本文選題：公允價值 + 管理者有限理性　； 參考：《西南財經(jīng)大學》2013年碩士論文

【摘要】：本文的立腳點是管理者的有限理性,研究主題是公允價值計量對企業(yè)債務(wù)融資行為的影響。 2007年1月1日,新會計準則在我國上市公司正式施行,其中最顯著的變化是公允價值的大范圍運用。公允價值是面向未來的,它是未來信息在現(xiàn)時的反映,能夠及時反映經(jīng)濟環(huán)境的變化,提高了會計信息的相關(guān)性,有助于會計信息使用者做出經(jīng)濟決策。 很多學者(如黃世忠,1997；盧永華,2000；黃杰、陸宇建,2009)認為,公允價值計量是以市場輸出變量為基礎(chǔ)的,它對會計信息使用者的決策相關(guān)程度更高,因此,公允價值計量取代歷史成本計量必然是一種發(fā)展趨勢。 正在輿論對公允價值計量屬性一片稱贊時,2008年的美國金融危機的爆發(fā),使得企業(yè)界尤其是金融企業(yè)調(diào)轉(zhuǎn)了方向,把公允價值推到了風口浪尖上,對公允價值發(fā)出了嚴厲的責難,人們認為公允價值計量對金融危機的發(fā)生有不可推卸的責任,公允價值計量對資產(chǎn)負債價格助漲助跌的作用而使情況變得更加糟糕。針對這種狀況IASB和FASB也不得不對公允價值運用條件和范圍進行了修正,加強了公允價值信息披露。 從金融危機的爆發(fā)開始,對公允價值問題研究日益增多,現(xiàn)有的文獻針對公允價值對債務(wù)融資的研究考慮的角度是不一樣的,一些文獻從標準公司金融理論出發(fā),來探討公允價值運用后,對債務(wù)融資的影響�？墒�,我們仔細對比一下公允價值的定義和其確認方法,會發(fā)現(xiàn),公允價值的定義要求能客觀的反映資產(chǎn)和負債的真實狀況,它是以市場參與者的理性假設(shè)為前提的。但是無論是從FASB還是IASB所確立的公允價值估計的三個方法來看,公允價值實際上是一種以市場為參照基礎(chǔ)的估計價格,雖然每個人都希望自己是理性的,但由于環(huán)境的不確定性,行為人的知識背景、精力和所獲取的信息的有限性,完全理性是很難做到的。因此,估計的“市價”可能是有偏的。公允價值實際是反映了非理性的市場參與者的情緒的價格,其價格會頻繁地波動并且偏離資產(chǎn)的基本價值。因此,從非理性的角度來研究公允價值對債務(wù)融資影響可能更貼近現(xiàn)實,更有說服力。 通過理論分析,企業(yè)在運用公允價值計量后,企業(yè)的利潤、資產(chǎn)負債率、會計盈余指標等都會在一定程度上受到其影響,從而可能引起管理者的非理性心理的產(chǎn)生,管理者的目標由關(guān)注企業(yè)的基本價值變成最大化的感知企業(yè)基本價值,對企業(yè)未來前景、未來收益和風險等做出非理性判斷,進而做出相應(yīng)的債務(wù)融資決策。從債權(quán)人角度考慮,因為目前我國的債券市場尚不發(fā)達,企業(yè)的負債融資來源主要是來自各商業(yè)銀行(李林,2011)以及中國上市公司的債務(wù)融資中有一半以上來自于銀行貸款(楊勝剛,何靖,2007),所以本文研究中,債權(quán)人主要從銀行角度考慮。銀行也會在很多方面受到公允價值計量的影響,包括信貸的擔保物價格,信貸決策時依賴的會計信息以及自身資本充足率等。但是銀行又對公允價值的會計信息在短期和長期債務(wù)中看重的程度不同,在短期債務(wù)中,銀行接受和認可公允價值信息較強,對公允價值變動損益對利潤的貢獻較為認可,而在長期債務(wù)中,銀行看重的程度就比較低。 因此,本文站在管理者有限理性角度,來研究公允價值運用后,對債務(wù)融資有什么樣的影響。對總體債務(wù)、短期債務(wù)和長期債務(wù)的影響是否一樣,如果不一樣,它在其中分別扮演了什么樣的角色。 實證結(jié)果顯示,公允價值變動損益占總利潤的比重與企業(yè)總體債務(wù)規(guī)模和短期債務(wù)規(guī)模都呈正相關(guān)關(guān)系,而與長期債務(wù)規(guī)模不相關(guān),驗證了理論分析的正確性。 本文的主要貢獻有：第一是用實證檢驗法并以管理者的有限理性角度出發(fā),對理論和實證研究公允價值對債務(wù)融資影響有一定的貢獻；第二是將債務(wù)融資分為總體債務(wù)、短期債務(wù)和長期債務(wù)三個方面考慮,將銀行對短期債務(wù)和長期債務(wù)中公允價值信息看重程度考慮進來。 本文的不足之處有：第一點,本文的實證部分只是排除了金融行業(yè),然后對整個市場進行的研究,并沒有細分一些行業(yè),沒有針對公允價值計量運用較多的行業(yè)進行研究,并且也沒有對國有和非國有控股的企業(yè)分開進行研究；第二點,由于本人能力有限,模型設(shè)計時,可能遺漏了一些變量,沒有進行相應(yīng)的控制。
[Abstract]:The main purpose of this paper is the limited rationality of managers. The theme of the study is the impact of fair value measurement on corporate debt financing.
In January 1, 2007, the new accounting standards were formally implemented in China's listed companies. The most significant change is the wide use of fair value. The fair value is oriented to the future. It is a reflection of the future information. It can reflect the changes in the economic environment in time, improve the relevance of the information and help the users of accounting information to do it. Make economic decisions.
Many scholars (such as Huang Shizhong, 1997; Lu Yonghua, 2000; Huang Jie, Lu Yu Jian, 2009) believe that the fair value measurement is based on the market output variables, and it is more relevant to the decision making of the users of the accounting information. Therefore, the replacement of the historical cost by the fair value measurement is a trend of development.
When the public opinion is praising the measurement attribute of fair value, the outbreak of the American financial crisis in 2008 makes the enterprises, especially the financial enterprises, turn the direction, push the fair value to the point of the wind and the wave, and give a severe censure to the fair value. People think that the fair value measurement can not be shirked for the occurrence of the financial crisis. Responsibility, fair value measurement has made the situation worse with the help of asset and liability price rise and fall. In this situation, IASB and FASB also have to amend the conditions and scope of fair value application and strengthen the disclosure of fair value information.
Starting from the outbreak of the financial crisis, the research on the fair value problem is increasing. The existing literature is different from the perspective of the research on the fair value of debt financing. Some documents are based on the standard company financial theory to discuss the effect of fair value on debt financing. However, we carefully compare the fair value of the fair value. The definition of value and its confirmation method will find that the definition of fair value can objectively reflect the real situation of assets and liabilities. It is based on the rational assumptions of the market participants. However, the fair value is actually a market based on the three methods of fair value estimation established by FASB or IASB. Based on the basis of the estimated price, although everyone wants to be rational, but due to the uncertainty of the environment, the knowledge background of the actor, the energy and the limited information obtained, the total rationality is difficult to do. Therefore, the estimated "market price" may be biased. The fair value actually reflects the irrational market participation. The price of the person's emotion will fluctuate frequently and deviate from the basic value of the asset. Therefore, it may be more realistic and more convincing to study the impact of fair value on debt financing from a irrational point of view.
Through the theoretical analysis, the enterprise's profit, the asset liability rate and the accounting earnings index will be affected to some extent after the use of the fair value measurement, which may lead to the irrational psychology of the managers, and the goal of the managers is to become the basic value of the perception of the enterprise by paying attention to the basic value of the enterprise. The future prospects, the future income and the risk and so on make the irrational judgment, and then make the corresponding debt financing decisions. From the creditor's point of view, because the bond market in our country is not yet developed, the source of debt financing is mainly from the commercial banks (Li Lin, 2011) and the debt financing of Chinese listed companies. The above comes from the bank loan (Yang Shenggang, He Jing, 2007), so in this study, the creditor is mainly from the bank perspective. The bank will also be influenced by the fair value measurement in many aspects, including the price of the credit guarantee, the accounting information which is dependent on the credit decision and the capital adequacy ratio. But the bank is also fair value. The degree of accounting information in short-term and long-term debt is different. In short-term debt, the bank accepts and recognised the fair value information. The contribution of the fair value to profit and loss is more acceptable, while in the long-term debt, the extent of the value of the bank is relatively low.
Therefore, this article stands at the limited rational point of view of the manager to study the impact of the use of fair value on debt financing. Whether it has the same effect on the overall debt, the short-term debt and the long-term debt, if it is different, what role it plays in it.
The empirical results show that the proportion of the profit and loss of the fair value to the total profit is positively related to the overall debt scale and the short-term debt scale, but is not related to the long-term debt scale, which validates the correctness of the theoretical analysis.
The main contributions of this paper are as follows: first, using the empirical test method and the limited rationality of the managers, the theoretical and Empirical Study of the impact of fair value on debt financing has a certain contribution. Second, the debt financing is divided into total debt, short-term debt and long-term debt in three aspects, the bank is short of short-term debt and long-term debt. The importance of fair value information in debt is taken into account.
The inadequacies of this paper are as follows: first, the empirical part of this paper only excludes the financial industry, and then studies the whole market, and does not subdivide a number of industries, do not study the industry with more fair value measurement, and do not study the state-owned and non-state-owned enterprises separately; second, Because of my limited capability, some variables may be omitted in the design of the model without corresponding control.
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F233

