经济周期、行业竞争与公允价值相关性  

Economic Cycle,Industry Competition and Fair Value Relevance

作　　者：庄学敏[1] 罗勇根[1] 

机构地区：[1]广东财经大学会计学院,广东广州510320

出　　处：《华东经济管理》2015年第3期144-148,共5页East China Economic Management

基　　金：教育部人文社会科学研究项目(09YJC630040);广东省哲学社会科学规划项目(GD13CGL09)

摘　　要：文章采用2007-2013年A股上市公司的数据作为样本,研究了不同行业的市场竞争程度及经济周期的不同阶段对公允价值的价值相关性的影响。研究表明,行业竞争程度越高,市场环境越完善,投资者越愿意公允价值会计信息作为重要的决策依据,从而使得公允价值越具有相关性。相对于经济复苏期,当处于经济衰退期时,投资者会更加注重由于公允价值计量的使用而带来的资产损失,从而使得公允价值信息与股价的相关性更强。结论对研究我国公允价值会计及其与应用环境的关系,以及如何有针对性地改进宏观环境,提高会计准则的应用效果等具有参考意义。The paper, using the data of A-share listed companies from 2007 to 2013 as the sample, makes a study on the impacts of the market competition degree of different industries and the different stages of economic cycle on the value relevance of fair value. The study shows that the higher the degree of industry competition and the more perfect the market environment, the more willingness the investors take fair value accounting information as an important basis for decision-making, so that fair value becomes more relevant. Compared with the economic recovery, period, investors will pay more attention to the asset losses due to the use of fair value measurement in the recession period, so as to make the relevance of fair value information and share priee stronger. The conclu- sions have certain reference significance for the research on the rclationship between fair value accounting and its application environment, and how to improve the macro environment and enhance application effect of accounting standards in the Chinese context.

关 键 词：行业竞争程度 经济周期 信息不对称 公允价值信息 价值相关性 

分 类 号：F124.8[经济管理—世界经济] F275