上市公司财务报告目的评估价值相关性研究——来自A股市场的经验证据

A Research on the Relevance of Evaluation Value for the Purpose of Listed Companies’Financial Reports:The Empirical Test of A-share Market

公允价值在会计准则中的广泛运用弓I致了以财务报告为目的的评估业务需求。本文选取了2004－2008年上市公司为研究样本，检验了以财务报告为目的的资产评估总体价值相关性以及基于资产减值测试的评估价值的市场反应。研究结果表明，新会计准则实施后的价值相关性显著提高，而资产减值的计提受投资者的关注度则有所减弱。这说明以财务报告为目的的评估有效地提高了会计信息的质量和信息含量，并在一定程度上抑制了滥用公允价值进行盈余管理的行为。从长远来看，深化经济的市场化程度，努力构建一个完整、统一、开放、充分竞争的市场，实现评估界与会计审计界的良性互动，同时加强会计监管及行业自律并对滥用公允价值及虚假评估行为予以严惩，仍是未来一段时期的重中之重。

The extensive application of the fair value in the accounting standards leads to the evaluating business which targets financial reports. This article takes listed companies in 2004 to 2008 as an example to test the relevance of evaluation value for the purpose of financial report and market reaction of evaluation value based on impairment test of assets. The results show that value relevance significantly improves after the new accounting standards implemented, while the attention of investors on provision for impairment of assets has been weakened. This shows that evaluation for the purpose of financial report improves the quality and the content of accounting information and inhibits the abuse of fair value to execute earnings management to some extent. In a long term, the following should still be the top priorities in the next period： to deepen market-oriented economy; to build a complete, unified, open and fully competitive market; to achieve positive interaction between professions in the field of accounting and auditing; to strengthen the regulatory and industry self-regulation in accounting business, and to punish the behavior as abusing the fair value or false assessment.