公允价值计量能提高公司会计盈余信息的价值相关性吗——来自金融保险、建筑及房地产上市公司的证据

Can Fair Value Measurement Improve the Value Relevance of Quarterly Accounting Earnings——Evidence from Listed Companies in Banking,Insurance,Building & Real Estate Sectors

与国际财务报告准则趋同的新企业会计准则自2007年1月1日起开始在上市公司中全面实施,新准则的主要亮点之一就是引入了公允价值计量属性,以提高会计信息的决策相关性。本文以金融保险业和建筑及房地产业上市公司为研究样本,就公允价值计量属性对公司会计盈余信息的价值相关性的影响进行了实证检验,结果表明公允价值计量提高了金融保险行业会计盈余的价值相关性,但对建筑房地产公司盈余的影响不显著。此外,公允价值调整额与股票价格的价值相关性在上述两行业内均不显著。

The new Chinese Accounting Standards(CAS) has been in effect for China listed companies since January 1st 2007,with fair value measurement as its most significant characteristic which helps to improve the decision relevance of accounting information.This paper aims to test the value relevance of quarterly earnings adjusted before and after fair value change with data from listed companies in banking,insurance,and building and real estate sectors.The results show that fair value measurement helps to improve the value relevance of accounting earnings in banking and insurance,but the similar conclusion is not found in building and real estate industry.Meanwhile,the relationship between fair value adjustment and stock price is not significant in both sectors.