公允价值计量的可靠性与价值相关性研究
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摘要
决策有用观主张通过改善计量的方法来保证会计信息的质量,而现代财务会计报告的重要目标就是决策有用。公允价值计量准则的产生就是为了适应时代的要求和经济发展的需要而来的,公允价值会计计量作为一种能代表未来、面向21世纪的会计计量模式,被美国等一些市场经济发达国家的广为接受,这些国家纷纷将公允价值作为首选的计量属性加以运用,由此可见,相对于以历史成本为基础的计量模式,公允价值正渐渐显露出在信息披露方面的优势,而推广和应用公用价值会计的根本目的就是为了提高会计信息的可靠性和价值相关性,以便更加真实的反映企业的资产价格和收益,为投资者提供更加有助于其经济决策的会计信息。2006年,为了实现与国际会计准则的趋同,我国财政部发布了以公允价值应用为最大亮点的新会计准则体系,并于2007年正式予以全面的推广和应用。
正值公允价值会计在世界各国得到广泛推广之时,基于公允价值的特性及其计价方式,许多学者对公允价值的可靠性提出了质疑。2007年由美国次贷危机引起的全球金融危机使公允价值在国际上成了一些金融机构和政治团体的指责对象,并将金融危机的恶化归于公允价值计量模式的使用。在国内,金融危机爆发的同时,公允价值的推广和运用正值起步阶段,我国的资本市场与国际上相对成熟的市场经济环境相比还存在很大的差距,在会计实务领域也缺乏经验。在这样的背景之下,对公允价值在我国资本市场的可靠性和价值相关性进行研究是十分必要的。对此,论文在理论分析的基础上通过实证研究得到的主要结论如下:
①通过价格模型的分析,发现A股金融类上市公司的股票价格与公允价值对每股净资产的影响金额显著正相关,说明公允价值的推广使用能够增强会计信息的解释能力,对提高会计信息质量起到了积极的作用
②通过两个模型的分析,我们发现利用层级I输入变量估计得到的公允价值及其变动量股票价格和年度收益率显著正相关,而其它两个层级均为通过显著性检验,这说明利用层级I输入变量估计得到的公允价值及其变动量将比其它两个层级输入变量估计得到的公允价值及其变动更加具有价值相关性,公允价值计量的可靠性因公允价值层级而异,利用不同层级的输入变量估计得到的公允价值在会计计量误差方面存在着比较大的差异,投资者对经不同层级的输入变量估值而得到的公允价值所赋予的参考权重是不一样的。而公允价值计量的不确定性、变动性正是源于层级Ⅱ、III的估计误差,得到结论经层级I输入变量估计得到的公允价值比其他层级输入变量估计得到的公允价值更加具有价值相关性,从而也就更具有可靠性。
③在实务方面,公允价值会计符合决策有用观的会计目标,公允价值计量模式在国内的推广和应用提高了会计信息披露的质量,因此,一些社会团体和个人对公允价值会计的质疑和枉加指责都是有失偏颇的;而在实证检验中,应区分公允价值估值所使用输入变量的层级来对公允价值计量的价值相关性进行检验,否则,各种不同计量误差的指标相混合,将不利于得出正确的研究结论。
Measuremengt perspective advocates strengthening the availability of accounting informationg to make useful decision by improving the method of measurement,and the oboject of accounting information is helping to make useful decisiong. Fair value measurement standards adapted to the times and the need of economic development,as the one looking into the future and facing the 21 century, Fair value has been widely accepted by United States and some other market economy developed countries,and these countries have used fair value as the most important even the preferred measure,thus, compared to the measurement model based on historical cost, the advantage of fair value is information disclosure,and the basic purpose of popularizing and applying of value accounting is to improve the reliability and the value relevance of accounting information,so that the enterprise asset price and the return can be more realistic reflecting,and provide investors with more accounting information that canhelp them to make economic decisions. In 2006, in order to convergence with the international accounting standards, China announced her new set of financial accounting standards, and in 2007 carries on the comprehensive promotion and application formally.
When fair-value accounting is widely spread all over the world, many scholars questioned to the reliability of fair value based o n the characteristics and valuation method of fair value. In 2007,fair value accounting was seriously blamed by Financial institutions and some Political organizations during the current global financial crisis arisen from the US mortgage-backed securities problem,and they always belived the use of the fair-value measurement model worsen the financial crisis.At the same time, in domestic,the popularizing and applying value accounting has just started,and the large gap still exists between China's capital market and relatively mature market of international, also lacks of experience in accounting practice field.Under such situation, research in the reliability and the value correlation of fair value in China's capital market is very necessary.To solve this problem, the paper conducts empirical research on the basis of theoretical analysis and the main conclusions obtained as follows:
①Reference to the analysis of the price model ,there was a significant positive correlation between the stock price of A shares financial company and fair value of per net asset.so ,the use of fair value accounting information enhance the ability of interpretation ,andplayed a positive role in improve the quality of accounting information.
