限制性股票公允價值計量方法適用性選擇研究
發(fā)布時間：2018-07-25 20:16
【摘要】：由美國次貸危機(jī)引發(fā)的全球金融危機(jī)充分暴露金融市場內(nèi)部的種種弊端,其中金融工具的公允價值計量引起了人們的強(qiáng)烈關(guān)注。不少人認(rèn)為公允價值計量具有不確定性,它受金融市場波動性影響,難以準(zhǔn)確計量上市公司價值,導(dǎo)致理論價值與實(shí)際價值不符,形成了金融市場的巨大泡沫。 雖然公允價值并不是導(dǎo)致金融危機(jī)的直接原因,但其在方法選擇上存在的缺陷卻是毋庸置疑。資本市場波動性大,使金融工具在公允價值計量問題上存在一定的難度。例如,股票價格原則上是以每股凈收益為基礎(chǔ)計算的,可實(shí)際上,交易價格往往要比每股凈收益高出數(shù)倍,甚至數(shù)十倍。因此,金融工具的公允價值計量并不能簡單借鑒傳統(tǒng)會計中對一般資產(chǎn)價值的評定方法。 在活躍的市場環(huán)境下,金融工具公允價值可以從市場交易中直接獲取,并不需要依靠特殊的計量方法。但近幾年,由于金融市場不斷開拓,大量沒有活躍市場或者有活躍市場卻無法活躍交易的金融工具逐漸涌現(xiàn),使得公允價值計量變得十分復(fù)雜。這種金融工具的公允價值,通常需要借助繁雜的公式,還要將計算結(jié)果進(jìn)行驗證確保數(shù)據(jù)的準(zhǔn)確性。 那些沒有活躍市場股票,基本都是因為流通性受到了限制,導(dǎo)致在資本市場中不能自由交易。目前在學(xué)術(shù)界對它們稱謂并不統(tǒng)一,但這類股票都具有流通受限的共同特點(diǎn),因此筆者統(tǒng)一稱它們?yōu)橄拗菩怨善薄＿@類股票形成的原因十分復(fù)雜,有些是由于歷史問題導(dǎo)致的；有些則是證監(jiān)會出于各方面的因素,為了穩(wěn)定資本市場、避免對股市和股價造成沖擊,從而對上市公司各大股東持有的流通股在交易數(shù)量、時間或條件上做出了一定的限制。 本文在總結(jié)限制性股票特點(diǎn)的基礎(chǔ)之上,將限制性股票按共性將歸納為三類。結(jié)合公允價值層級理論,對限制性股票在低層級適用的公允價值計量方法進(jìn)行研究。論文提出的觀點(diǎn)具有一定的創(chuàng)新之處,體現(xiàn)在：一是重新界定限制性股票的內(nèi)涵,歸納總結(jié)限制性股票種類；二是從金融工具公允價值計量方法入手,將公允價值層級運(yùn)用在限制性股票計量方法上,提出限制性股票公允價值計量方法選擇的依據(jù)；三是對限制性股票可選擇的公允價值計量方法進(jìn)行適用性評價；四是以限制性股票中比例最大的首次公開發(fā)行股票(IPO)為例,通過估值模型和運(yùn)用統(tǒng)計軟件分析得出公允價值數(shù)據(jù),并將理論值與實(shí)際值進(jìn)行比較,分析差異。 雖然本文在研究內(nèi)容和研究方法有一定的新穎之處,鑒于我國資本市場環(huán)境的復(fù)雜性,所涉及的許多理論問題還有待于以后深入研究。筆者相信,隨著資本市場日趨完善,限制性股票的公允價值計量也會越來越規(guī)范。
[Abstract]:The global financial crisis caused by the subprime mortgage crisis in the United States has fully exposed all kinds of malpractices in the financial market, in which the measurement of fair value of financial instruments has aroused people's strong concern. Many people think that fair value measurement is uncertain. It is difficult to accurately measure the value of listed companies by the influence of financial market volatility, which leads to the theoretical value and the actual value does not match, and forms the huge bubble of the financial market. Although fair value is not the direct cause of the financial crisis, there is no doubt about its defects in the choice of methods. The volatility of capital market makes it difficult for financial instruments to measure fair value. Stock prices, for example, are, in principle, calculated on the basis of net earnings per share, but in practice trading prices tend to be several times or even tens of times higher than net earnings per share. Therefore, the measurement of fair value of financial instruments can not simply draw lessons from the traditional accounting methods to evaluate the value of general assets. In an active market environment, the fair value of financial instruments can be obtained directly from market transactions, without the need to rely on special measurement methods. However, in recent years, due to the continuous development of financial markets, a large number of financial instruments that have no active market or can not be traded actively have emerged gradually, which makes the measurement of fair value very complicated. The fair value of such a financial instrument usually depends on complex formulas and validates the results to ensure the accuracy of the data. The lack of active market stocks is largely due to liquidity restrictions that prevent free trading in capital markets. At present, they are not uniform in academic circles, but these stocks have the common characteristics of restricted circulation, so I call them restricted stocks. The reasons for the formation of such stocks are very complex, some due to historical problems, and others to the Securities Regulatory Commission for various reasons, in order to stabilize the capital market and avoid the impact on the stock market and stock prices. Therefore, the trading quantity, time or conditions of the tradable shares held by major shareholders of listed companies are limited to a certain extent. On the basis of summarizing the characteristics of restrictive stock, this paper classifies restrictive stock into three categories according to its generality. Based on the theory of fair value hierarchy, this paper studies the fair value measurement of restricted stocks at lower levels. The ideas put forward in this paper are embodied in: first, redefining the connotation of restrictive stock and summarizing the types of restrictive stock; second, starting with the measurement method of fair value of financial instruments, The fair value level is applied to the restrictive stock measurement method, and the basis for the selection of the restrictive stock fair value measurement method is put forward, the third is to evaluate the applicability of the restrictive stock fair value measurement method. The fourth is to take (IPO), which has the largest proportion in restricted stock, as an example, to obtain fair value data by means of valuation model and statistical software, and to compare the theoretical value with the actual value and to analyze the difference. Although this paper has some novelty in the research content and research methods, in view of the complexity of the capital market environment in China, many theoretical issues involved are still to be further studied in the future. The author believes that the fair value measurement of restricted stocks will become more and more standardized as the capital market becomes more and more perfect.
