终极控制人性质、债务约束与公允价值计量选择——基于投资性房地产项目的实证研究

The Nature of Ultimate Controller,Debt Constraints and the Choice of Fair Value

本文以2012-2015年非金融行业A股上市公司为样本,以投资性房地产项目后续计量为研究对象,采用双边logistic回归分析模型检验了终极控制人性质和债务约束对上市公司公允价值计量的影响。研究发现,终极控制人为非国有性质上市公司倾向采用公允价值对投资性房地产进行后续计量,债务约束对上市公司公允价值计量选择具有正向影响。但在终极控制人为非国有的上市公司中,债务约束对公允价值计量的选择具有显著的正向影响。

This paper, takes non-financial a-share listed companies from 2012 to 2015 as a sample, and takes follow-up measurement to the investment real estate project as the research object.Furtherly, the paper adopts the bilateral logistic regression analysis model to verify the influence upon the fair value of listed companies, which is caused by the ultimate controller and debt constraint.The study finds that the ultimate controllers of human nature of non-state-owned listed companies tend to adopt the fair value of the investment real estate follow-up measurement, and also finds that debt constraint takes positive influence on the choice of fair value of listed companies. But in the ultimate controller of non-state-owned listed companies, debt constraint on the choice of fair value has significant positive influence.