公允价值的决策有用性研究
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摘要
本文以“公允价值的决策有用性研究”为题,意在为国内会计准则制定、企业会计和财务实践提供理论基础和实践指导。使用规范研究与实证研究相结合的方法,从理论探讨、实证检验和决策应用三个方面对公允价值的决策有用性进行了多方位的研究。首先以美国财务会计概念系列公告及财务会计准则为基础从理论上对公允价值的概念及其特征、公允价值与会计目标的关系、公允价值决策有用性的质量特征进行了细致深入的分析。构建了公允价值决策有用性的理论分析框架,并在代理理论和企业契约理论的基础上,运用博弈论的分析方法探讨了公允价值决策有用性的制度保障机制。其次,在理清公允价值与企业价值、公允价值与企业股票价值关系的基础上,修正进而构建了公允价值的价值相关性统计检验模型,用深市A股市场的样本公司对公允价值的决策有用性进行了实证检验,结果表明:市场仅在短期内对计入当期损益的公允价值变动作出了反应,显示了公允价值具有一定的增量信息含量;从长期看,投资者进行投资决策更注重对企业长期获利能力和成长能力(即企业自创商誉)的评估。最后,决策应用部分分别从市场和企业两个不同角度探讨了公允价值决策有用性在实践中的应用。构建了公允价值会计下的企业投资价值评估模型,指出公允价值提高了会计信息的市场透明度,增进了资本市场运行的有效性。并就公允价值会计对企业内部财务管理和决策的影响进行了论述。得出如下主要结论:公允价值较历史成本更能反映报告主体的经济状况真相,增进了会计信息的透明度;公允价值决策有用性的一个重要方面,在于其“脱手价格”的界定将企业超额获利能力从具体计价项目中分离出来,便于在可比的基础之上更好地评估企业的价值创造能力和企业投资价值,并有力地促进企业内部财务管理和决策的科学性、正确性。
The reason why this paper discusses on the topic of "Decision Usefulness of Fair Value" is to provide a theoretical basis and practical guidance for the development of domestic accounting standards and corporate accounting and financial practices. This study uses both of the normative research methods and the empirical methods, and disusses the decision usefulness of the fair value from three aspects of theory analysis, empirical testing and decision-making applications. Firstly, based on the theoretical basis of the Series Statement of the United States Financial Accounting Concepts and Financial Accounting Standards, we discuss the concept and the characteristics of the fair value, the relationship between the fair value and objectives of accounting, the qualitative characteristics of the decision usefulness of the fair value. We construct a theoretical analysis framework of decision usefulness of the fair value and, based on the agency theory and corporate contractive theory, we develop the system guarantee mechanism of the reliability of the fair value by game analysis. Secondly, by sorting out links between the fair value and the enterprise value, the fair value and the share value, we amend and then construct the empirical model investigating value-relevance of the fair value, and then test the value-relevace of the fair value in the Shenzhen A-share Market. The results suggest that the market reacts, merely in short term, to the fair value changes included in the current profits, which shows certain incremental information content of the fair value. In the long term, investers will pay more attention to the assessment of enterprise copacity of long-term profitability and growth (that is self-created goodwill). Finally, we discuss the applications of the decision usefulness of the fair value in practices from two different points of view of the market and enterprises. This study constructs the investment valuation model of enterprises under the fair value accounting, points out the fair value improves the market transparency of accounting information and enhancing the effectiveness of the capital market, and elaborates influences brought by the fair value accounting to the enterprise internal financial management and decision-making. The main conclusions of this study are as follows: the fair value reflects the enterprise economic reality better than the historical cost, an important aspect of the decision usefulness of the fair value lies in that its definition of "Exit Price" separates the capacity of enterprise residual profitability from the specific pricing projects, which facilitate the assessment of the value creation capacity and the investment value of enterprises based on the comparative basis, and promotes effectively the scientific and rationality of enterprises internal financial management and decision-making.
The reason why this paper discusses on the topic of "Decision Usefulness of Fair Value" is to provide a theoretical basis and practical guidance for the development of domestic accounting standards and corporate accounting and financial practices. This study uses both of the normative research methods and the empirical methods, and disusses the decision usefulness of the fair value from three aspects of theory analysis, empirical testing and decision-making applications. Firstly, based on the theoretical basis of the Series Statement of the United States Financial Accounting Concepts and Financial Accounting Standards, we discuss the concept and the characteristics of the fair value, the relationship between the fair value and objectives of accounting, the qualitative characteristics of the decision usefulness of the fair value. We construct a theoretical analysis framework of decision usefulness of the fair value and, based on the agency theory and corporate contractive theory, we develop the system guarantee mechanism of the reliability of the fair value by game analysis. Secondly, by sorting out links between the fair value and the enterprise value, the fair value and the share value, we amend and then construct the empirical model investigating value-relevance of the fair value, and then test the value-relevace of the fair value in the Shenzhen A-share Market. The results suggest that the market reacts, merely in short term, to the fair value changes included in the current profits, which shows certain incremental information content of the fair value. In the long term, investers will pay more attention to the assessment of enterprise copacity of long-term profitability and growth (that is self-created goodwill). Finally, we discuss the applications of the decision usefulness of the fair value in practices from two different points of view of the market and enterprises. This study constructs the investment valuation model of enterprises under the fair value accounting, points out the fair value improves the market transparency of accounting information and enhancing the effectiveness of the capital market, and elaborates influences brought by the fair value accounting to the enterprise internal financial management and decision-making. The main conclusions of this study are as follows: the fair value reflects the enterprise economic reality better than the historical cost, an important aspect of the decision usefulness of the fair value lies in that its definition of "Exit Price" separates the capacity of enterprise residual profitability from the specific pricing projects, which facilitate the assessment of the value creation capacity and the investment value of enterprises based on the comparative basis, and promotes effectively the scientific and rationality of enterprises internal financial management and decision-making.
引文
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