IPO价值定价与公允价值计量选择

引入公允价值计量是公司IPO价值评估方法的发展趋势。公允价值计量方法有利于增强IPO公司会计信息的解释能力,能够为新股投资者提供更高效率的决策信息。公允价值的估值技术在IPO定价方面需要有层次地逐级使用,IPO定价就是投资者投入价值和发行人产出价值的均衡结果。以公允价值计量IPO资产,是买卖双方自愿交换资产和权益。因此,推行公允价值计量的IPO定价,应该寻找具有可靠性的估值技术,视企业特征、行业属性和资产类别的不同情形而采取相应办法。     

公允价值的悖论——基于价格与价值的视角

2008年爆发全球性金融危机，凸显出公允价值计量的弊端，即产生顺周期性，对资本市场助涨助跌的作用，违背了会计计量的谨慎性、稳健性原则。本文在此背景下从资产价值与价格关系的视角，分析现行公允价值理论的悖论：公允价值理论反映交换价值，但实践中既反映资产市场价格又反映资产的内在价值，存在逻辑上矛盾。因此采用公允价值计量必须明确计量资产价值还是价格，二者必选其一。反映资产的价格必然采用单一的现行市价计量，反映资产的价值应该采用现值计量，因此相应地排斥其他计量方法的替代。     

金融工具公允价值信息的价值相关性

本文以会计信息决策有用性的计量观为基础,通过实证方法对比分析了新企业会计准则实施前后,公允价值是否改进会计信息对公司股票市场价格的影响,以及金融工具的公允价值信息与历史成本对公司股票市场价格的影响;新准则实施后公允价值变动损益对公司的股票市场价值的影响。研究结果表明:在引入公允价值计量属性后,盈余信息和净资产账面价值对模型的整体解释能力有所提高;公允价值计量的金融工具具有显著的增量价值相关性和相对价值相关性,投资者在投资决策时已经开始考虑公允价值因素,金融工具公允价值信息具有价值相关性。     

公允价值的价值相关性研究

本文运用实证研究方法,对公允价值的价值相关性进行了验证.本文以2011年的非金融业上市公司作为研究样本,通过价格模型检验了以公允价值计量且其变动计入当前损益的金融资产引起的公允价值变动损益和股价之间的相关性,以及可供出售金融资产公允价值变动额的与股价的相关性.结果表明两种证券资产公允价值变动与股价均为正相关关系,表明公允价值计量具有价值相关性     

浅议资产减值的计量及存在的问题

本文研究的目的在于探讨资产减值计量的基本问题,即可收回金额的确定。本文从公允价值方面展开研究,提出了资产减值会计中公允价值计量的指导性框架,并对公允价值计量运用于资产减值进行了利弊分析。     

公允价值会计的国际应用

本文比较全面和系统地回顾了公允价值会计在国际上的运用及对公允价值问题的实证研究。在评价公允价值运用于会计准则的基础上,对公允价值会计的现状以及未来发展进行了讨论。总的来看,公允价值由于其高度的相关性,已受到各界的高度关注。公允价值会计极有可能成为21世纪资产和负债的计量基础。     

公允价值计量对中美上市商业银行财务报表影响的比较分析

本文基于描述性统计数据，比较分析了公允价值计量对中美上市商业银行财务报表的影响。通过分析以公允价值计量的资产占总资产的比例、以公允价值计量的负债占总负债的比例、公允价值变动损益占税前利润的比例及计入权益（其他全面收益）的公允价值变动净额占权益总额的比例等数据，作者得出如下结论，公允价值计量对美国上市商业银行财务报表的影响远远大于对我国银行业的影响；从绝对量来看，公允价值计量方式对我国银行业财务报表产生了比较大的影响。     

股权投资与公允价值计量：价值相关性的实证研究

本文以2005～2006年拥有其他上市公司股权，且属于被投资公司十大股东之一的A股上市公司为研究样本，对股权投资中投资于上市公司与投资于非上市公司的相对价值相关性和投资于上市公司的股权投资在公允价值计量属性下的增量价值相关性进行了实证检验。结果发现：投资于上市公司的股权投资的价值相关性显著高于投资于非上市公司的股权投资的价值相关性，投资于上市公司的股权投资在公允价值计量属性下具有显著的增量价值相关性。这为公司的股权投资策略提供了一定的参考价值，也为我国新会计准则中公允价值计量更为广泛地运用提供了较有力的实证支持。     

