新准则实施后公允价值增量信息含量研究
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摘要
进入21世纪以来,世界经济的飞速发展尤其是金融业的飞速发展促使传统会计的计量模式发生了实质的变化,公允价值的引入对整个世界都是一个质的飞跃。在我国,也发生着类似的变化。2006年2月15日,我国财政部发布了包括1项基本准则和38项具体准则的新会计准则体系,并规定于2007年1月1日起首先在上市公司范围内实施。其中一大亮点即是新会计准则基本准则把公允价值作为5种会计计量属性之一,且有17项具体准则不同程度地涉及了公允价值的计量。因此,公允价值在会计确认和计量方面的运用趋势促使我们有必要对公允价值进行研究。
国外的规范研究基本倾向于公允价值优于历史成本。国外学者对此进行的多数实证研究认为公允价值信息是具有相关性的,特别是当以客观的市场交易价格作为公允价值估计的基础时,更具有价值相关性。国内学术界对公允价值的研究绝大部分为规范研究,他们大多认为公允价值计量优于历史成本且更具有价值相关性,同时,他们对公允价值在我国的运用前景持乐观的态度。新准则颁布实施后,国内也涌现了不少对公允价值价值相关性的实证研究,但现阶段各学者得出的结论还不一致。本文认为,随着大量数据资料的不断充实和人们对公允价值计量的深入认识,在决策有用性的会计目标下,公允价值的计量将越加显示出其价值相关性。
因此,本文采用增量信息含量研究的方法,针对利润表中的“公允价值变动损益”项目和所有者权益变动表中的“可供出售金融资产公允价值变动净额”项目提出三个假设,在奥尔森(Ohlson)价格模型的基础上建立了三个模型分别对三个假设进行检验并对实证结果进行分析,进而得出本文的研究结论并提出相关制度建议。本文的研究结果表明,新会计准则实施后我国上市公司财务报告中披露的公允价值表内计量信息具有增量信息含量。该研究结果能有效地消除外界对公允价值在我国曲折运用的疑虑,也为准则制定者提供了实证研究上的支持,从而在一定程度上可以推动公允价值的广泛应用。
Since the 21st century, the rapid development of the world economy and especially the rapid development of financial industries promote the traditional accounting measurement model to change substantially, the use of the fair value is a qualitative leap to the whole world. In our country, the similar change also occurred. On February 15th of 2006, China's ministry of finance issued the new system of accounting standards which include 1 basic standard and 38 specific standards, and regulated that first carrying out in listed companies on January 1 st of 2007. One highlight of the new accounting standards is the basic standard attributing the fair value as one of the five accounting measurements, and there are 17 specific standards involve the fair value measurement in different degrees. Therefore, the use of fair value in accounting recognition and measurement leads us to make research on it.
Foreign normative researches basically believe that fair value superior to the historical cost. Most foreign empirical researches consider that the fair value information has value relevance, especially when using the market transaction price as the foundation of the fair value, it has more value relevance. The majority of domestic academic researches for fair value are normative researches, most of them think that the fair value measurement is superior to the historical cost and has more value relevance. At the same time, they are in optimistic attitude to the application of fair value in our country. After the new standards promulgated and implemented, China also sprung up many empirical researches of value relevance for fair value, but the conclusions of our scholars still inconsistent. We believe that in the wake of enriching the large number of data and gradual understanding of the fair value measurement, fair value measurement will be increasingly shows its value relevance under the objective of decision usefulness.
Therefore, this paper uses the incremental information content method. According to the "'Fair value flexible loss and profit" item in profit statement and the "Fair value flexible net amount to financial assets available for sale" item in statement of change in stockholder equity, we raise three hypotheses, in the basic of Ohlson model, we build three models to test the three hypotheses we raise and analyze our empirical results. Then, we draw our conclusion and propose some related institutional constructions. Our research results show that after implementing the new accounting standards, the fair value measurement information disclosed in the financial reports of China's listed companies has incremental information content. These results can not only effectively eliminate people's anxiety to the zigzag utilization of fair value in our country, but also provide support in the view of empirical research to the standards' constitutors. So the results of this paper can impel the widespread application in some extent.
