公允價值計量的市場效應研究——基于A股上市公司2007-2011年的經(jīng)驗證據(jù)

摘要： 本文采用會計新準則執(zhí)行后中國A股上市公司2007-2011年樣本,基于股市指數(shù)波動的視角,研究了公允價值計量與公司股價之間的關(guān)系。研究發(fā)現(xiàn),公允價值計量的市場效應受股票市場波動的影響,而股市波動又增強了管理層的盈余管理動機與投資者的非理性投資行為。本文不僅結(jié)合股票市場環(huán)境研究,而且深入挖掘公允價值信息深度,區(qū)分了公允價值持有收益與公允價值持有損失不同的價值相關(guān)性。本文結(jié)論有助于上市公司加強價值管理、投資者正確判斷公允價值信息的市場效應以及監(jiān)管者有針對性地限制公司盈余管理行為。
This paper chose A-share listed companies in the period of 2007-2011 as samples right after the implementation of new accounting standards,from the perspective of the stock index fluctuation,and studied the relationship between the fair value measurement and firm value.This paper found that the relationship between fair value holding gains or losses and firm value are susceptible to stock index fluctuation.Further research has also found that the fair value of the holding gains and losses have significantly different effects on the firm value.The results suggest that the stock market fluctuation enhances earning management and investors' irrational investment.This research not only takes stock market into consideration,but also digs information depth of the fair value to distinguish different value relevance between the fair value holding gains and the fair value holding losses.The conclusion of this paper is important for enhancing value management,for investors to correctly judge the market reaction of the fair value measurement and for regulators to restrict earnings management behavior.