非活跃市场环境下公允价值会计计量问题研究
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摘要
一个全面而完善的公允价值会计计量系统不仅要分别指导活跃市场环境和非活跃市场环境下公允价值会计计量,而且要解决市场环境改变后公允价值会计计量转换和对接问题。由FAS157和IFRS13系列准则组成的公允价值计量框架重点解决了活跃市场环境下公允价值计量问题。非流动、非理性、非活跃市场环境下公允价值计量问题没有得到足够重视和系统梳理,更没有考虑不同市场环境下公允价值计量转换和对接。金融危机背景下公允价值计量只是对FAS157的局部改良和权宜之计,难以成为独立的计量体系。
本研究目标是构筑非活跃市场环境下公允价值会计计量框架,系统解决非流动、非理性和非活跃市场环境下公允价值会计计量问题。本框架与FAS157和IFRS13基于活跃市场环境下公允价值计量框架对接,组成一个全面而完善的公允价值会计计量系统。
首先,采用跨学科研究方法嫁接本框架的理论基础。一是对基于市场环境的价值计量理论进行梳理,将本框架研究上升到制度层面；二是将风险偏好理论、行为动机理论、信息不对称理论、交易费用理论、集体选择理论、制度变迁理论、内部控制理论以及博弈论等相关经济理论引入到公允价值计量技术更新和公允价值会计计量制度改造。
其次,采用对比分析方法构建本框架。一是借鉴FAS157和IFRS13公允价值计量技术结构,规范本框架计量技术体系；二是将非活跃市场环境下与公允价值计量相关的重要制度设计如简化计量、信息质量、风险控制以及相关信息披露纳入到框架内整体分析。本框架由公允价值计量目标指引,公允价值计量技术和公允价值会计计量制度相互支撑构成一个有机整体。
再次,运用本框架建立健全各种体制机制,分门别类解决非活跃市场环境下公允价值会计计量的热点和难点问题。一是建立以公允价值选择权为核心的公允价值简化计量模式,降低公允价值会计计量复杂性；二是完善公允价值计量机制,同时争取市场配套和外系统利益输入建立健全公允价值信息质量保障机制和提升机制；三是建立公允价值计量机制与内部控制相结合规避公允价值套期风险的体制机制。对我国39家金融类上市公司公允价值套期风险内部控制相关情况进行问卷调查和分析,寻求金融创新风险内部控制机制与公司治理、内部控制和风险管理相结合构成核心竞争力合理规避公允价值套期风险的路径；四是创新公允价值相关信息披露机制。对我国39家金融类上市公司2009-2011年年报披露的公允价值相关信息进行实证分析,构建公允价值内控制度、敏感性分析和不确定性分析披露体系。
最后,检验本框架改造我国公允价值会计计量系统的应用与实践。一是对我国《企业会计准则2006》公允价值会计计量基本架构和实施4年来的经济后果进行分析,提出构建我国非活跃市场环境下公允价值会计计量框架的目标任务；二是辨析我国公允价值会计计量系统国际趋同路径；三是参照本框架改造我国非活跃市场环境下公允价值会计计量框架体系；四是对我国框架运用与实践的配套措施提出政策建议。
本研究的创新性贡献一是将非流动、非理性和非活跃市场规范为非活跃市场环境序列,置于活跃市场环境对等甚至更重要位置研究公允价值会计计量问题。所构筑的公允价值计量技术和公允价值会计计量制度相结合的综合性框架与FAS157和IFRS13基于活跃市场环境下公允价值计量技术框架组成一个全面而完善的公允价值计量系统,并尝试研究了两大框架转换和对接问题；二是运用本框架建立健全各种体制机制,系统、有序解决非活跃市场环境下公允价值会计计量的热点和难点问题如简化计量模式、信息质量保障和提升机制、计量风险控制机制以及相关信息披露机制；三是参照本框架改建我国非活跃市场环境下公允价值会计计量系统,对我国框架的结构布局、趋同路径、公允价值会计计量准则与公允价值会计计量制度结合形式、公允价值会计计量具体准则重组为非活跃市场环境下公允价值会计计量三种类型提出了配套措施和政策建议。
The perfect and complete system of fair value shouldn,t only provide guides for accounting measurement within active market and inactive market respectively,but also consider the docking and transforming accompanying the changing of environments. FAS157and IFRS13series standards have mainly resolved the measurement issues under active market environments,without considering the same issues under inactive market environments and the docking and transforming with active market.The accounting measurement standards under financial crisis is the short way and the partly rebuilding to active markets.It can,t constitute a kind of types independently.
The goal of studying is to build the framework under inactive markets,resolving the measuring issues under illiquid,irrational and inactive market environments.The framework can dock and transform with FAS157and IFRS13,contain a complete accounting system of fair value measurement.
