公允价值计量与投资者决策的相关性--A股金融保险行业的经验证据

A Study on the Correlation between Fair Value Measurement and Investor's Decision: An Empirical Study on China's A-share Finance and Insurance Industry

在金融工具国际会计准则已发生变动和我国会计准则与国际财务报告准则持续全面趋同的背景下,本文以金融保险行业2007～2010年数据为研究样本,实证研究表明公允价值计量确实提高了财务会计报告的决策相关性,当前会计准则对于计入当期损益和所有者权益的公允价值变动的处理与投资者的理解是一致的,即计入当期损益的部分与股价显著正相关,而计入所有者权益的部分与股价没有显著关系。

Under the backgrounds that International Accounting Standards Board（IASB） has issued International Financial Reporting Standard—Financial Instrument（IFRS 9） and that the Enterprise Accounting Standard in China has continuously made the complete convergence with International Financial Reporting Standard,this paper uses the data during the period from 2007 to 2010 in China＇s finance and insurance industry as a sample and makes an empirical study.The research shows that fair value measurement can improve the decision relevance of financial accounting reports.Moreover,the handling of fair value changes in prevailing accounting standards,which are reckoned to be included in current profits and losses and owner＇s equity,are consistent with the investor＇s comprehension.That is to say,the part included in current profits and losses has a significantly positive correlation with the stock price,and the part included in owner＇s equity has no significant correlation with the stock price.