【參考文獻】

相關(guān)期刊論文 前10條

1 陳勁松;曾勇;劉曉王;;公允價值基本問題研究文獻綜述[J];財會通訊(學術(shù)版);2007年08期

2 劉慧鳳;楊揚;;公允價值會計信息對銀行貸款契約有用嗎——基于上市公司數(shù)據(jù)的實證檢驗[J];財貿(mào)經(jīng)濟;2012年01期

3 李玉娟;蔡云;;公允價值的演進與經(jīng)濟后果分析[J];財政監(jiān)督;2011年23期

4 岳鳳霞;王芳;;論公允價值的經(jīng)濟后果[J];財政監(jiān)督;2011年23期

5 余明桂;夏新平;鄒振松;;管理者過度自信與企業(yè)激進負債行為[J];管理世界;2006年08期

6 吳超鵬;吳世農(nóng);鄭方鑣;;管理者行為與連續(xù)并購績效的理論與實證研究[J];管理世界;2008年07期

7 張瑩;;基于公允價值計量的企業(yè)經(jīng)濟后果研究[J];財政監(jiān)督;2011年23期

8 張知;余玉苗;;公允價值計量應(yīng)用的經(jīng)濟后果分析[J];經(jīng)濟管理;2007年14期

9 胥興軍;;金融危機下公允價值會計的順周期效應(yīng)及應(yīng)對策略[J];經(jīng)濟體制改革;2011年03期

10 周勤;徐捷;程書禮;;中國上市公司規(guī)模與債務(wù)融資關(guān)系的實證研究[J];金融研究;2006年08期

，

本文編號：1902103