Firstly,the studying grafts the theoretical foundation for the framework with some economic theories.One is summarizing all kind of theories of value measurement,Upgrading the research to the studying of system of value measurement;The another is combining the Theory of Risk Preference,The Theory of Behaviour Motivation, The Theory of Information Asymmetry, The Theory of Transaction Cost,The Theory of System Migranting,The Theory of Internal Controlling and The Theory of Game with the updating of Technology of fair value and rebuilding the system of fair value.
Next,constituting the structure of the framework using comparision.One is building the series of fair value measurements technology borrowing the structure of FAS157and IFRS13;The another one is entering the important systems related with fair value measurement inactive market,for example The simplifying measurement model,The upgrading information quality mechanism,The risk controlling mechanism and The information revealing mechanism into the framework wholly in the studying.The framework consists of fair value measurements technology and fair value measurements system guiding with the goal of fair value.
Once again,establishing the system and Mechanism applying the framework to solve the hot and the hard issues of fair vlue measurement in inactive market.One is The simplifying measurement model to reduce the complex;The another is to perfect the Mechanism of fair value measurement,in the same time,obtaining the matching with market and supporting from the systems;The third is the system and Mechanism avoiding the risk of fair value measurement through combing the measurement system with internal controlling.Questionnaire investigation to39listed financial enterprises about internal controlling with hedging risk of fair value,seeking the path of combing risk controlling of financial innovation with internal controlling,risking managing and Corporate governance.The fourth is creating the revealing system and mechanism, Statistical analysis to39listed financial enterprises about revealing through annual report of2011,Establishing the system of internal controlling of fair value measurements, sensitivity analysis and uncertainty analysis.
Lastly,Researching the strategy of the practice of the framework in China using the normative and empirical manners.One is economic consequences analysis with accounting standard for business enterprises of2006,ensuring the goals,task, policies ans suggesting;The another is analysis of path of convergence with the framenwork;The third is rebuilding the structure of the framework of fair value measurement in our country referring the framework;The Fourth is pointing out the policy and suggestion to practice
The original contribution:One is integrating to an uniform market environment about illiquid,irrational and inactive.Which is the opposite or more important position than active market.The framework unites another framework under active market.the two different frameworks consists of an uniform system of accounting,.which can dock and transform under certain conditions;Which is the Comprehensive framework combing the technique with system.The second is establishing all kind of systems and Mechanism,which can resolv all hot and different issues in inactive market,for example, The simplifying measurement model,The upgrading information quality mechanism,The risk controlling mechanism and The information revealing mechanism;The Third is the establishing the framework of fair value measurement in inactive market in our country according the framenwork,pointing out the suggestion of structure of framework,the rebuilding with the basic principal and detailed principal,the path of convergence and matching measures according to the economic consequences analysis with accounting standards for business enterprises of2006.
本研究目标是构筑非活跃市场环境下公允价值会计计量框架,系统解决非流动、非理性和非活跃市场环境下公允价值会计计量问题。本框架与FAS157和IFRS13基于活跃市场环境下公允价值计量框架对接,组成一个全面而完善的公允价值会计计量系统。
首先,采用跨学科研究方法嫁接本框架的理论基础。一是对基于市场环境的价值计量理论进行梳理,将本框架研究上升到制度层面；二是将风险偏好理论、行为动机理论、信息不对称理论、交易费用理论、集体选择理论、制度变迁理论、内部控制理论以及博弈论等相关经济理论引入到公允价值计量技术更新和公允价值会计计量制度改造。
其次,采用对比分析方法构建本框架。一是借鉴FAS157和IFRS13公允价值计量技术结构,规范本框架计量技术体系；二是将非活跃市场环境下与公允价值计量相关的重要制度设计如简化计量、信息质量、风险控制以及相关信息披露纳入到框架内整体分析。本框架由公允价值计量目标指引,公允价值计量技术和公允价值会计计量制度相互支撑构成一个有机整体。
再次,运用本框架建立健全各种体制机制,分门别类解决非活跃市场环境下公允价值会计计量的热点和难点问题。一是建立以公允价值选择权为核心的公允价值简化计量模式,降低公允价值会计计量复杂性；二是完善公允价值计量机制,同时争取市场配套和外系统利益输入建立健全公允价值信息质量保障机制和提升机制；三是建立公允价值计量机制与内部控制相结合规避公允价值套期风险的体制机制。对我国39家金融类上市公司公允价值套期风险内部控制相关情况进行问卷调查和分析,寻求金融创新风险内部控制机制与公司治理、内部控制和风险管理相结合构成核心竞争力合理规避公允价值套期风险的路径；四是创新公允价值相关信息披露机制。对我国39家金融类上市公司2009-2011年年报披露的公允价值相关信息进行实证分析,构建公允价值内控制度、敏感性分析和不确定性分析披露体系。
最后,检验本框架改造我国公允价值会计计量系统的应用与实践。一是对我国《企业会计准则2006》公允价值会计计量基本架构和实施4年来的经济后果进行分析,提出构建我国非活跃市场环境下公允价值会计计量框架的目标任务；二是辨析我国公允价值会计计量系统国际趋同路径；三是参照本框架改造我国非活跃市场环境下公允价值会计计量框架体系；四是对我国框架运用与实践的配套措施提出政策建议。
本研究的创新性贡献一是将非流动、非理性和非活跃市场规范为非活跃市场环境序列,置于活跃市场环境对等甚至更重要位置研究公允价值会计计量问题。所构筑的公允价值计量技术和公允价值会计计量制度相结合的综合性框架与FAS157和IFRS13基于活跃市场环境下公允价值计量技术框架组成一个全面而完善的公允价值计量系统,并尝试研究了两大框架转换和对接问题；二是运用本框架建立健全各种体制机制,系统、有序解决非活跃市场环境下公允价值会计计量的热点和难点问题如简化计量模式、信息质量保障和提升机制、计量风险控制机制以及相关信息披露机制；三是参照本框架改建我国非活跃市场环境下公允价值会计计量系统,对我国框架的结构布局、趋同路径、公允价值会计计量准则与公允价值会计计量制度结合形式、公允价值会计计量具体准则重组为非活跃市场环境下公允价值会计计量三种类型提出了配套措施和政策建议。
