会计计量模式的运用会影响企业价值评估吗

Will the Application of the Accounting Measurement Model Affect Enterprise Value Evaluation?

在资本市场快速发展的背景下,会计理论与实务界高度关注财务报表信息如何有助于使用者评估企业价值、进而做出买卖权益工具和债务工具的决策。基于现行会计准则所编制的财务报表,采用的是综合运用多种会计计量属性的混合计量模式,有关方面必然要关注,这种混合计量模式的运用是否会对财务报表信息的估值有用性产生影响。但研究者往往难以直接观察财务报表使用者的实际决策过程,难以得知会计计量模式的运用是否、以及如何影响财务报表使用者对企业价值的估值过程。本文利用上市公司并购交易中资产评估机构对被并购企业的价值评估资料,实证检验了被并购企业财务报表中会计计量模式的运用,是否影响了评估机构对评估方法的选择,是否影响了评估溢价。研究发现,被并购企业财务报表内公允价值计量的运用水平与资产基础法评估结果的采纳成反比,与企业价值评估溢价成正比。本文基于独特视角的研究,对于评价财务报表信息的有用性具有一定的参考价值。

Under the background of rapid development of the capital market,the accounting theory and practice circles pay close attention to how the financial statement information can help users evaluate the enterprise value and then make decisions on buying and selling equity and debt instruments.The financial statements prepared based on the current accounting standards adopt a mixed measurement model that comprehensively uses a variety of accounting measurement attributes.Relevant parties must consider whether using this mixed measurement model will affect the valuation usefulness of financial statement information.However,it is often difficult for researchers to directly observe the actual decision-making process of users of financial statements and to know whether and how the accounting measurement mode affects the valuation process of enterprise value by users of financial statements.This paper empirically tests whether the application of the accounting measurement model in the financial statements of the merged enterprises has affected the selection of evaluation methods by the evaluation institutions and whether it has affected the evaluation premium by using the value evaluation data of the merged enterprises from the asset evaluation institutions in the merger and acquisition transactions of listed companies.It is found that the application level of fair value measurement in the financial statements of the acquired enterprises is inversely proportional to the adoption of the asset-based method evaluation results and is directly proportional to the enterprise value evaluation premium.Therefore,the research based on a unique perspective has specific reference values for evaluating the usefulness of financial statement information.