信息环境与公允价值的股价相关性——来自中国证券市场的经验证据

文章研究了不同信息环境下公允价值的股价相关性。公允价值的信息披露是否以及如何影响股票定价,一直是会计理论研究和会计准则制定研究的重要方面。2006年我国会计准则的改革为研究上述问题提供了重要的契机。根据中国上市公司按照新旧准则编制两份年报提供的数据,文章采用Ohlson模型分析了公允价值信息披露与股票定价之间的关系。结果表明,信息环境对公允价值在股票定价中的作用存在显著的影响,即公司与投资者之间的信息不对称程度越高,公允价值对股票定价的增量作用越显著。

Incremental Value Relevance of Fair Value Disclosure under Information Asymmetry: Empirical Evidences from China Stock Markets

This article studies the relevance of fair value and stock pricing in different information environment.The accounting theory research has focused on whether or how the information of fair value affects the stock pricing for long term.The reform of China's accounting standards in 2006 provides a proper opportunity to the research.Based on the financial statements China's listed company prepared according to different standards in 2006,we take Ohlson model to test the relationship between fair value and stock pricing.The results show that the effect of fair value to stock pricing will be affected significantly by the information environment,and the incremental effect will be strengthened by the information asymmetry.The conclusion of this article will provide feasible future directions of research on the effect of fair value to stock pricing.