后果研究”(13CGL040) 高等学校博士学科点专项科研基金资助项目“财务报表列报强制性变更、价值相关性与薪酬契约——以综合收益为主要研究对象”(20110191120041)
【分类号】：F830.42;F233
【正文快照】： 一、引言2008年金融危机爆发后,公允价值会计(FVA)与金融稳定的关系引起了广泛关注。党的十八大报告提出“完善金融监管,推进金融创新,提高银行、证券、保险等行业竞争力,维护金融稳定”的目标。在我国,金融行业作为金融工具的集中持有者,是受FVA实施与否影响最大的行业,也是F

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