基于公允价值计量的企业经济后果研究

基于公允价值计量方式是当前会计信息处理的主趋势,其能有效保全企业资本,真实反映企业的会计收益,同时对于投资者投资决策具有重要的指导意义,全面体现了财务报告的有用性,但另一方面,公允价值的运用也有赖于完善的市场环境、公平的交易行为以及投资者对于公允价值计量下会计信息有效性的分析,因而公允价值计量下企业行为仍需要改善。     

基于公允价值计量的企业经济后果研究

基于公允价值计量方式是当前会计信息处理的主趋势，其能有效保全企业资本．真实反映企业的会计收益，同时对于投资者投资决策具有重要的指导意义，全面体现了财务报告的有用性．但另一方面，公允价值的运用也有赖于完善的市场环境、公平岛交易行为以及投资者对于公允价值计量下会计信息有效性的分析，因而公允价值计量下企业行为仍需要改善。     

公允价值计价下会计信息的相关性可靠性探讨

公允价值我国会计准则体系还未超过十年。公允价值可以反映出在一定的时间节点和背景下,市场对资产或负债的可靠定价,一定程度上可以满足会计实务的需要,也可以较为准确的对外部投资者提供相对可靠地会计信息。因为公允价值建立在一定的估计和假设的条件下,公允价值在计量上存在相当大的不确定性,因此公允价值计量和会计信息的之间的相关性和可靠性成为学界研究的一个热点。新经济环境下,公允价值计价在会计确认中的具体应用实例及说明其应用越来越广泛和重要。本文将就在公允价值计价下,对会计信息的相关性和可靠性进行研究,以供参考。     

浅析公允价值计量属性

为保持会计信息质量的有用性,各准则制定机构都把公允价值计量作为资产计价和盈余确定的主要计量模式。层出不穷的问题和阻力使公允价值计量成为当今世界财务会计的难题之一,全面应用公允价值已是大势所趋,同时对公允价值计量属性的研究将有助于解决知识经济下无形资产、人力资源会计、环境会计等新领域的会计计量问题。本文从公允价值计量的必要性入手,剖析了公允价值计量对会计信息质量的影响,并在此基础上提出了建立有效公允价值计量体系的几点建议。     

公允价值在我国新会计准则中的应用问题研究

本文结合新会计准则．阐述公允价值的基本概念,分析公允价值计量引入的背景,进而探索一条既能推行现行会计计量模式的基拳框架,又能在会计计量中不断地完善公允价值计量方法,以提高会计信息和会计报表的可靠性。     

基于公允价值计量的衍生金融工具的会计风险探析——以中国建设银行股份有限公司为例

本文首先介绍在新会计准则中,衍生金融工具的公允价值计量的方法和原则。在此基础上,以中国建设银行股份有限公司为例,重点分析基于公允价值计量的衍生金融工具在会计确认、会计计量和会计信息披露中可能产生的风险。最后,提出了防范衍生金融工具使用公允价值计量的会计风险的方法。     

权益估价、会计信息、公允价值:模型与启示

阐述了权益估价对价值投资的意义，从投资者利用估价模型进行权益估价的角度分析了决策有用性对会计信息计量和披露的要求，认为公允价值计量是会计模型得以有效运用的前提，是提高会计信息相关性的必然要求。     

公允价值应用对会计信息质量的双重效应

当我们通过会计报告来了解上市公司业绩时,会计计量的重要性可想而知,不同计量方法不仅会直接影响报表数字,甚至能使报表使用者对企业业绩和经营趋势作出差别极大的解读。自2007年1月1日起,上市公司全面施行新会计准则,其中最大的变化是全面地引入了公允价值计量属性,一年的会计期间已经过去,这种变化对会计信息质量产生怎样的影响是我们重点关注的问题。 必须肯定的是公允价值应用的最大贡献就是进一步提升了会计信息质量的相关性和客观性,这两大特性满足了包括投资者、债权人、政府及其社会公众对会计信息的客观性、真实性和公允性等质量要求。     

债券公允价值确定及其影响

按照新会计准则要求，债券资产采用公允价值计量，引入公允价值，使财务报表更加逼近经济现实，极大地提高了会计信息对投资者和债权人的决策相关性。这不仅仅是金融工具会计准则的变化，也是会计理念的根本革新。     

