公允价值计量对债务契约有用性的影响研究

The Influence of Fair Value Measurement on Debt Covenants Serviceability

公允价值计量模式的采用本质上为了确保债务契约的公平公正,但在实际运用过程中,管理层对公允价值相关会计政策选择的操控性,以及公允价值"持有收益"的未实现性和暂时性,往往会使契约相关利益者做出不理性的决策。本文通过机理分析和实证检验探究公允价值计量对债务契约有用性的影响,得出结论:企业总体债务规模与经常性损益的相关性高于公允价值变动损益,短期债务规模与公允价值变动损益正相关,长期债务规模与公允价值变动损益负相关,这些现实状况都证实了债务契约的有用性;但在短期和长期债务契约的回归分析中,债务规模与经常性损益类收益不存在显著相关关系的结果有悖常理,揭示了债务契约决策中的不理性。

The adoption of the model of fair value measurement is to substantially ensure the fairness of debt covenants. While in practice, the management＇s manipulation of selecting the related accounting policy of fair value and the unachievable and transiency of the ＂holding earnings＂ of fair value will frequently lead to irrational decisions by related shareholders. This paper studies on the influence of fair value measurement on debt covenants serviceability by means of mechanical analysis and empirical examining, and come to a conclusion that the correlation between the overall debt scale and recurrent loss and profit of the enterprise is higher than that with the loss and profit of fair value change. Short-term debt scale is positively correlated to loss and profit of fair value change while long-term debt scale is negatively correlated to it. These actual facts have all confirmed the serviceability of debt covenants. Whereas in the regression analyses of short-term and long-term debt covenants, the conclusion of no remarkable correlation between the debt scale and recurrent loss and profit is perverse, and this reveals the irrationality in the decision of debt covenants.