【摘要】：公司資產(chǎn)和負債的公允價值是對其市場價值的反映，公允價值變動則反映了有關(guān)資產(chǎn)和負債市場價值的波動，從而公允價值計量模式可以在一定程度上，對處于不斷變化市場中的公司的價值進行及時反映，對于投資者來說，以公允價值計量的會計信息相比于歷史成本計量更加具有決策有用性。但是2008年的金融危機顯示，公允價值計量及時反映市場波動的這一特點，同時也有可能歪曲公司的真實價值，加劇市場波動。那么，在金融危機過后，公允價值計量在我國的應(yīng)用現(xiàn)狀如何，以及在此基礎(chǔ)其對上市公司價值產(chǎn)生怎樣的影響，對于繼續(xù)推進公允價值計量在我國的應(yīng)用是一個具有現(xiàn)實意義的課題。本文以托賓Q值作為衡量上市公司價值的指標，選取金融行業(yè)上市公司為研究對象，對我國當前階段公允價值計量與上市公司價值的關(guān)系進行深入闡述和探討。 首先對國內(nèi)外有關(guān)文獻進行了整理和歸納，從中總結(jié)出研究思路；在以前學(xué)者的研究成果基礎(chǔ)上，分別闡述了有關(guān)公允價值計量和公司價值的相關(guān)理論，并闡明了公允價值計量與公司價值的內(nèi)在聯(lián)系；然后推導(dǎo)研究假設(shè)，設(shè)計實證模型和有關(guān)變量，，選取我國滬深A(yù)股金融行業(yè)上市公司作為研究對象，并將研究期間確定為2010—2012年；運用SPSS18.0統(tǒng)計軟件對研究樣本進行描述性統(tǒng)計分析和實證檢驗；最后，綜合前述理論基礎(chǔ)和實證檢驗結(jié)果得出了研究結(jié)論，并對金融行業(yè)上市公司、監(jiān)管部門和投資者提出建議。 雖然理論上公允價值變動損益通過凈利潤影響上市公司價值，但其數(shù)額只占凈利潤中的很小部分，經(jīng)檢驗公允價值變動損益與上市公司價值沒有顯著相關(guān)性；可供出售金融資產(chǎn)公允價值變動通過凈資產(chǎn)影響上市公司價值，其持有規(guī)模較大且公允價值變動的確認數(shù)額對凈資產(chǎn)影響較大，經(jīng)檢驗可供出售金融資產(chǎn)公允價值變動與上市公司價值顯著負相關(guān)。對模型二的分析結(jié)果表明，剔除公允價值計量影響前后的每股收益和每股凈資產(chǎn)的回歸系數(shù)均存在明顯差異，且剔除后兩者的回歸系數(shù)均變小，說明綜合公允價值變動損益和可供出售金融資產(chǎn)公允價值變動的公允價值計量確實對金融行業(yè)上市公司價值產(chǎn)生了影響，但是這一影響效用并不大，公允價值計量沒有歪曲金融行業(yè)上市公司價值。
[Abstract]:The fair value of the assets and liabilities of the company is a reflection of its market value, while the change of the fair value reflects the fluctuation of the market value of the assets and liabilities, so that the fair value measurement model can reflect the value of the company in the changing market to a certain extent. For investors, the accounting information measured by fair value is more useful for decision-making than historical cost measurement. However, the financial crisis in 2008 shows that fair value measurement reflects the characteristics of market volatility in a timely manner, and may also distort the real value of companies and aggravate market volatility. Then, after the financial crisis, the application status of fair value measurement in China and its impact on the value of listed companies are of practical significance to continue to promote the application of fair value measurement in our country. This paper takes Tobin Q value as the index to measure the value of listed companies, selects the listed companies in financial industry as the research object, and expounds and discusses the relationship between fair value measurement and the value of listed companies in the current stage of our country. First of all, the relevant literature at home and abroad is sorted out and summarized, from which the research ideas are summarized. On the basis of the research results of previous scholars, the relevant theories about fair value measurement and corporate value are expounded respectively, and the internal relationship between fair value measurement and corporate value is expounded. Then the research hypothesis is deduced, the empirical model and related variables are designed, and the listed companies in Shanghai and Shenzhen A-share financial industry in China are selected as the research object, and the research period is determined as 2010 / 2012. The descriptive statistical analysis and empirical test of the research samples are carried out by using SPSS18.0 statistical software. Finally, based on the above theoretical basis and empirical test results, the research conclusions are drawn, and some suggestions are put forward for listed companies, regulators and investors in the financial industry. Although in theory, the profit and loss of fair value change affects the value of listed company through net profit, but its amount accounts for only a small part of the net profit, and there is no significant correlation between the change of fair value profit and loss and the value of listed company. The change of fair value of available financial assets affects the value of listed companies through net assets, and the recognized amount of fair value changes has a great influence on net assets. It is tested that the change of fair value of available financial assets is negatively correlated with the value of listed companies. The analysis results of model 2 show that there are obvious differences in the regression coefficients of earnings per share and net assets per share before and after excluding the influence of fair value measurement, and the regression coefficients of excluding the latter two become smaller, which indicates that the fair value measurement of profit and loss of comprehensive fair value change and fair value change of available financial assets does have an impact on the value of listed companies in the financial industry, but this effect is not very effective. Fair value measurement does not distort the value of listed companies in the financial industry.
【學(xué)位授予單位】：石家莊鐵道大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F233;F275;F276.6

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