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。

The Information Capacity under Fair Value Accounting and Its Measurement

In 2006, China promulgated the concept of fair value in the new accounting standard. In this paper, we use the financial company listed in Hong Kong as samples to analyze whether the implementation of fair value method can help increase the explaining capacity of accounting data. Base on fair value accounting, the empirical results indicate that whether the future value of financial assets or the unrealized gains due to changes in fair value can explain the value of company and market yields more effectively. The results also show that investors pay more attention to the value of the assets based on fair value accounting than assets which are not based on fair value. The conclusion of this paper could help to eliminate worries of enactor who implemented the accounting standard, and promote the more extensive use of fair value accounting.