投资性房地产公允价值计量模式选择动因实证研究

以2007~2012年首次采用公允价值模式对投资性房地产进行后续计量的上市公司为研究样本,利用二元Logistic回归模型实证检验了公司管理层选择公允价值计量模式的具体动因。结果表明,管理层选择公允价值模式对投资性房地产进行后续计量的可能性与盈利能力负相关,与资产负债率正相关;信息不对称程度不会显著影响管理层对公允价值计量模式的选择。这说明管理层选择公允价值计量模式只是为了提高公司的会计业绩和降低公司债务水平,而不是为了向投资者提供更为相关的会计信息。     

Fair Value Accounting and Stewardship*

Current standards define fair value as the market price at which an asset could be sold or a liability could be settled in the normal course of business. Setting aside measurement issues, assessing the relevance of exit values has intensified in recent years as fair value becomes a pervasive component of accounting regulation. The current debate about accounting measurement is framed in terms of making a choice between fair value and historical cost. In this article I argue that this is not a correct framing of the issues; knowledge of fair value alone cannot help investors to evaluate stewardship, because they would not know how much resources the management had sacrificed to obtain that fair value. To properly evaluate stewardship, investors need both types of information, historical cost and fair value.Using this information, a rate‐of‐return‐like index of stewardship quality is proposed. This commentary concludes with a statement about three significant drawbacks of relying solely on fair value accounting.     

The Value‐relevance of Equity Accounted Carrying Amounts and Disclosed Fair Values of Listed Associates

Equity accounting is a controversial accounting treatment. Although fair value measurement represents a potential alternative measurement base, information content may be lost under a pure fair value measurement approach. This study investigates the value‐relevance of equity accounted carrying amounts and disclosed fair values of listed associates, using a sample of the largest firms listed in South Africa, Australia and the UK. The main finding is that the alternative measurement bases are incrementally value‐relevant during the sample period of 31 December 2005 to 31 December 2011, implying that equity investors do not blindly accept either measurement base. Rather, investors include their own assessment of the intrinsic value of an entity's listed associates in their valuations.     

资产公允价值的信息含量及其计量——来自香港金融类上市公司的经验数据

2006年我国颁布的新会计准则广泛引入了公允价值的概念。本文以香港金融类上市公司为样本，主要研究香港公允价值的实施是否增强了会计数据的解释能力。实证结果表明，无论是按公允价值计量的金融资产期末价值还是公允价值变动产生的朱实现收益，都对公司价格和市场收益率产生了显著的增量解释能力。实证结果同时显示，投资者对公允价值计量部分资产的关注程度也要普遍高于非公允价值计量的资产。研究结果能有效消除准则制定者的顾虑，推动公允价值更为广泛的运用。     

上市公司财务报告目的评估价值相关性研究——来自A股市场的经验证据

公允价值在会计准则中的广泛运用引致了以财务报告为目的的评估业务需求。本文选取了2004~2008年上市公司为研究样本,检验了以财务报告为目的的资产评估总体价值相关性以及基于资产减值测试的评估价值的市场反应。研究结果表明,新会计准则实施后的价值相关性显著提高,而资产减值的计提受投资者的关注度则有所减弱。这说明以财务报告为目的的评估有效地提高了会计信息的质量和信息含量,并在一定程度上抑制了滥用公允价值进行盈余管理的行为。从长远来看,深化经济的市场化程度,努力构建一个完整、统一、开放、充分竞争的市场,实现评估界与会计审计界的良性互动,同时加强会计监管及行业自律并对滥用公允价值及虚假评估行为予以严惩,仍是未来一段时期的重中之重。     

The relative and incremental value relevance of goodwill before and after SFAS No. 142

