公允价值分层计量对上市公司信息风险的影响——基于沪深A股市场的经验证据

The Impact of Fair Value Hierarchy Measurement on Information Risk of Listed Firms:Empirical Evidence Based on Shanghai and Shenzhen A Stock Markets

随着公允价值计量模式的决策有用性在财务报告框架和具体准则制定中的作用日渐凸显,对公允价值信息的相关性和可靠性的权衡,成为相关各方关注的焦点。基于公司治理机制的视角,以2008—2012年沪深两市A股上市公司为样本,实证检验公允价值分层计量与上市公司信息风险的关系。研究发现:按第一、二、三层次公允价值计量的资产或负债组合的信息风险逐层递增;高质量的公司治理机制降低了按公允价值计量的资产的信息风险,且公允价值计量信息的可靠性越差,完善的公司治理机制越能够有效地降低其信息风险,但对于负债项目来说,并没有起到显著降低信息风险的作用。

After the financial crisis,the decision usefulness view of fair value measurement model in financial reporting framework and the role of specific standards set is highlighted. The trade-off between relevance and reliability of fair value information comes to be the focus concerned by interested parties. Based on the perspective of corporate governance mechanisms,using a sample of listed firms in Shanghai and Shenzhen Stock Exchanges from 2008 to 2012,this paper studied the relationship between fair value hierarchy measurement and information risk. We found that information risk of financial instruments designated as fair value level 1,2,and 3 is monotonically increasing. Strong corporate governance reduces information risk of assets priced at fair value,especially strong corporate governance can obviously reduce the information risk of less reliable assets priced at fair value. For the liabilities priced at fair value,corporate governance doesn't significantly reduce the information.