The perfect and complete system of fair value shouldn,t only provide guides for accounting measurement within active market and inactive market respectively,but also consider the docking and transforming accompanying the changing of environments. FAS157and IFRS13series standards have mainly resolved the measurement issues under active market environments,without considering the same issues under inactive market environments and the docking and transforming with active market.The accounting measurement standards under financial crisis is the short way and the partly rebuilding to active markets.It can,t constitute a kind of types independently.
The goal of studying is to build the framework under inactive markets,resolving the measuring issues under illiquid,irrational and inactive market environments.The framework can dock and transform with FAS157and IFRS13,contain a complete accounting system of fair value measurement.
Firstly,the studying grafts the theoretical foundation for the framework with some economic theories.One is summarizing all kind of theories of value measurement,Upgrading the research to the studying of system of value measurement;The another is combining the Theory of Risk Preference,The Theory of Behaviour Motivation, The Theory of Information Asymmetry, The Theory of Transaction Cost,The Theory of System Migranting,The Theory of Internal Controlling and The Theory of Game with the updating of Technology of fair value and rebuilding the system of fair value.
Next,constituting the structure of the framework using comparision.One is building the series of fair value measurements technology borrowing the structure of FAS157and IFRS13;The another one is entering the important systems related with fair value measurement inactive market,for example The simplifying measurement model,The upgrading information quality mechanism,The risk controlling mechanism and The information revealing mechanism into the framework wholly in the studying.The framework consists of fair value measurements technology and fair value measurements system guiding with the goal of fair value.
Once again,establishing the system and Mechanism applying the framework to solve the hot and the hard issues of fair vlue measurement in inactive market.One is The simplifying measurement model to reduce the complex;The another is to perfect the Mechanism of fair value measurement,in the same time,obtaining the matching with market and supporting from the systems;The third is the system and Mechanism avoiding the risk of fair value measurement through combing the measurement system with internal controlling.Questionnaire investigation to39listed financial enterprises about internal controlling with hedging risk of fair value,seeking the path of combing risk controlling of financial innovation with internal controlling,risking managing and Corporate governance.The fourth is creating the revealing system and mechanism, Statistical analysis to39listed financial enterprises about revealing through annual report of2011,Establishing the system of internal controlling of fair value measurements, sensitivity analysis and uncertainty analysis.
Lastly,Researching the strategy of the practice of the framework in China using the normative and empirical manners.One is economic consequences analysis with accounting standard for business enterprises of2006,ensuring the goals,task, policies ans suggesting;The another is analysis of path of convergence with the framenwork;The third is rebuilding the structure of the framework of fair value measurement in our country referring the framework;The Fourth is pointing out the policy and suggestion to practice
The original contribution:One is integrating to an uniform market environment about illiquid,irrational and inactive.Which is the opposite or more important position than active market.The framework unites another framework under active market.the two different frameworks consists of an uniform system of accounting,.which can dock and transform under certain conditions;Which is the Comprehensive framework combing the technique with system.The second is establishing all kind of systems and Mechanism,which can resolv all hot and different issues in inactive market,for example, The simplifying measurement model,The upgrading information quality mechanism,The risk controlling mechanism and The information revealing mechanism;The Third is the establishing the framework of fair value measurement in inactive market in our country according the framenwork,pointing out the suggestion of structure of framework,the rebuilding with the basic principal and detailed principal,the path of convergence and matching measures according to the economic consequences analysis with accounting standards for business enterprises of2006.
引文
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