顺周期效应下公允价值计量的价值相关性研究——兼论多重计量属性

Research on Value Correlation of Fair Value Measurement under Pro-cyclicality and Multi-measurement Attributes

从财务会计的重要目标入手,对决策有用观中的计量观与信息观进行了理论分析,认为二者应是有机结合的。计量观与信息观下的公允价值会计是存在缺陷的,高质量的会计信息要求对公允价值计量的顺周期性进行调整。在实证方面,对Feltham和Ohlson的模型进行变量分解后可以发现,公允价值计量具有顺周期的特点,风险调整前的每股公允价值变动损益与股价之间的敏感性较高,而经过风险调整后每股公允价值变动损益与股价之间的敏感性则较低;金融危机前公允价值计量与股价之间的同步性程度较高,而金融危机后二者之间的同步性程度明显降低。由于单一计量模式存在弊端,在财务报告中进行多重计量属性的披露是必要的,这有助于提高会计信息质量,而更具信息含量的披露也能满足异质利益相关者的决策需求,具有分散和降低金融风险的功效。

This paper analyses measurement view and information view about decision useful concept. Pro-cyclicality of fair value of high-quality accounting information should be adjusted under measurement view and information view. We find that there are high sensitivity between fair value per share and stock price before risk-adjusted, the sensitivity gets lower after risk-adjusted. We also analyze this topic from different industry cycle and different property rights. There are disadvantages of single measurement. Disclosure of multiple measurement attributes in the financial statements is necessary. More accounting information meets the interests of heterogeneity stakeholders and disperses financial risks.