公允价值会计在银行危机中的作用分析

公允价值会计制度在银行业的推行遭到银行实业界极力反对，特别是2007年爆发次贷危机以来，公允价值会计在银行业的应用受到严重批评，担心广泛地采用公允价值计量会对金融稳定性产生不利影响。本文回顾了资产价格对银行危机的作用机理，把会计制度与宏观经济模型结合起来分析，指出了在经济危机时公允价值会计确实会加重银行危机的机理，对有关公允价值会计制度在银行业的应用前景进行了分析。     

公允价值的“缩小”与资产减值的“扩大”

从资产减值准备计量标准看，公允价值是其主要计量属性。实际上，广义的公允价值包括所遥资产减值准备计量属性，即资产减值计量离不开对资产公允价值的计量，我们可以把资产减值准备的计提理解为：历史成本与公允价值孰低的原则，这里的“公允价值”包括现行成本或重置资产、现行市价、销售净价（net sellingg price）、可变现净值（net realiz-able value）、未来现金流量折现值（在用价值）、可收回金额（recoverable amount）。     

Fair value accounting: Current practice and perspectives for future research

A fundamental issue debated in the accounting literature centres on the appropriate basis for measuring firms’ assets and liabilities. During the last several decades, scholars have generated a growing body of important insights about the use of the fair value measurement attribute in financial reports around the globe. In this paper, we provide an overview of the institutional background of fair value accounting and the associated accounting standards that prescribe the use of fair value measurements under International Financial Reporting Standards and Generally Accepted Accounting Principles in the US. We discuss and document the extent to which firms across different industries and accounting regimes recognize and disclose in their financial reports assets and liabilities measured at fair value and we reflect on aspects of the fair value accounting literature. In doing this, we identify several areas in which additional research can further our understanding of fair value measurements and disclosures.     

The effect of additional guidance on fair value measurement and disclosure in illiquid or inactive markets

This paper examines fair value accounting – specifically, the application of FASB FSP 157-4 in the US. Data is analyzed from financial firms before and after FSP 157-4 was implemented to examine how this standard changed fair valuations and disclosures. We consider whether managers took advantage of the flexibility in the new standard by classifying their assets at level 3. We find that there is no significant change in the amount of assets that are transferred into level 3 after FSP 157-4 as compared to before. We also find a significant increase in the extent of disclosures as measured by word count. Fair value disclosures increased by an average of 52%. After further partitioning the sample based on size, we find that both main results hold for small and big firms in our additional sample. There is no evidence managers used the flexibility of the new standard to classify more financial assets at level 3; however, managers responded to the new standard with a significantly longer disclosure.     

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.     

Is mark-to-market accounting destabilizing? Analysis and implications for policy

Fundamental economic principles provide a rationale for requiring financial institutions to use mark-to-market, or fair value, accounting for financial reporting. The recent turmoil in financial markets, however, has raised questions about whether fair value accounting is exacerbating the problems. In this paper, we review the history and practice of fair value accounting, and summarize the literature on the channels through which it can adversely affect the real economy. We propose a new model to study the interaction of accounting rules with regulatory capital requirements, and show that even when market prices always reflect fundamental values, the interaction of fair value accounting rules and a simple capital requirement can create inefficiencies that are absent when capital is measured by adjusted book value. These distortions can be avoided, however, by redefining capital requirements to be procyclical rather than by abandoning fair value accounting and the other benefits that it provides.     

Does fair value accounting contribute to market price volatility? An experimental approach

This paper contributes to the debate on the impact of accounting measurement rules for financial assets. We examine the association between fair value accounting for financial assets and market price volatility for nonfinancial firms in an experimental setting. One group of participants was provided with financial statements where held‐for‐trading securities were reported at fair market value (FVA). Another group received financial statements with investments reported at historical cost (HCA). Controlling for accounting data, we find no systematic difference between FVA and HCA for three different measures of market price volatility, despite higher earnings volatility and marginally heavier trading under FVA.     

