公允价值分层披露与信息不对称  

Fair Value Hierarchy Disclosure and Information Asymmetry

作　　者：毛志宏[1] 冉丹[1,2] 刘宝莹[3] 

机构地区：[1]吉林大学商学院,吉林长春130012 [2]吉林大学财务处,吉林长春130012 [3]国网吉林省电力有限公司长春供电公司,吉林长春130021

出　　处：《东北大学学报（社会科学版）》2015年第3期260-267,共8页Journal of Northeastern University(Social Science)

基　　金：教育部人文社会科学研究规划基金资助项目(14YJA630042)

摘　　要：以2007—2012年沪深A股上市公司为样本,检验公允价值分层披露对股票投资者之间信息不对称的影响。研究发现,按公允价值计量的净资产减少了股票投资者之间的信息不对称。按第一、二层次公允价值披露的净资产可靠性较高,显著降低了股票投资者之间的信息不对称,按第三层次公允价值披露的净资产可靠性较差,显著增加了股票投资者之间的信息不对称。总体上看,由于按第三层次公允价值披露资产和负债数量较少,上市公司披露的公允价值信息有利于减少股票投资者之间的信息不对称。Using a sample of the A share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2012, this paper tested the impact of fair value hierarchy disclosures on stock investors＇ information asymmetry. It was found that the net assets measured by fair value reduce the information asymmetry among stock investors. Level 1 and Level 2 net assets are more reliable and significantly reduce the information asymmetry among stock investors, whereas Level 3 net assets are less reliable and significantly increase the information asymmetry among stock investors. On the whole, considering the comparatively small amounts of Level 3 net assets and liabilities, the fair value of listed companies is helpful to reduce the information asymmetry among stock investors.

关 键 词：上市公司 公允价值分层信息 信息不对称 

分 类 号：F230[经济管理—会计学]