②Reference to the analysis of the price model and revenue model,The fair value hierarchy will possibly have significant effects on reliability of the fair value,and accounting measurement error has caused by different levels,so fair value with different inputs levels will given different reference weight by investors In three levels of fair value measurement,the uncertainty and variability of fair value measurement is owing to the estimation error of levelⅡ、Ⅲ,relative value of relevance of level 1 is significantly higher than other lever,so it is even more reliable.
③In practice, the fair value metric is decision useful ,the use of fair value accounting in the new accounting standards has improved the value-relevance of accounting information in some degree,so,the questioned and accused to fair value accounting by some social organizations and individuals is incorrect. In the empirical test,only we shall distinguish different level,can a perfect conclusion be expected in a relevance study on fair value measurement.
正值公允价值会计在世界各国得到广泛推广之时,基于公允价值的特性及其计价方式,许多学者对公允价值的可靠性提出了质疑。2007年由美国次贷危机引起的全球金融危机使公允价值在国际上成了一些金融机构和政治团体的指责对象,并将金融危机的恶化归于公允价值计量模式的使用。在国内,金融危机爆发的同时,公允价值的推广和运用正值起步阶段,我国的资本市场与国际上相对成熟的市场经济环境相比还存在很大的差距,在会计实务领域也缺乏经验。在这样的背景之下,对公允价值在我国资本市场的可靠性和价值相关性进行研究是十分必要的。对此,论文在理论分析的基础上通过实证研究得到的主要结论如下:
①通过价格模型的分析,发现A股金融类上市公司的股票价格与公允价值对每股净资产的影响金额显著正相关,说明公允价值的推广使用能够增强会计信息的解释能力,对提高会计信息质量起到了积极的作用
②通过两个模型的分析,我们发现利用层级I输入变量估计得到的公允价值及其变动量股票价格和年度收益率显著正相关,而其它两个层级均为通过显著性检验,这说明利用层级I输入变量估计得到的公允价值及其变动量将比其它两个层级输入变量估计得到的公允价值及其变动更加具有价值相关性,公允价值计量的可靠性因公允价值层级而异,利用不同层级的输入变量估计得到的公允价值在会计计量误差方面存在着比较大的差异,投资者对经不同层级的输入变量估值而得到的公允价值所赋予的参考权重是不一样的。而公允价值计量的不确定性、变动性正是源于层级Ⅱ、III的估计误差,得到结论经层级I输入变量估计得到的公允价值比其他层级输入变量估计得到的公允价值更加具有价值相关性,从而也就更具有可靠性。
③在实务方面,公允价值会计符合决策有用观的会计目标,公允价值计量模式在国内的推广和应用提高了会计信息披露的质量,因此,一些社会团体和个人对公允价值会计的质疑和枉加指责都是有失偏颇的;而在实证检验中,应区分公允价值估值所使用输入变量的层级来对公允价值计量的价值相关性进行检验,否则,各种不同计量误差的指标相混合,将不利于得出正确的研究结论。
Measuremengt perspective advocates strengthening the availability of accounting informationg to make useful decision by improving the method of measurement,and the oboject of accounting information is helping to make useful decisiong. Fair value measurement standards adapted to the times and the need of economic development,as the one looking into the future and facing the 21 century, Fair value has been widely accepted by United States and some other market economy developed countries,and these countries have used fair value as the most important even the preferred measure,thus, compared to the measurement model based on historical cost, the advantage of fair value is information disclosure,and the basic purpose of popularizing and applying of value accounting is to improve the reliability and the value relevance of accounting information,so that the enterprise asset price and the return can be more realistic reflecting,and provide investors with more accounting information that canhelp them to make economic decisions. In 2006, in order to convergence with the international accounting standards, China announced her new set of financial accounting standards, and in 2007 carries on the comprehensive promotion and application formally.
