本文選題：公允價(jià)值　切入點(diǎn)：價(jià)值相關(guān)性　出處：《華東交通大學(xué)》2012年碩士論文

【摘要】：在最近的幾十年里，公允價(jià)值一直是國(guó)內(nèi)外的研究熱點(diǎn)。2006年2月15日，財(cái)政部頒布實(shí)施了我國(guó)的新會(huì)計(jì)準(zhǔn)則體系，其中1項(xiàng)基本準(zhǔn)則，38項(xiàng)具體準(zhǔn)則。并要求從2007年1月1日起，，先行在上市公司中全面實(shí)施。新準(zhǔn)則體系的頒布與實(shí)施是我國(guó)會(huì)計(jì)史上的一個(gè)重要里程碑。新會(huì)計(jì)準(zhǔn)則體系的最大亮點(diǎn)就是重新引入公允價(jià)值作為一種計(jì)量屬性，且在《企業(yè)會(huì)計(jì)準(zhǔn)則——基本準(zhǔn)則》中突出強(qiáng)調(diào)將公允價(jià)值作為會(huì)計(jì)計(jì)量屬性之一，并同時(shí)在17個(gè)具體會(huì)計(jì)準(zhǔn)則中不同程度地運(yùn)用了公允價(jià)值，如金融工具、非同一控制下的企業(yè)合并、債務(wù)重組、非貨幣性交易、投資性房地產(chǎn)等。 我國(guó)目前所作的公允價(jià)值實(shí)證研究較少，已有的研究基本上都是對(duì)金融資產(chǎn)公允價(jià)值信息的價(jià)值相關(guān)性檢驗(yàn)。這是因?yàn)槲覈?guó)長(zhǎng)期以來(lái)缺少進(jìn)行有效實(shí)證研究的平臺(tái)。公允價(jià)值在我國(guó)應(yīng)用的時(shí)間很短，數(shù)據(jù)有限，加之我國(guó)資本市場(chǎng)的有效性不佳，會(huì)計(jì)信息對(duì)于股價(jià)的影響力很有限。這些因素的存在都使得對(duì)公允價(jià)值的實(shí)證研究很難有效進(jìn)行。但隨著我國(guó)資本市場(chǎng)的不斷發(fā)展，市場(chǎng)監(jiān)管的不斷強(qiáng)化，會(huì)計(jì)準(zhǔn)則與國(guó)際準(zhǔn)則的不斷趨同，上市公司對(duì)外批露的會(huì)計(jì)信息越來(lái)越豐富，為我們現(xiàn)在的公允價(jià)值實(shí)證研究提供了良好的條件。 本文在充分收集整理國(guó)內(nèi)外研究資料、借鑒國(guó)內(nèi)外相關(guān)研究成果的基礎(chǔ)上，根據(jù)我國(guó)資本市場(chǎng)的實(shí)際情況，以我國(guó)上市公司2007年—2010年對(duì)外披露的財(cái)務(wù)報(bào)告信息為基礎(chǔ)，檢驗(yàn)公允價(jià)值的價(jià)值相關(guān)性，以考查新會(huì)計(jì)準(zhǔn)則中公允價(jià)值應(yīng)用的效果，通過(guò)對(duì)總樣本組、分行業(yè)樣本組的實(shí)證分析，得出結(jié)論：總體來(lái)看，對(duì)于各行業(yè)來(lái)講，在新準(zhǔn)則應(yīng)用公允價(jià)值的條件下，每股凈資產(chǎn)、每股收益均具有良好的價(jià)值相關(guān)性，對(duì)股價(jià)具有一定的解釋和預(yù)測(cè)能力。每股經(jīng)營(yíng)現(xiàn)金流量、公允價(jià)值變動(dòng)收益缺乏顯著的價(jià)值相關(guān)性，對(duì)股價(jià)缺乏解釋和預(yù)測(cè)能力。只有金融保險(xiǎn)業(yè)、信息技術(shù)類樣本組的公允價(jià)值變動(dòng)收益與股價(jià)表現(xiàn)出一定的正相關(guān)關(guān)系，即有一定的價(jià)值相關(guān)性。因此，從總樣本組、分行業(yè)樣本組實(shí)證分析中，可以看出，公允價(jià)值缺乏價(jià)值相關(guān)性，即公允價(jià)值的應(yīng)用對(duì)股價(jià)的變動(dòng)缺乏增量的解釋能力。最后，根據(jù)研究結(jié)論提出進(jìn)一步完善我國(guó)公允價(jià)值計(jì)量的相關(guān)政策與建議。
[Abstract]:In recent decades, fair value has been a hot research topic at home and abroad. On February 15, 2006, the Ministry of Finance promulgated and implemented the new accounting standards system of our country, of which one basic standard contains 38 specific standards.And require from January 1, 2007, in advance in the full implementation of listed companies.The promulgation and implementation of the new standard system is an important milestone in the accounting history of our country.The greatest highlight of the new accounting standard system is to re-introduce fair value as a measurement attribute, and highlight the fair value as one of the accounting measurement attributes in Enterprise Accounting Standard-basic Standards.At the same time, the fair value is used in 17 accounting standards, such as financial instruments, corporate mergers under the same control, debt restructuring, non-monetary transactions, investment real estate, and so on.There are few empirical studies on fair value in China, and the existing research is basically a value correlation test of fair value information of financial assets.This is because our country for a long time lack of effective empirical research platform.The application of fair value in our country is very short, the data is limited, and the efficiency of our capital market is not good, so the influence of accounting information on stock price is very limited.The existence of these factors makes the empirical research on fair value difficult to carry out effectively.However, with the continuous development of the capital market, the strengthening of market supervision and the convergence of accounting standards and international standards, the accounting information disclosed by listed companies is becoming more and more abundant.For our current fair value empirical research to provide a good condition.On the basis of collecting and arranging domestic and foreign research materials and drawing lessons from relevant research results at home and abroad, according to the actual situation of China's capital market, this paper bases on the financial report information disclosed by listed companies in China from 2007 to 2010.To test the value relevance of fair value, to examine the effect of fair value application in the new accounting standards, through the empirical analysis of the total sample group and the industry sample group, the conclusion is drawn: generally speaking, for each industry,Under the condition of applying fair value to the new criterion, the net assets per share and earnings per share have good value correlation, and have certain ability to explain and predict the stock price.Operating cash flow per share, fair value change earnings lack of significant value correlation, lack of interpretation and prediction of stock prices.Only the financial insurance industry, information technology sample group fair value change income and stock price show a certain positive correlation, that is, there is a certain value correlation.Therefore, from the empirical analysis of total sample group and industry sample group, we can see that fair value lacks value correlation, that is, the application of fair value lacks the incremental explanatory power to the change of stock price.Finally, according to the conclusion of the study, put forward the further improvement of fair value measurement of the relevant policies and recommendations.
【學(xué)位授予單位】：華東交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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