Authors’ Reply: Building Better Retirement Income Models - Discussion by Robert J. Myers; Anna Rappaport,January 1997

Abstract

In recent decades, as the use of derivatives by financial institutions has expanded, the shortcomings of historical cost accounting approaches have become increasingly apparent. Since derivatives can create large exposures to risk that go unnoticed under historical standards, the accounting industry has focused on how to change the standards so that these risks are reflected appropriately in a company’s accounting statements. New standards such as SFAS 115 and SFAS 133 have been adopted in part to achieve this goal. However, both of these standards use a piecemeal approach to risk measurement that may be adding to the problem rather than creating a solution. This paper will use a simple equity-indexed annuity to illustrate the problem with historical cost accounting and with the standards that have been adopted to correct it. The paper then argues that the only legitimate means of reflecting risk properly on a company’s accounting statements is to adopt full fair value accounting for all assets and liabilities on the company’s books.     

Bank Failure,Mark‐to‐market and the Financial Crisis

This paper is concerned with the allegation that fair value accounting rules have contributed significantly to the recent financial crisis. It focuses on one particular channel for that contribution: the impact of fair value on the actual or potential failure of banks. The paper compares four criteria for failure: one economic, two legal and one regulatory. It is clear from this comparison that balance sheet valuations of assets are, in two cases, crucial in these definitions, and so the choice between ‘fair value’ or other valuations can be decisive in whether a bank fails; but in two cases fair value is irrelevant. Bank failures might arise despite capital adequacy and balance sheet solvency due to sudden shocks to liquidity positions. Two of the most prominent bank failures cannot, at first sight, be attributed to fair value accounting: we show that Northern Rock was balance sheet solvent, even on a fair value basis, as was Lehman Brothers. The case study evidence is augmented by econometric tests that suggest that mark‐to‐market accounting has had only a very limited influence on the perceived failure risk of banks.     

Fair Value‐related Information in Analysts’ Decision Processes: Evidence from the Financial Crisis

We use a sample of conference calls and analyst research reports from international banks to examine how financial analysts request and communicate fair value‐related information in their valuation process. We find that analysts devote considerable attention to fair value‐related topics. Most of the conference call questions and references in research reports pertain to fair value reclassifications and fair value changes of liabilities resulting from banks’ own credit risk. The accounting impact of these one‐time effects during the financial crisis and a lack of corresponding firm disclosures help to explain the prevalence of these two topics. The content of the questions and references suggests that analysts have different motives for their interest in fair value‐related information. While some analysts adjust reported earnings for unrecognised fair value changes of reclassified assets, most of the observed analysts exclude banks’ own credit risk effects from reported earnings. Thus, the use of fair value‐related information varies substantially across analysts and across instruments.     

Accounting Problems in Infrastructure Asset Valuation and Depreciation in New South Wales Local Government

The aim of this paper is twofold: (i) to investigate whether New South Wales (NSW) local government councils comply with Australian Accounting Standards in accounting for revaluation of their infrastructure assets and (ii) to assess any consequences for the reliability of financial reporting in NSW local government. Using road assets as an example, we analyse the results of revaluations of road assets undertaken by 89 NSW councils as reported in their financial statements during the period 2013 to 2016. In this analysis we focus on the effect of a change in accumulated depreciation and impairment loss component of fair value as a percentage of the gross replacement cost of the revalued assets. The analysis reveals that in most cases this effect is significant. However, the accounting and reporting of this effect is strikingly inconsistent between the councils. Based on a critical analysis of the accounting framework and disclosure of the revaluation effects, we conclude that the main reason for the change in the fair value of assets is altered estimates of remaining useful life. Furthermore, we argue that councils did not comply with the requirements of AASB 116 in determining the useful life of the assets.     

Fair Value Accounting and Debt Contracting: Evidence from Adoption of SFAS 159

We examine how fair value accounting affects debt contract design, specifically the use and definition of financial covenants in private loan contracts. Using SFAS 159 adoption as our setting, we find that a small but significant proportion of loans (14.5%) modify covenant definitions to exclude the effects of SFAS 159 fair values. Only a limited number of these modifications exclude assets elected at fair value (less than 7%), while all exclude liabilities elected at fair value. Notably, we document that covenant definition modification is unassociated with ex ante fair value elections. We find that covenant definition modification positively varies with common incentive problems attributed to fair value accounting and negatively varies with benefits attributed to fair value accounting. Our results suggest that fair value accounting is not uniformly detrimental for debt contracting and fair value adjustments are included when they are most likely to improve performance measurement.