公允价值计量对企业债务融资行为影响研究

发布时间：2018-05-17 16:43

本文选题：公允价值 + 管理者有限理性　；参考：《西南财经大学》2013年硕士论文

【摘要】：本文的立脚点是管理者的有限理性,研究主题是公允价值计量对企业债务融资行为的影响。 2007年1月1日,新会计准则在我国上市公司正式施行,其中最显著的变化是公允价值的大范围运用。公允价值是面向未来的,它是未来信息在现时的反映,能够及时反映经济环境的变化,提高了会计信息的相关性,有助于会计信息使用者做出经济决策。很多学者(如黄世忠,1997；卢永华,2000；黄杰、陆宇建,2009)认为,公允价值计量是以市场输出变量为基础的,它对会计信息使用者的决策相关程度更高,因此,公允价值计量取代历史成本计量必然是一种发展趋势。正在舆论对公允价值计量属性一片称赞时,2008年的美国金融危机的爆发,使得企业界尤其是金融企业调转了方向,把公允价值推到了风口浪尖上,对公允价值发出了严厉的责难,人们认为公允价值计量对金融危机的发生有不可推卸的责任,公允价值计量对资产负债价格助涨助跌的作用而使情况变得更加糟糕。针对这种状况IASB和FASB也不得不对公允价值运用条件和范围进行了修正,加强了公允价值信息披露。从金融危机的爆发开始,对公允价值问题研究日益增多,现有的文献针对公允价值对债务融资的研究考虑的角度是不一样的,一些文献从标准公司金融理论出发,来探讨公允价值运用后,对债务融资的影响。可是,我们仔细对比一下公允价值的定义和其确认方法,会发现,公允价值的定义要求能客观的反映资产和负债的真实状况,它是以市场参与者的理性假设为前提的。但是无论是从FASB还是IASB所确立的公允价值估计的三个方法来看,公允价值实际上是一种以市场为参照基础的估计价格,虽然每个人都希望自己是理性的,但由于环境的不确定性,行为人的知识背景、精力和所获取的信息的有限性,完全理性是很难做到的。因此,估计的“市价”可能是有偏的。公允价值实际是反映了非理性的市场参与者的情绪的价格,其价格会频繁地波动并且偏离资产的基本价值。因此,从非理性的角度来研究公允价值对债务融资影响可能更贴近现实,更有说服力。通过理论分析,企业在运用公允价值计量后,企业的利润、资产负债率、会计盈余指标等都会在一定程度上受到其影响,从而可能引起管理者的非理性心理的产生,管理者的目标由关注企业的基本价值变成最大化的感知企业基本价值,对企业未来前景、未来收益和风险等做出非理性判断,进而做出相应的债务融资决策。从债权人角度考虑,因为目前我国的债券市场尚不发达,企业的负债融资来源主要是来自各商业银行(李林,2011)以及中国上市公司的债务融资中有一半以上来自于银行贷款(杨胜刚,何靖,2007),所以本文研究中,债权人主要从银行角度考虑。银行也会在很多方面受到公允价值计量的影响,包括信贷的担保物价格,信贷决策时依赖的会计信息以及自身资本充足率等。但是银行又对公允价值的会计信息在短期和长期债务中看重的程度不同,在短期债务中,银行接受和认可公允价值信息较强,对公允价值变动损益对利润的贡献较为认可,而在长期债务中,银行看重的程度就比较低。因此,本文站在管理者有限理性角度,来研究公允价值运用后,对债务融资有什么样的影响。对总体债务、短期债务和长期债务的影响是否一样,如果不一样,它在其中分别扮演了什么样的角色。实证结果显示,公允价值变动损益占总利润的比重与企业总体债务规模和短期债务规模都呈正相关关系,而与长期债务规模不相关,验证了理论分析的正确性。本文的主要贡献有：第一是用实证检验法并以管理者的有限理性角度出发,对理论和实证研究公允价值对债务融资影响有一定的贡献；第二是将债务融资分为总体债务、短期债务和长期债务三个方面考虑,将银行对短期债务和长期债务中公允价值信息看重程度考虑进来。本文的不足之处有：第一点,本文的实证部分只是排除了金融行业,然后对整个市场进行的研究,并没有细分一些行业,没有针对公允价值计量运用较多的行业进行研究,并且也没有对国有和非国有控股的企业分开进行研究；第二点,由于本人能力有限,模型设计时,可能遗漏了一些变量,没有进行相应的控制。
[Abstract]:The main purpose of this paper is the limited rationality of managers. The theme of the study is the impact of fair value measurement on corporate debt financing.
In January 1, 2007, the new accounting standards were formally implemented in China's listed companies. The most significant change is the wide use of fair value. The fair value is oriented to the future. It is a reflection of the future information. It can reflect the changes in the economic environment in time, improve the relevance of the information and help the users of accounting information to do it. Make economic decisions.
Many scholars (such as Huang Shizhong, 1997; Lu Yonghua, 2000; Huang Jie, Lu Yu Jian, 2009) believe that the fair value measurement is based on the market output variables, and it is more relevant to the decision making of the users of the accounting information. Therefore, the replacement of the historical cost by the fair value measurement is a trend of development.
When the public opinion is praising the measurement attribute of fair value, the outbreak of the American financial crisis in 2008 makes the enterprises, especially the financial enterprises, turn the direction, push the fair value to the point of the wind and the wave, and give a severe censure to the fair value. People think that the fair value measurement can not be shirked for the occurrence of the financial crisis. Responsibility, fair value measurement has made the situation worse with the help of asset and liability price rise and fall. In this situation, IASB and FASB also have to amend the conditions and scope of fair value application and strengthen the disclosure of fair value information.
