公允价值计量对上市公司投资效率的影响研究

发布时间：2018-04-02 09:15

本文选题：公允价值计量　切入点：投资过度　出处：《天津财经大学》2016年硕士论文

【摘要】：为保持我国企业会计准则与国际会计准则的一致性,财政部于2014年1月发布了《企业会计准则第39号——公允价值计量》。自国际金融危机发生以来,公允价值计量引起了全世界的关注。随着危机范围的扩大,公允价值计量应用的经济后果研究也逐步成为学术研究的热点。企业采用公允价值计量是对会计政策的选择,在采用公允价值计量后,其利益相关者的决策和行动会受到怎样的影响,已成为会计研究的新课题。文章采用规范和实证相结合的方法,研究了在我国的市场环境下,公允价值计量模式对上市公司投资效率的影响,全文共分为六个章节:第一章,导论。本部分首先阐述了选题背景,随后界定了研究内容,并介绍了此研究的意义、思路及拟采用的研究方法。第二章,文献综述。本章对国内外公允价值计量和企业投资行为的研究现状进行梳理,为后文理论分析奠定基础。第三章,理论基础。本部分阐明了公允价值的涵义,介绍了公允价值的计量方法、估值技术及其顺周期效应,并论述了投资行为的经典理论。第四章,公允价值计量对我国上市公司投资行为的作用机制。从上市公司内部和外部两个方面分析了公允价值计量对上市公司投资规模和投资行为的作用机制并构建了理论框架。公允价值的应用会对会计信息的可靠性与相关性、融资的难易程度及管理者非理性心理产生影响,这几大因素都会引发企业的非效率投资行为。第五章,实证检验与结果分析。首先,提出本文的研究假设,然后选取样本、变量,构建模型,最后通过对回归结果进行分析,验证提出的假设。第六章,结论与政策建议。本部分在前文理论分析及回归检验的基础上得出结论,并针对现状给出相应的政策建议。文章将公允价值计量与上市公司的投资效率纳入同一框架,构建公允价值应用对投资效率影响的模型,对改善企业投资效率,优化资源配置都起到积极作用。经研究证实,上市公司确认的公允价值变动损益与其投资规模具有相关性,且当上市公司确认的公允价值变动损益为正时,更易发生投资过度;当确认的公允价值变动损益为负时,更易发生投资不足。
[Abstract]:In order to maintain the consistency between Chinese accounting standards for enterprises and international accounting standards, the Ministry of Finance issued "Accounting Standards for Enterprises No. 39-Fair value Measurement" in January 2014. Fair value measurement has attracted worldwide attention. With the expansion of the scope of the crisis, the research on the economic consequences of fair value measurement has gradually become a hot topic in academic research. The adoption of fair value measurement by enterprises is the choice of accounting policies. After adopting fair value measurement, how to influence the decision and action of the stakeholders has become a new subject of accounting research. This paper adopts the method of combining norms and empirical evidence to study the market environment in our country. The impact of fair value measurement mode on the investment efficiency of listed companies is divided into six chapters: chapter one, introduction. This part first describes the background of the topic, then defines the research content, and introduces the significance of this study. Chapter two, literature review. This chapter reviews the research status of fair value measurement and enterprise investment behavior at home and abroad, which lays a foundation for the theoretical analysis. Theoretical basis. This part clarifies the meaning of fair value, introduces the measurement method of fair value, valuation technology and its procyclical effect, and discusses the classical theory of investment behavior. This paper analyzes the mechanism of fair value measurement on the investment scale and behavior of listed companies from the internal and external aspects of the listed companies, and constructs the mechanism of fair value measurement on the investment behavior of listed companies in China. On the frame. The application of fair value can make the accounting information reliable and relevant. The degree of difficulty in financing and the irrational psychology of managers have an impact on these factors, which will lead to the inefficient investment behavior of enterprises. Chapter five, empirical test and result analysis. First, the research hypothesis of this paper is put forward, and then the sample is selected. Finally, through the analysis of regression results to verify the proposed assumptions. Chapter 6, conclusions and policy recommendations. In this paper, the fair value measurement and the investment efficiency of listed companies are put into the same framework, and the model of the impact of fair value application on investment efficiency is constructed, which can improve the investment efficiency of enterprises. Optimization of resource allocation plays a positive role. Through research, it has been proved that the fair value change gains and losses confirmed by listed companies have a correlation with their investment scale, and when the fair value change gains and losses confirmed by listed companies are positive, it is more likely to overinvest; When the recognized fair value change gains and losses are negative, it is more likely to underinvest.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F832.51

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