金融行业上市公司公允价值会计的价值相关性  

The Value Relevance of Fair Value Accounting Information in the Financial Industry

作　　者：张金若[1] 王炜[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400044

出　　处：《中南财经政法大学学报》2015年第3期79-86,159-160,共8页Journal of Zhongnan University of Economics and Law

基　　金：国家社会科学基金资助项目"中国金融行业上市公司强制执行公允价值会计的表现及后果研究"(13CGL040);高等学校博士学科点专项科研基金资助项目"财务报表列报强制性变更;价值相关性与薪酬契约--以综合收益为主要研究对象"(20110191120041)

摘　　要：公允价值会计对金融行业的重要性强于其他行业,本文以2007~2013年沪深两市金融行业上市公司为样本,使用价格模型和收益模型检验公允价值会计对股票报酬与股票价格的影响。基于金融资产处置时公允价值变动转回特征,本文对交易性和可供出售金融资产公允价值变动信息进行检验发现：公允价值计量的每股净资产对股票价格和股票报酬均有显著解释力;考虑公允价值变动损益转回的交易性金融资产等产生的公允价值变动损益对股票价格和股票报酬有显著解释力,不考虑转回的公允价值变动损益对股票价格和股票报酬均无显著解释力;可供出售金融资产的公允价值变动信息不具有价值相关性,表明我国证券市场具有＂功能锁定＂效应,信息使用者＂丢了西瓜捡芝麻＂。Fair value accounting is much more important in financial industry than any other industries.This paper uses the price model and return model to test the effect of implementation of fair value accounting in the financial industry on stock price and stock return based on the data of financial listed companies in 2007-2013 as a sample.Based on the generation logic of financial accounting data,this paper redesigns variables to test the information of fair value changes in two conditions,and concludes as follows:Net assets per share accounted by fair value can significantly explain stock price and stock return;The changes in fair value gains and losses produced by trading financial assets that considering the reversal can significantly explain stock price and stock return but that without considering the reversal cannot significantly explain stock price and stock return;The change information in fair value of available-for-sale financial assets is not correlated with value.That indicates that there are functional fixation effects in China's securities market.Accounting information users pick up the sesame seeds but overlook the watermelons.

关 键 词：公允价值会计 金融资产 股票价格 股票报酬 当期损益 股东权益 

分 类 号：F230[经济管理—会计学]