公允价值的运用与应计利润功能——基于中国新旧会计准则比较的研究  

Fair Value and the Role of Accruals: A Comparison between New and Old Accounting Standards in China

作　　者：薛爽[1] 徐浩萍[2] 施海娜[2] 

机构地区：[1]上海财经大学会计学院 [2]复旦大学管理学院

出　　处：《南开管理评论》2009年第5期125-135,共11页Nankai Business Review

基　　金：国家自然科学基金项目(70802017;70602030);上海市浦江人才计划课题"公允价值运用与会计信息质量";上海市哲学社会科学课题(2009BJB025)项目的资助

摘　　要：与现有文献多从价值相关性角度研究公允价值的实施后果不同,本文通过考察我国新准则下应计利润功能的变化来评价公允价值对会计盈余的影响。以2006年非金融类上市公司为样本,我们发现新准则下各期经营性现金流对应计利润的解释能力显著下降,应计利润与上期现金流之间的正相关关系,以及与本期现金流之间的负相关关系都所有减弱,但与下期现金流之间的正相关关系以及对之的预测能力显著增强,对经济收益的确认更加及时和充分。鉴于新准则对会计盈余、特别是应计利润的系统性影响主要来自于公允价值的运用,这些证据表明实施公允价值能够增强应计利润确认经济收益功能,但会削弱其降低现金流噪音功能。All listed companies in China are required to adopt the new accounting standards from 2007 on. The new accounting standards, compared with the old accounting standards, are characterized by the adoption of fair value. Most of the existing literature focuses on studying the effect of fair value on value relevance of accounting numbers. In this paper, we compare the old and new accounting standards to investigate whether the adoption of fair value enhance the role of accruals. Following Dechow and Dichev （2002） and Ball and Shivakumar （2006）, we focus on two distinguish roles of accruals： （1） the noise-reduction role; and （2） the timely gain recognition role. Specifically, we examine whether fair value approach adopted by new accounting standards improves accruals＇ role in mitigating transitory variation in cash flows and in timely recognizing economic gains. Accruals are measured based on Modified Jones Model. To facilitate a clean comparison between new and old accounting standards, we choose year 2006 as our sample period, in which year income statements under both standards are reported. With a sample of 1,211 non-financial listed firms in 2006, we document the following findings. We find that the explanatory power of cash flows on accruals is significantly lower under the fair value approach. Moreover, the results show that the positive （negative） association between lagged （current period） cash flow and accruals is attenuated under the fair value approach. But the results for future cash flow tell a different story： by adopting the fair value approach, the positive association between future cash flow and accruals is strengthened, and the ability of accruals to predict future cash flow is significantly improved. The above findings suggest that the noisereduction role of accruafs is attenuated under the fair value approach. With respect to the second role, we find that the use of fair value accelerate the recognition of economic gains.

关 键 词：新会计准则 公允价值 应计利润 现金流噪音 经济损益 

分 类 号：F233[经济管理—会计学] F224[经济管理—国民经济]