公允价值会计准则变更的市场反应研究——基于亏损上市公司的经验证据  

Study on Market Reactions to Changes of Fair Value Accounting——Based on the Data of the Loss-making Listed Companies

作　　者：刘斌[1] 徐先知[1] 曹玲[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《管理评论》2011年第5期119-128,共10页Management Review

基　　金：国家自然科学基金项目(70972055)

摘　　要：本文以自1998年6月以来我国公允价值会计准则的六次变更为研究背景,以A股亏损上市公司为研究样本,实证检验了公允价值会计准则变更的市场反应及其反应程度的影响因素。研究结果发现:公允价值会计准则的变更,能够影响亏损上市公司投资者的预期,产生比较显著的市场反应,允许使用公允价值计量属性的会计准则的颁布,会产生显著为正的市场反应,取消使用公允价值计量属性的会计准则的颁布,会产生显著为负的市场反应;上市公司的亏损年限、亏损程度与公允价值会计准则变更的市场反应程度显著正相关。Drawing upon loss-making A-share listed companies over the six changes of fair value accounting standards since June 1998 in China, this paper empirically tests the market reactions to changes of fair value accounting and the factors that influence the degree of market reactions. The research finds that： the fair value changes in accounting standards would impact the expectation of the investors in loss-making listed companies, resulting in significant market reactions. The promulgation of accounting standards, which allow the use of fair value measurement attribute, produces significantly positive market reactions. The promulgation of accounting standards, which abolish the use of fair value measurement attribute produce significant negative market reactions. The time length of losses and the extent of losses of listed companies have significantly positive correlations with the degree of market reactions to changes of fair value accounting.

关 键 词：公允价值 准则变更 亏损公司 市场反应 影响因素 

分 类 号：F233[经济管理—会计学] F224[经济管理—国民经济]