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。

Motivations to Choose Fair Value Measurement Model for Investment Properties

Taking Chinese listed companies which firstly chose fair value model to measure investment real properties during the period from 2007 to 2012 as our sample, this paper uses the binary logistic regression model to investigate the specific motivations to choose fair value model to measure investment real properties. The results show that the probability of choosing fair value model to measure investment properties is negatively associated with firm''s profitability and positively associated with the asset-liability ratio before the selection, and not significantly associated with the magnitude of information asymmetry before the selection. The results suggest that the management choose the fair value model to improve a firm''s accounting performance and reduce its liability level, rather than to provide more relevant accounting information for investors.