【學(xué)位授予單位】：江西理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F233;F830.91;F224
本文編號：2144959
[Abstract]:The global financial crisis caused by the subprime mortgage crisis in the United States has fully exposed all kinds of malpractices in the financial market, in which the measurement of fair value of financial instruments has aroused people's strong concern. Many people think that fair value measurement is uncertain. It is difficult to accurately measure the value of listed companies by the influence of financial market volatility, which leads to the theoretical value and the actual value does not match, and forms the huge bubble of the financial market. Although fair value is not the direct cause of the financial crisis, there is no doubt about its defects in the choice of methods. The volatility of capital market makes it difficult for financial instruments to measure fair value. Stock prices, for example, are, in principle, calculated on the basis of net earnings per share, but in practice trading prices tend to be several times or even tens of times higher than net earnings per share. Therefore, the measurement of fair value of financial instruments can not simply draw lessons from the traditional accounting methods to evaluate the value of general assets. In an active market environment, the fair value of financial instruments can be obtained directly from market transactions, without the need to rely on special measurement methods. However, in recent years, due to the continuous development of financial markets, a large number of financial instruments that have no active market or can not be traded actively have emerged gradually, which makes the measurement of fair value very complicated. The fair value of such a financial instrument usually depends on complex formulas and validates the results to ensure the accuracy of the data. The lack of active market stocks is largely due to liquidity restrictions that prevent free trading in capital markets. At present, they are not uniform in academic circles, but these stocks have the common characteristics of restricted circulation, so I call them restricted stocks. The reasons for the formation of such stocks are very complex, some due to historical problems, and others to the Securities Regulatory Commission for various reasons, in order to stabilize the capital market and avoid the impact on the stock market and stock prices. Therefore, the trading quantity, time or conditions of the tradable shares held by major shareholders of listed companies are limited to a certain extent. On the basis of summarizing the characteristics of restrictive stock, this paper classifies restrictive stock into three categories according to its generality. Based on the theory of fair value hierarchy, this paper studies the fair value measurement of restricted stocks at lower levels. The ideas put forward in this paper are embodied in: first, redefining the connotation of restrictive stock and summarizing the types of restrictive stock; second, starting with the measurement method of fair value of financial instruments, The fair value level is applied to the restrictive stock measurement method, and the basis for the selection of the restrictive stock fair value measurement method is put forward, the third is to evaluate the applicability of the restrictive stock fair value measurement method. The fourth is to take (IPO), which has the largest proportion in restricted stock, as an example, to obtain fair value data by means of valuation model and statistical software, and to compare the theoretical value with the actual value and to analyze the difference. Although this paper has some novelty in the research content and research methods, in view of the complexity of the capital market environment in China, many theoretical issues involved are still to be further studied in the future. The author believes that the fair value measurement of restricted stocks will become more and more standardized as the capital market becomes more and more perfect.
【學(xué)位授予單位】：江西理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F233;F830.91;F224
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