国外的规范研究基本倾向于公允价值优于历史成本。国外学者对此进行的多数实证研究认为公允价值信息是具有相关性的,特别是当以客观的市场交易价格作为公允价值估计的基础时,更具有价值相关性。国内学术界对公允价值的研究绝大部分为规范研究,他们大多认为公允价值计量优于历史成本且更具有价值相关性,同时,他们对公允价值在我国的运用前景持乐观的态度。新准则颁布实施后,国内也涌现了不少对公允价值价值相关性的实证研究,但现阶段各学者得出的结论还不一致。本文认为,随着大量数据资料的不断充实和人们对公允价值计量的深入认识,在决策有用性的会计目标下,公允价值的计量将越加显示出其价值相关性。
因此,本文采用增量信息含量研究的方法,针对利润表中的“公允价值变动损益”项目和所有者权益变动表中的“可供出售金融资产公允价值变动净额”项目提出三个假设,在奥尔森(Ohlson)价格模型的基础上建立了三个模型分别对三个假设进行检验并对实证结果进行分析,进而得出本文的研究结论并提出相关制度建议。本文的研究结果表明,新会计准则实施后我国上市公司财务报告中披露的公允价值表内计量信息具有增量信息含量。该研究结果能有效地消除外界对公允价值在我国曲折运用的疑虑,也为准则制定者提供了实证研究上的支持,从而在一定程度上可以推动公允价值的广泛应用。
Since the 21st century, the rapid development of the world economy and especially the rapid development of financial industries promote the traditional accounting measurement model to change substantially, the use of the fair value is a qualitative leap to the whole world. In our country, the similar change also occurred. On February 15th of 2006, China's ministry of finance issued the new system of accounting standards which include 1 basic standard and 38 specific standards, and regulated that first carrying out in listed companies on January 1 st of 2007. One highlight of the new accounting standards is the basic standard attributing the fair value as one of the five accounting measurements, and there are 17 specific standards involve the fair value measurement in different degrees. Therefore, the use of fair value in accounting recognition and measurement leads us to make research on it.
Foreign normative researches basically believe that fair value superior to the historical cost. Most foreign empirical researches consider that the fair value information has value relevance, especially when using the market transaction price as the foundation of the fair value, it has more value relevance. The majority of domestic academic researches for fair value are normative researches, most of them think that the fair value measurement is superior to the historical cost and has more value relevance. At the same time, they are in optimistic attitude to the application of fair value in our country. After the new standards promulgated and implemented, China also sprung up many empirical researches of value relevance for fair value, but the conclusions of our scholars still inconsistent. We believe that in the wake of enriching the large number of data and gradual understanding of the fair value measurement, fair value measurement will be increasingly shows its value relevance under the objective of decision usefulness.
Therefore, this paper uses the incremental information content method. According to the "'Fair value flexible loss and profit" item in profit statement and the "Fair value flexible net amount to financial assets available for sale" item in statement of change in stockholder equity, we raise three hypotheses, in the basic of Ohlson model, we build three models to test the three hypotheses we raise and analyze our empirical results. Then, we draw our conclusion and propose some related institutional constructions. Our research results show that after implementing the new accounting standards, the fair value measurement information disclosed in the financial reports of China's listed companies has incremental information content. These results can not only effectively eliminate people's anxiety to the zigzag utilization of fair value in our country, but also provide support in the view of empirical research to the standards' constitutors. So the results of this paper can impel the widespread application in some extent.
引文
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[14]Feltham G.A,Ohlson J A..Valuation and Clean Surplus Accounting for Operating and Financial Activities.Contemporary Accounting Research,1995(2):689-731
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[36]郭道扬.论产权会计观与产权会计变革.会计研究.2004(2):8-15
[37]黄世忠.公允价值会计:面向21世纪的计量模式.会计研究.1997(12):1-4
[38]黄桂杰.公允价值的困境解析及其对策.中央财经大学学报,2004(3):78-80
[39]黄学敏.公允价值:理论内涵与准则运用.会计研究,2004(6):17-21
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[44]路晓燕.公允价值会计的国际应用.会计研究.2006(4):81-85
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[2] Barth M E. Fair Value Accounting: Evidence from Investment Securities and the Market Valuation of Banks. The Accounting Review, 1994 (69): 1-25
