公允价值分层计量如何影响内部代理成本:信息效应还是激励效应

How does Stratified Measurement of Fair Value Affect Internal Agency Cost:Information Effect or Incentive Effect

在会计准则注重决策有用性的引导下,相关研究主要集中于公允价值分层计量的价值相关性,对提高相关性降低可靠性产生的不利影响关注不足。本文从内部代理成本的视角,以2014-2017年采用公允价值分层计量的上市公司为样本,实证检验各层次计量信息对内部代理成本的影响。结果显示,公允价值第一、二、三层次均会提高代理成本。进一步探讨影响机制发现,公允价值第一、二层次计量信息对代理成本的影响是由于不同层次以不同方式降低了激励效应,而信息效应并没有得到支持。研究结论进一步深化了公允价值分层计量信息的经济后果,揭示了公允价值分层计量影响内部代理成本的路径,对准则制定部门进一步完善CAS39、企业执行CAS22和制定合理的薪酬契约以降低内部代理成本有一定的启示。

Under the guidance of accounting standards focusing on the usefulness of decision-making,the relevant research mainly focuses on the value relevance of fair value stratified measurement,and pays insufficient attention to the adverse impact of improving relevance and reducing reliability.From the perspective of internal agency cost,this paper empirically tests the impact of various levels of measurement information on internal agency cost by taking the listed companies in 2014-2017 as samples.The results show that the first,second and third levels of fair value will increase agency cost.Further study of the impact mechanism shows that the impact of the first and second level of fair value measurement information on agency cost is due to the reduction of incentive effect by different levels in different ways,while the information effect is not supported.The conclusion of the study further deepens the economic consequences of fair value measurement information,reveals the path that fair value measurement affects internal agency cost,and provides some enlightenment for the standard making department to further improve CAS39,enterprises to implement CAS22 and to make reasonable compensation contract to reduce internal agency cost.