金融资产规模、公允价值会计与管理层过度自信

发布时间：2018-02-28 15:16

本文关键词： 金融资产规模公允价值会计过度自信金融风险　出处：《经济理论与经济管理》2012年07期 　论文类型：期刊论文

【摘要】：本文以2004—2009年持有证券资产的A股上市公司为样本,对金融资产规模的决定因素进行了理论和实证研究,得到以下研究结论:(1)公允价值会计是上市公司金融资产规模显著增加的解释因素;(2)管理层过度自信在成本计量模式下与金融资产规模只有弱相关性,但在公允价值会计下却与金融资产规模显著正相关;(3)受政府控制的公司、大股东持股比例高的公司在成本计量模式下有显著更低的金融资产规模,但在公允价值会计下,特别是当管理层过度自信时,金融资产规模却呈现为显著增加。上述结论解释了会计理念、管理层行为与金融风险的内在关联性:公允价值计量模式遵循的是价值相关性原则,要求把证券持有利得也计入资产价值和会计收益,这个未来价值理念激励了公司管理层和控股股东的金融投资行为。
[Abstract]:This paper takes A share listed companies holding securities assets from 2004 to 2009 as a sample to study the determinants of financial assets scale theoretically and empirically. The following conclusions are obtained: (1) Fair value accounting is the explanation factor for the significant increase in the scale of financial assets of listed companies. (2) Management overconfidence has only a weak correlation with the scale of financial assets under the cost measurement model. However, under fair value accounting, there is a significant positive correlation between financial assets and the scale of financial assets. (3) the companies controlled by the government have significantly lower financial assets under the cost measurement model, but under fair value accounting, the companies with high shareholdings have significantly lower financial assets under the cost measurement model. Especially when the management is overconfident, the scale of financial assets increases significantly. The above conclusions explain the internal relationship between management behavior and financial risk: the fair value measurement model follows the principle of value correlation. The concept of future value also motivates the financial investment behavior of the management and controlling shareholders of the company, which requires that the profits from holding securities should also be included in the asset value and accounting income.
【作者单位】：中国人民大学商学院;北京大学光华管理学院;
【基金】：中国博士后科学基金面上项目(2011M500194) 国家自然科学基金面上项目(70972131) 中国人民大学研究品牌计划(10XNI010)
【分类号】：F832.51;F233;F272.91;F224

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