股权投资与公允价值计量:价值相关性的实证研究  

Equity Investment and Fair Value Accounting:Empirical Study on the Value Relevance

作　　者：刘斌[1] 徐先知[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《证券市场导报》2009年第1期70-76,共7页Securities Market Herald

摘　　要：本文以2005～2006年拥有其他上市公司股权,且属于被投资公司十大股东之一的A股上市公司为研究样本,对股权投资中投资于上市公司与投资于非上市公司的相对价值相关性和投资于上市公司的股权投资在公允价值计量属性下的增量价值相关性进行了实证检验。结果发现:投资于上市公司的股权投资的价值相关性显著高于投资于非上市公司的股权投资的价值相关性,投资于上市公司的股权投资在公允价值计量属性下具有显著的增量价值相关性。这为公司的股权投资策略提供了一定的参考价值,也为我国新会计准则中公允价值计量更为广泛地运用提供了较有力的实证支持。The paper uses Chinese A share companies which have the equity investment of other listed companies and belongs to one of top ten stockholders as samples. It makes an empirical study to analyze relative value of relevance？between equity investment of listed companies and unlisted companies, and incremental value relevance of equity investment of listed companies based on measurement attributes of fare value. The results show that： relative value of relevance？of equity investment of listed companies is significantly higher than that of unlisted Companies. Equity investment of listed companies based on measurement attributes of fair value has significantly incremental value relevance. These provide advisory opinion for the company＇s equity investment strategy, and also provide empirical support for the more extensive use of fair value accounting in new accounting standards of china.

关 键 词：股权投资 公允价值 价值相关性 新会计准则 

分 类 号：F830.91[经济管理—金融学]