投资性房地产计量模式选择的动机及影响因素研究——来自中国A股市场的经验证据

On the Motivations and Determinants of the Selection of Investment Property Measurement Mode: Empirical Evidence from China's A-Share Market

文章以2007-2012年持有投资性房地产的A股上市公司为样本,检验了我国上市公司投资性房地产计量模式选择的动机及影响因素,试图从一个侧面解释财务信息的质量和功能。研究结果表明,资产负债率高、管理层持股比例高、投资性房地产比重高的非国有上市公司倾向于选择公允价值模式,管理层货币薪酬、盈余平滑度、资本市场监管和房地产市场是否活跃对投资性房地产计量模式选择没有显著影响。

Taking the A-share listed firms holding investment properties during 2007-2012 as the samples, this paper empirically tests the motivations and determinants of the selection of measurement models for investment property by China＇s listed firms. It tries to interpret the quality and function of financial information from one aspect. The results indicate that the non-state-owned firms with higher asset-liability ratio, higher level of managerial share ownership and higher ratio of investment property tend to choose fair value measurement model, while such factors as management＇s monetary compensation, earnings smoothness, capital market regulation and the activity level of real estate markets have no significant effects on the choice of measurement model for investment property.