公允价值计量与企业债务融资成本——来自沪市A股上市公司的经验证据

Fair Value Measurement and Corporate Debt Financing Costs——The Empirical Evidence from A-share Listed Companies in Shanghai Stock Market

采用公允价值计量有利于及时反映企业的真实资产状况及契约各方所面临的不确定性,降低信息不对称程度,从而有效降低银行的债务风险。文章实证检验了我国企业会计准则有选择地引入公允价值计量模式后企业债务融资成本的变化。研究发现,采用公允价值计量的企业所获得的银行债务融资成本更低;公允价值变动额与企业债务融资成本有显著的负向相关关系。研究为分析公允价值会计信息在银行信贷决策中的价值与应用提供了经验证据,同时也证明了在会计准则趋同时引入公允价值是符合我国资本市场客观发展规律的。

The adoption of the fair value measurement is conducive to timely reflecting the real asset status of enterprises and the uncertainty facing the parties to the contract and to, lessening the degree of information asymme- try, thus effectively reducing the debt risk of banks. This paper empirically examines the change of corporate debt financing costs after the selective introduction of the fair value econometric mode in accounting principles of Chinese enterprises. As shown by the study, enterprises adopting the fair value measurement enjoy lower bank credit loan costs, and there is a significant negative correlation between the fair value change amount and the corporate debt fi- nancing cost. The study not only provides some empirical evidence for analyzing the value and application of fair value accounting information in bank loan decisions but also proves the conformity of the introduction of the fair val- ue in accounting principles with the objective developing regulation of China＇ s capital market.