公允价值计量模式下的会计政策选择——基于上市公司交叉持股的实证研究

本文以2007年交又持股上市公司为研究样本，考察了在公允价值计量模式下，公司如何利用股票投资的会计政策选择来管理盈余，从而实现其特定目的。实证结果表明，2007年除股票投资外的盈余增幅越高，公司越倾向将股票投资计入不继续增加当期盈余的会计科目，以实现盈余平滑；而短期偿债能力低的公司，更倾向将其股票投资计入不影响流动比率和损益的会计科目，以避免偿债能力和盈余水平的波动；中将股票投资计入增加当期盈余的会计科目，以实现扭亏；2006年业绩亏损的公司，为避免连续亏损更倾向在2007年年报而处于受管制行业的公司，倾向于规避披露较多盈余。

This study presents an empirical examination of how cross holding listed companies manage their earning on fair value basis in 2007. Common motivations for earnings management are examined. The findings are consistent with our original hypotheses： the more earning increases （exclusive of stock investment）, the more likely managers choose the accounting method that does not increase the current surplus anymore; while firms with low current ratios tend to avoid the fluctuation of earning and current asset by including the equity investment into the accounting subjects which do not affect the current ratio. The companies which lost in 2006, in order not to keep losing were more inclined to include equity investment into current surplus accounting subjects in the 2007 annual report to make profit. And companies in regulated industries tend to avoid disclosure of more surpluses.