When fair-value accounting is widely spread all over the world, many scholars questioned to the reliability of fair value based o n the characteristics and valuation method of fair value. In 2007,fair value accounting was seriously blamed by Financial institutions and some Political organizations during the current global financial crisis arisen from the US mortgage-backed securities problem,and they always belived the use of the fair-value measurement model worsen the financial crisis.At the same time, in domestic,the popularizing and applying value accounting has just started,and the large gap still exists between China's capital market and relatively mature market of international, also lacks of experience in accounting practice field.Under such situation, research in the reliability and the value correlation of fair value in China's capital market is very necessary.To solve this problem, the paper conducts empirical research on the basis of theoretical analysis and the main conclusions obtained as follows:
①Reference to the analysis of the price model ,there was a significant positive correlation between the stock price of A shares financial company and fair value of per net asset.so ,the use of fair value accounting information enhance the ability of interpretation ,andplayed a positive role in improve the quality of accounting information.
②Reference to the analysis of the price model and revenue model,The fair value hierarchy will possibly have significant effects on reliability of the fair value,and accounting measurement error has caused by different levels,so fair value with different inputs levels will given different reference weight by investors In three levels of fair value measurement,the uncertainty and variability of fair value measurement is owing to the estimation error of levelⅡ、Ⅲ,relative value of relevance of level 1 is significantly higher than other lever,so it is even more reliable.
③In practice, the fair value metric is decision useful ,the use of fair value accounting in the new accounting standards has improved the value-relevance of accounting information in some degree,so,the questioned and accused to fair value accounting by some social organizations and individuals is incorrect. In the empirical test,only we shall distinguish different level,can a perfect conclusion be expected in a relevance study on fair value measurement.
引文
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王诚军. 2008.公允价值会计准则是“帮凶”? [J].中国证券报, 10.
Ball, R,P.Brown. 1968.An Empirical Evaluation of Accounting Income Numbers[J].Journal of Accounting Reasearch, 6:159-178.
Beaver, Griffin P A,Landsman W R. 1982.The Incremental Information Content of Replacement Cost Earnings[J].Journal of Accounting and Economics, 7:15～39.
Barth M.E,Beaver W.H,Landsman W.R. 1996.Value-Relevance of Banks’Fair Value Disclosures under SFAS No.107, 4:513～537.
Harris T.S,OhlsonJ.A.A1987.ccounting Disclosure and the Market’Value of Oil and Gas Prosperities[J]. the Accounting Review, 62:651-670.
Magliolo. J. 1986.Capital Market Analysis of Reserve Recognition Accounting[J].Journal of Accounting Research, 24(3):64-108.
Beaver.W.H,Ryan.S.G.1985.How Well do Statement No.33 Earnings Explain Stock Returns[J].Financial Analysts Journal, Sep/Oct:66-71.
Bernard. V, Ruland.R. 1987.The Incremental Information Content of Historical Cost and Current Cost Numbers:Time Series Analysis[J].The Accounting Review, 62:701-722.
Barth. M.E, Clinch.G. 1998.Revalued Financial Tangible and Intangible Assets:Associations with Share Prices and Nonmarket-based Value Estimates[J].Journal of Accounting Research, 36: 199-233.
Bell. T.B. 1983.Market Reaction to Reserve Recongnition Accounting[J].Journal of Accounting Research, 21(1):1-17.
Bubltz. B,Frecka. T.J,McKeown.J.C. 1985.Market Association Test and FASB Statement No.33 Disclosures: a Reexamination[J].Journal of Accouting Research, 23(3):1-23.
Murdoch. B. 1986,.the Information Content of FAS 33 Returns on Equity[J].The Accounting Review, 61(Apr):273-287.
Haw. I.M, Lustgarten. S. 1988.Evidence on Income Measurement Prosperities of Asr No.190 and SFAS No.33 Data [J]. Journal of Accounting Research, 26(Autumn):331-352.
Robinson. D, Burton. D. 2004.Discretion in Financial Reporting: The Voluntary Adoption of Fair Value Accounting for Employee Stock Option[J].Accounting Horizon, 18(2):97-108.
Hann. R, Heflin. N.F, Subram anayam. K.R.2007.Fair Value Pension Accounting[J].Journal of Accounting and Economics, 22:328-358.
Barth. M. E. 1994. F air Value Accounting Evidence from Investment Securities and the Market Valuation of Banks [J]. The Accounting Review, 69:1-25.
Nelson. K. 1996.Fair Value Accounting for Commercial Banks: an Empirical Analysis of SFAS 107 [J].The Accounting Review, 71:161-182.
Herranmann. D.S.M, Saudagaran. W.B.Thomas. 2006.The Quality of Fair Value Measures for Property, Plant and Equipment[J].Accounting Forum, 30:43-59.
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