公允价值、机构投资者与信息不对称

发布时间：2018-05-27 22:02

本文选题：公允价值 + 机构投资者　；参考：《新疆财经大学》2014年硕士论文

【摘要】：2007年以来，新会计准则在我国实施后，公允价值得到了推广应用，但是它的实际应用价值却一直被外界质疑，所以公允价值在我国的应用并不普遍，相关的研究也并不多。本文认同我国推行使用公允价值，并且从公允价值应用的经济后果出发，分析其对信息不对称的影响，然后加入了机构投资者这一变量，分析机构投资者在这二者中间所起的作用。本文采用规范研究和实证研究相结合的方法，，在理论分析阶段，阅读了大量相关文献，并对其加以总结，吸取精华部分，进而明确了本文的研究方向。首先回顾了国内外关于公允价值、机构投资者与信息不对称的相关文献，介绍了目前关于三者的研究状况。接着本文分别对三者的相关理论进行详细阐述。最后是本文的核心部分——实证分析，文章试图检验公允价值计量对信息不对称的影响，以及加入机构投资者后对信息不对称的影响。实证结果显示，公允价值计量确实降低了管理层与投资者之间的信息不对称，并且机构投资者作为专业的金融投资中介的加入，也在一定程度上降低了信息不对称。此外，本文的结论还显示出，不同类型的机构投资者对信息不对称的降低程度是不同的。希望本文的研究可以为公允价值、机构投资者和信息不对称三者关系的研究提供思路借鉴，为公允价值的成熟应用做出贡献。
[Abstract]:Since 2007, after the implementation of the new accounting standards in China, fair value has been popularized and applied, but its practical application value has been questioned by the outside world, so the application of fair value in our country is not universal, and the relevant research is not much. In this paper, we agree that fair value should be used in our country, and analyze its influence on information asymmetry from the perspective of the economic consequences of fair value application, and then add institutional investor as a variable. Analyze the role of institutional investors in the middle of the two. This paper adopts the method of combining normative research and empirical research, in the stage of theoretical analysis, read a lot of relevant literature, summarize it, absorb the essence part, and then clarify the research direction of this paper. Firstly, the paper reviews the relevant literature on fair value, institutional investors and information asymmetry, and introduces the current research status of the three. Then, this paper elaborates the three theories in detail. Finally, it is the core part of this paper-empirical analysis, this paper tries to test the fair value measurement of the impact of information asymmetry, as well as the impact of institutional investors on information asymmetry. The empirical results show that fair value measurement does reduce the information asymmetry between management and investors, and institutional investors, as a professional financial investment intermediary, also reduce the information asymmetry to a certain extent. In addition, the conclusion shows that different types of institutional investors have different degrees of information asymmetry reduction. It is hoped that the research in this paper can provide ideas for the study of the relationship among fair value, institutional investors and information asymmetry, and contribute to the mature application of fair value.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F233;F275

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