公允价值计量、投资者情绪与会计信息决策有用性

Fair Value Measurement,Investor Sentiment and Decision Usefulness of Accounting Information

历史成本计量与价值相关性渐行渐远,公允价值计量的应用日益广泛,公允价值计量与会计信息决策有用性的关系备受关注。以我国A股主板市场2007—2012年IPO公司为样本,从投资者情绪和市场发展水平两个方面,检验了公允价值计量对于会计信息决策有用性的影响。研究发现,样本公司每股公允价值变动损益与IPO投资者情绪定价负相关,表明公允价值计量提高了会计信息质量,抑制了IPO投资者情绪定价,提升了会计信息的决策有用性。进一步的研究还发现,市场发展水平的提高具有制约公允价值计量项目的盈余管理空间和提升公允价值会计信息决策有用性的积极作用。

Historical cost measurement is becoming more and more unrelated with v alue relevance. The fair value measurement is becoming widely used; and the relationship between the fair value measurement and the decision usefulness of accounting information is attracting a lot of attention. Taking the IPO companies in China＇s A-share main board stock market during the period of 2007-2012 as the samples, this paper examines the influence of the fair value measurement on the decision usefulness of accounting information from the two aspects of investor sentiment and the level of market development. The findings show that the variable profit and loss of fair value per share of the sample company are negatively correlated with IPO investor sentiment pricing, which implies that fair value measurement can improve the quality of accounting information, inhibit IPO investor sentiment pricing, and improve the decision usefulness of accounting information. Further study shows that the improvement of the development level of market can play an active role in restricting the earnings management space of the fair value measurement item and improving the decision usefulness of the fair value accounting information.