公允价值计量、投资者情绪与会计信息决策有用性  

Fair Value Measurement,Investor Sentiment and Decision Usefulness of Accounting Information

作　　者：黄霖华[1] 曲晓辉[2] 万鹏[1] 朱朝晖[1] 

机构地区：[1]浙江工商大学财务与会计学院,浙江杭州310018 [2]厦门大学会计发展研究中心,福建厦门361005

出　　处：《当代财经》2017年第10期111-121,共11页Contemporary Finance and Economics

基　　金：国家社会科学基金重点项目"公允价值信息采集及指数构建研究"(13AJY005);国家社会科学基金重点项目"股票错误定价的生产机制及对上市公司投资行为作用的机理研究"(13AGL002);教育部人文社会科学重点研究基地重大项目"会计计量模式;报告模式与企业综合报告"(16JJD790035);国家自然科学基金青年基金项目"管理层盈余预测乐观偏差:影响因素与经济后果"(71502166);浙江省自然科学基金项目"公允价值会计信息与股价同步性:基于投资者情绪和会计信息透明度的交叉研究"(LY15G020003)

摘　　要：历史成本计量与价值相关性渐行渐远,公允价值计量的应用日益广泛,公允价值计量与会计信息决策有用性的关系备受关注。以我国A股主板市场2007—2012年IPO公司为样本,从投资者情绪和市场发展水平两个方面,检验了公允价值计量对于会计信息决策有用性的影响。研究发现,样本公司每股公允价值变动损益与IPO投资者情绪定价负相关,表明公允价值计量提高了会计信息质量,抑制了IPO投资者情绪定价,提升了会计信息的决策有用性。进一步的研究还发现,市场发展水平的提高具有制约公允价值计量项目的盈余管理空间和提升公允价值会计信息决策有用性的积极作用。Historical cost measurement is becoming more and more unrelated with v alue relevance. The fair value measurement is becoming widely used; and the relationship between the fair value measurement and the decision usefulness of accounting information is attracting a lot of attention. Taking the IPO companies in China＇s A-share main board stock market during the period of 2007-2012 as the samples, this paper examines the influence of the fair value measurement on the decision usefulness of accounting information from the two aspects of investor sentiment and the level of market development. The findings show that the variable profit and loss of fair value per share of the sample company are negatively correlated with IPO investor sentiment pricing, which implies that fair value measurement can improve the quality of accounting information, inhibit IPO investor sentiment pricing, and improve the decision usefulness of accounting information. Further study shows that the improvement of the development level of market can play an active role in restricting the earnings management space of the fair value measurement item and improving the decision usefulness of the fair value accounting information.

关 键 词：公允价值计量 决策有用性 投资者情绪 

分 类 号：F275[经济管理—企业管理]