We explore the value relevance of goodwill against two benchmarks: other accounting information and long-lived tangible assets. Prior research suggests that fair value estimates for goodwill must be inferred from other available information because of the nature of goodwill, including its intangibility. Such inferences are highly discretionary and may limit the usefulness of reported goodwill estimates. Because Statement of Financial Accounting Standards (SFAS) No. 142 relies exclusively on fair value estimates to subsequently measure goodwill, reported values considering management’s increased discretion may be less reliable and less value relevant when presented in conjunction with other accounting information. However, the subsequent accounting measurement for goodwill is not dissimilar from the subsequent measurement for long-lived tangible assets, which are also subject to impairment. In general, impairment measurement is subjective; management may have greater insight, even in the presence of management incentives and other accounting information, that may help confirm or disconfirm investors’ own goodwill estimates. Using other accounting information and long-lived tangible assets as benchmarks for the value relevance of goodwill, we find that reported goodwill provides greater value relevance relative to other accounting information after SFAS 142 and that the difference between the value relevance of goodwill and other long-lived tangible assets is also significantly greater following SFAS 142.     

Financial instruments,financial reporting,and financial stability

I review new empirical evidence from the recent financial crisis on the relation between financial reporting and financial stability. I draw the following conclusions: First, there is still no evidence that fair value accounting caused widespread fire sales of asset or contagion. Second, the empirical evidence suggests that accounting and regulation might have contributed to the crisis by allowing several banks to delay actions. Third, even if share prices reacted positively to the relaxation of fair value accounting rules during the crisis, the origin of the problem might be lax rules that allowed banks to run into financial and regulatory problems. Fourth, fair values can be relevant for assets that a bank intends to hold until maturity if that bank strongly relies on short-term financing. Fifth, the recognition of fair values is no substitute for information that allows investors to judge a bank's risk exposure and the validity of reported fair values.     

Ownership Structure and Accounting Method Choice: A Study of European Real Estate Companies

Companies can under IAS 40 Investment Properties choose between the fair value and the cost models. The fair value model arguably results in more relevant information but is also more costly to use. Based on studies suggesting that financial reports are a more important medium for communication with investors if ownership is dispersed, we hypothesize that the use of the fair value model is positively associated with ownership dispersion. We study European Real Estate firms and find support for this prediction. We also find a positive association between trade of shares and ownership dispersion, supporting the view that financial statements are less important if ownership concentration is high. Finally, we examine whether the choice depends on the identity of large owners. Companies with a financial company as the largest owner are somewhat more likely to choose the fair value model. Overall, the results indicate that accounting rules facilitating optional accounting policies have benefits.     

The usefulness of accounting estimates for predicting cash flows and earnings

Accounting estimates and projections potentially improve the relevance of financial information by providing managers a venue to convey to investors forward-looking, inside information. The quality of financial information is, however, compromised by the increasing difficulty of making reliable estimates and forecasts and the frequent managerial misuse of estimates. Given the ever-increasing prevalence of estimates in accounting data, particularly due to the move to fair value accounting, whether these opposing forces result in an improvement in the quality of financial information is among the most fundamental issues in accounting. We examine the contribution of accounting estimates embedded in accruals to the quality of financial information, as reflected by their usefulness in the prediction of enterprise cash flows and earnings. Our out-of-sample prediction tests indicate that accounting estimates beyond those in working capital items (excluding inventory) do not improve the prediction of cash flows. Estimates do, however, improve the prediction of next year’s earnings, though not of subsequent years’ earnings. We conclude that the usefulness of accounting estimates to investors is limited and provide suggestions for improving the usefulness of estimates.     

Voluntary fair value disclosures beyond SFAS 157’s three-level estimates

Some firms voluntarily make disclosures about the controls and processes in place to ensure the reliability of fair value estimates. Consistent with these disclosures being driven by investors’ concerns about the reliability of their SFAS 157 estimates, we find that firms with more opaque estimates are more likely to provide such disclosures. We then examine whether these disclosures improve investors’ perception about the reliability of fair value estimates. We find that they are associated with higher market pricing and lower information risk for Level 3 estimates. Further analyses of the disclosures reveal that the following types of information are particularly important to investors: discussion of the external and independent pricing of fair value estimates and their proper classification according to the SFAS 157 hierarchy. Overall, our results suggest that the voluntary reliability disclosures that firms provide beyond SFAS 157’s three-level estimates help reduce investors’ uncertainty toward the more opaque fair value estimates.