公允价值计量与上市公司价值实证研究

发布时间：2019-06-26 13:43

【摘要】：公司资产和负债的公允价值是对其市场价值的反映，公允价值变动则反映了有关资产和负债市场价值的波动，从而公允价值计量模式可以在一定程度上，对处于不断变化市场中的公司的价值进行及时反映，对于投资者来说，以公允价值计量的会计信息相比于历史成本计量更加具有决策有用性。但是2008年的金融危机显示，公允价值计量及时反映市场波动的这一特点，同时也有可能歪曲公司的真实价值，加剧市场波动。那么，在金融危机过后，公允价值计量在我国的应用现状如何，以及在此基础其对上市公司价值产生怎样的影响，对于继续推进公允价值计量在我国的应用是一个具有现实意义的课题。本文以托宾Q值作为衡量上市公司价值的指标，选取金融行业上市公司为研究对象，对我国当前阶段公允价值计量与上市公司价值的关系进行深入阐述和探讨。首先对国内外有关文献进行了整理和归纳，从中总结出研究思路；在以前学者的研究成果基础上，分别阐述了有关公允价值计量和公司价值的相关理论，并阐明了公允价值计量与公司价值的内在联系；然后推导研究假设，设计实证模型和有关变量，，选取我国沪深A股金融行业上市公司作为研究对象，并将研究期间确定为2010—2012年；运用SPSS18.0统计软件对研究样本进行描述性统计分析和实证检验；最后，综合前述理论基础和实证检验结果得出了研究结论，并对金融行业上市公司、监管部门和投资者提出建议。虽然理论上公允价值变动损益通过净利润影响上市公司价值，但其数额只占净利润中的很小部分，经检验公允价值变动损益与上市公司价值没有显著相关性；可供出售金融资产公允价值变动通过净资产影响上市公司价值，其持有规模较大且公允价值变动的确认数额对净资产影响较大，经检验可供出售金融资产公允价值变动与上市公司价值显著负相关。对模型二的分析结果表明，剔除公允价值计量影响前后的每股收益和每股净资产的回归系数均存在明显差异，且剔除后两者的回归系数均变小，说明综合公允价值变动损益和可供出售金融资产公允价值变动的公允价值计量确实对金融行业上市公司价值产生了影响，但是这一影响效用并不大，公允价值计量没有歪曲金融行业上市公司价值。
[Abstract]:The fair value of the assets and liabilities of the company is a reflection of its market value, while the change of the fair value reflects the fluctuation of the market value of the assets and liabilities, so that the fair value measurement model can reflect the value of the company in the changing market to a certain extent. For investors, the accounting information measured by fair value is more useful for decision-making than historical cost measurement. However, the financial crisis in 2008 shows that fair value measurement reflects the characteristics of market volatility in a timely manner, and may also distort the real value of companies and aggravate market volatility. Then, after the financial crisis, the application status of fair value measurement in China and its impact on the value of listed companies are of practical significance to continue to promote the application of fair value measurement in our country. This paper takes Tobin Q value as the index to measure the value of listed companies, selects the listed companies in financial industry as the research object, and expounds and discusses the relationship between fair value measurement and the value of listed companies in the current stage of our country. First of all, the relevant literature at home and abroad is sorted out and summarized, from which the research ideas are summarized. On the basis of the research results of previous scholars, the relevant theories about fair value measurement and corporate value are expounded respectively, and the internal relationship between fair value measurement and corporate value is expounded. Then the research hypothesis is deduced, the empirical model and related variables are designed, and the listed companies in Shanghai and Shenzhen A-share financial industry in China are selected as the research object, and the research period is determined as 2010 / 2012. The descriptive statistical analysis and empirical test of the research samples are carried out by using SPSS18.0 statistical software. Finally, based on the above theoretical basis and empirical test results, the research conclusions are drawn, and some suggestions are put forward for listed companies, regulators and investors in the financial industry. Although in theory, the profit and loss of fair value change affects the value of listed company through net profit, but its amount accounts for only a small part of the net profit, and there is no significant correlation between the change of fair value profit and loss and the value of listed company. The change of fair value of available financial assets affects the value of listed companies through net assets, and the recognized amount of fair value changes has a great influence on net assets. It is tested that the change of fair value of available financial assets is negatively correlated with the value of listed companies. The analysis results of model 2 show that there are obvious differences in the regression coefficients of earnings per share and net assets per share before and after excluding the influence of fair value measurement, and the regression coefficients of excluding the latter two become smaller, which indicates that the fair value measurement of profit and loss of comprehensive fair value change and fair value change of available financial assets does have an impact on the value of listed companies in the financial industry, but this effect is not very effective. Fair value measurement does not distort the value of listed companies in the financial industry.
【学位授予单位】：石家庄铁道大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F233;F275;F276.6

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