公允价值会计的多角度研究

A Multiple Perspective Study on Mark to Market Accounting

本文从本次危机的形成和发展过程开始,详细描述了市价变动会计加剧金融危机发展和深化的机制,揭示了它成为市场波动加速器的内在机理。文章进一步从更广泛的视角研究市价变动会计的缺陷,包括从理论和实践两个方面来分析市价变动会计信息的失真性,从会计准则经济后果研究的角度来探讨它对企业价值的不正确估值,对企业管理层的反向激励机制,以及与现有会计准则体系的不一致性。文章还用中国上市公司2006年和2007年年报公布时间的统计数据证明了市价变动会计并不具备人们想象中的时效性。在探讨了市价变动会计存在的重大缺陷之后,文章进而深入地探究了市价变动会计产生的经济背景。最后,文章在对市价变动会计提出一些初步的修改建议后,呼吁对经济增长模式、实体经济与虚拟经济的关系等进行认真反思,中国不应再走西方发达国家经济发展的原有模式。

Starting with the formation and development of the current financial crisis, this paper describes in detail how mark to market accounting （MM accounting） causes and deepens the crisis and reveals its inherent characters as a volatility enhancer. It then discusses the shortcomings of this accounting method from more angles, including unreliability of data in practice, wrong valuation methodology for an enterprise value based on the theory of economic consequence of accounting standards, reverse motivation mechanism to the enterprise managements, and inconsistency with fundamental principles in the accounting standard system. Besides, it indicates, by using the statistics of publishing time of annual reports in 2006 and 2007 of companies listed in Shanghai and Shenzhen stock exchanges, that the MM information is not as timely as people may believe. Then, it tries to find out the economic force of MM accounting. After making some initial recommendations to MM accounting, it appeals a serious reconsideration of the economic growth model and the relation between the real economy and the virtual economy, etc. China should not simply follow the steps of industrialized countries.