公允价值与个体投资者的投资决策——一项实验证据

Fair Value and Individual Investors' Investment Decisions——An Experimental Evidence

本文采用实验方法,研究了公允价值和资产价值确定的主客观程度对个体投资者投资决策的影响。研究结果表明,与采用历史成本计量相比,在采用公允价值对资产进行计量的情况下,个体投资者投资的可能性更高;同时还发现,公允价值计量对个体投资者决策的影响被资产价值确定的主客观程度所调解,在资产价值确定客观性强的情况下,与历史成本计量相比,在采用公允价值时,个体投资者投资的可能性更大;而在资产价值确定主观性强的情况下,资产采用公允价值计量和采用历史成本计量,个体投资者的投资决策不存在明显差异。

Fair value is a very important problem in accounting theory and practice, it received much attention in the financial crisis which began in 2008 especially. This paper uses experimental method to investigate the effect of fair value and subjective （objective） extent of asset value determined on Individual investors＇ investment decisions. The results that the investors＇ investment probabilities is higher when the asset was measured by fair value than when the asset was meas- ured by history costs ; and the findings show that the impact of fair value on Individual investors＇ decisions is mediated by subjective （objective） extent of asset value determined, when the objectivity of determining asset values was strong, Indi- vidual investors＇ investment probabilities is higher when the asset was measured by fair value than historic costs ; however, when the subjectivity of determining asset values was strong, there is no significant difference in investment decisions of Individual investors whether the asset was measured by fair value or historic costs.