[3] Barth M.E., Beaver W.H., Landsman W.R. .Value-Relevance of Banks'Fair Value Disclosures under SFAS No.107 .The Accounting Review, 1996(71): 513-537
[4] Barth M.E., Including Estimates of the Future in Today'Finance Statements, Accounting Horizons, 2006(20): 271-285
[5] Bernard, V.L. and R.G. Ruland."The Incremental Information Content of Historical Cost and Current Cost Income Numbers: Time-Series Analysis for 1962-1980". The Accounting Review, 1987(10)
[6] Bernard ,V. L., Merton R C, Palepu K G. Market-to-Market Accounting for Banks and Thrifts: Lesson from the Danish Experience. Journal of Accounting Research, 1995 (33): 1-32
[7] Biddle G C, G S Seow, A F Siegel. Relative versus incremental information content. Contemporary Accounting Research, 1995 (12): 1-23
[8] Chambers, R.J. Accounting, Evaluation and Economic Behavior. Englewood Cliffs, N.J.: Prentice-Hall,1966
[9] Collins, Maydew and Weiss .Changes in the Value-relevance of Earnings and Book Value over the Past Forty Years. Journal of Accounting and Economics, 1997 (24): 39-67
[10] D. Eric Hirst, Patrick E. Hopkins, James M. Wahlen, Fair Values, Income Measurement, and Bank Analysts'Risk and Valuation Judgments. The Accounting Review, 2004, 79 (2): 453-472
[11] Danbolt Jo, William Rees. Market-to-Market accounting and valuation: Evidence from U Kreal estate and investment companies [R]: Working Paper, University of Glasgow: Scotland, 2007
[12] Edward, E.O.and P.W.Bell. The Theory and Measurement of Business Income. Berkeley, University of California Press, 1961
[13]EccherE, Ramesh K, Thiagarajan S. Fair Value Disclosures by Bank Holding Companies, Journal of Accounting Research, 1996 (22): 79-117
[14]Feltham G.A,Ohlson J A..Valuation and Clean Surplus Accounting for Operating and Financial Activities.Contemporary Accounting Research,1995(2):689-731
[15]Holthausen R W,R L Watts.The Relevance of the Value Relevance Literature for financial accounting standard setting.Journal of Accounting and Economics,2001(31):3-75
[16]Ijiri,Yuji.Studies in Accounting Research #10:Theory of Accounting Measurement.American Accounting Association,1975
[17]Ijiri,Yuji.Historical Cost Accounting and Its Rationality,Canadian Certified General Accountants'Research Foundation,Research Monograph Number 1.1980
[18]Inder.K.Khurana,Myung-Sun.Kim.Relative Value Relevance of Historical Cost vs.Fair Value:Evidence from Bank Holding Companies.Journal of Accounting and Public Policy,2003(22):19-42
[19]James E.Parker.Testing Comparability and Objectivity of Exit Value Accounting.The Accounting Review,1975(7)
[20]J Richard Dietrich,Mary S.Harris,Karl A Muller,the Reliability of Investment Property Fair Value Estimates,2000,30(2):125-145
[21]Kothari S P,Zimmerman J L.Price and Return Models.Journal of Accounting and Economics,1995(20):155-192
[22]Nelson K.Fair Value Accounting for Commercial Banks:an Empirical Analysis of SFAS No.107.The Accounting Review,1996(71):161-182
[23]Ohlson J A.Ungarbled Earnings and Dividends:an Analysis and Extension of Beaver,Lambert and Morse Valuation Model.Journal of Accounting and Economics,1989(11):109-115
[24]Ohlson J A.Earnings,Book Values,and Dividends in Equity Valuation.Contemporary Accounting Research,1995(11):661-687
[25]Sterling,Robert R.Theory of the Measurement of Enterprise Income.Lawrence:University Press of Kansas,1970
[26]Sterling,Robert R.Toward a Science of Accounting.Houston,Tex:Scholars Book Company,1979
[27]财政部会计司准则一处,准则二处.会计国际趋同及国外相关组织近期动态.会计研究.2008(4)
[28]财政部.企业会计准则-基本准则.第一版.北京:经济科学出版社,2006
[29]财政部.企业会计准则-应用指南.第一版.北京:中国财政经济出版社,2006
[30]常勋.公允价值计量研究.财会月刊,2004(1):3-4
[31]程小可.公司盈余质量评价与实证分析.第一版.北京:清华大学出版社,2004
[32]陈美华.公允价值计量基础研究.第一版.北京:中国财政经济出版社,2006
[33]邓传洲.公允价值的价值相关性:B股公司的证据.会计研究.2005(10):55-62
[34]葛家澍.关于会计计量的新属性—公允价值.上海会计.2001(1):3-6
[35]葛家澍,徐跃.会计计量属性的探讨——市场价格、历史成本、现行成本与公允价值.会计研究.2006(9):7-14
[36]郭道扬.论产权会计观与产权会计变革.会计研究.2004(2):8-15
[37]黄世忠.公允价值会计:面向21世纪的计量模式.会计研究.1997(12):1-4
[38]黄桂杰.公允价值的困境解析及其对策.中央财经大学学报,2004(3):78-80
[39]黄学敏.公允价值:理论内涵与准则运用.会计研究,2004(6):17-21
[40]科斯,R.财产权利与制度变迁.上海:上海人民出版社,1994
[41]刘玉廷、戴德明、夏大慰.资产减值会计.大连:大连出版社,2005
[42]卢永华、杨晓军.公允价值计量属性研究.会计研究.2000(4):60-62
[43]陆建桥.关于会计计量的几个理论问题.会计研究,2005(5):31-36
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