Starting from the outbreak of the financial crisis, the research on the fair value problem is increasing. The existing literature is different from the perspective of the research on the fair value of debt financing. Some documents are based on the standard company financial theory to discuss the effect of fair value on debt financing. However, we carefully compare the fair value of the fair value. The definition of value and its confirmation method will find that the definition of fair value can objectively reflect the real situation of assets and liabilities. It is based on the rational assumptions of the market participants. However, the fair value is actually a market based on the three methods of fair value estimation established by FASB or IASB. Based on the basis of the estimated price, although everyone wants to be rational, but due to the uncertainty of the environment, the knowledge background of the actor, the energy and the limited information obtained, the total rationality is difficult to do. Therefore, the estimated "market price" may be biased. The fair value actually reflects the irrational market participation. The price of the person's emotion will fluctuate frequently and deviate from the basic value of the asset. Therefore, it may be more realistic and more convincing to study the impact of fair value on debt financing from a irrational point of view.
Through the theoretical analysis, the enterprise's profit, the asset liability rate and the accounting earnings index will be affected to some extent after the use of the fair value measurement, which may lead to the irrational psychology of the managers, and the goal of the managers is to become the basic value of the perception of the enterprise by paying attention to the basic value of the enterprise. The future prospects, the future income and the risk and so on make the irrational judgment, and then make the corresponding debt financing decisions. From the creditor's point of view, because the bond market in our country is not yet developed, the source of debt financing is mainly from the commercial banks (Li Lin, 2011) and the debt financing of Chinese listed companies. The above comes from the bank loan (Yang Shenggang, He Jing, 2007), so in this study, the creditor is mainly from the bank perspective. The bank will also be influenced by the fair value measurement in many aspects, including the price of the credit guarantee, the accounting information which is dependent on the credit decision and the capital adequacy ratio. But the bank is also fair value. The degree of accounting information in short-term and long-term debt is different. In short-term debt, the bank accepts and recognised the fair value information. The contribution of the fair value to profit and loss is more acceptable, while in the long-term debt, the extent of the value of the bank is relatively low.
Therefore, this article stands at the limited rational point of view of the manager to study the impact of the use of fair value on debt financing. Whether it has the same effect on the overall debt, the short-term debt and the long-term debt, if it is different, what role it plays in it.
The empirical results show that the proportion of the profit and loss of the fair value to the total profit is positively related to the overall debt scale and the short-term debt scale, but is not related to the long-term debt scale, which validates the correctness of the theoretical analysis.
The main contributions of this paper are as follows: first, using the empirical test method and the limited rationality of the managers, the theoretical and Empirical Study of the impact of fair value on debt financing has a certain contribution. Second, the debt financing is divided into total debt, short-term debt and long-term debt in three aspects, the bank is short of short-term debt and long-term debt. The importance of fair value information in debt is taken into account.
The inadequacies of this paper are as follows: first, the empirical part of this paper only excludes the financial industry, and then studies the whole market, and does not subdivide a number of industries, do not study the industry with more fair value measurement, and do not study the state-owned and non-state-owned enterprises separately; second, Because of my limited capability, some variables may be omitted in the design of the model without corresponding control.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F233

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