| 公允价值会计制度对金融稳定的影响——兼论美国金融危机的启示 |
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| 引用本文： | 郑鸣,倪玉娟,刘林. 公允价值会计制度对金融稳定的影响——兼论美国金融危机的启示[J]. 财经研究, 2009, 35(6) |
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| 作者姓名： | 郑鸣 倪玉娟 刘林 |
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| 作者单位： | 1. 厦门大学,王亚南经济研究院,福建,厦门,361005
2. 厦门大学,金融系,福建,厦门,361005 |
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| 基金项目： | 教育部人文社会科学研究规划项目 |
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| 摘 要： | 文章从公允价值会计制度的两重功能--反映资产负债现有的公平交易价格和向投资者传递信号影响其行为出发,构建均衡模型,并利用美国市场的实证数据分析了公允价值会计制度的缺陷:内生的共振效应、加剧市场波动.在市场繁荣时,公允价值会计制度会促进资产价格的进一步上升,而在危机时期,公允价值会计制度与资本金监管要求共同作用所产生的共振效应会使危机进一步恶化.
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| 关 键 词： | 公允价值会计 金融稳定 顺周期 |
The Impact of Fair Value Accounting On Financial Stability:Lessons from US Financial Crisis |
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| ZHENG Ming,NI Yu-juan,LIU Lin. The Impact of Fair Value Accounting On Financial Stability:Lessons from US Financial Crisis[J]. The Study of Finance and Economics, 2009, 35(6) |
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| Authors: | ZHENG Ming NI Yu-juan LIU Lin |
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| Affiliation: | 1.Wang Yanan Institute for Studies in Economics;XiamenUniversity;Xiamen 361005;China;2. Department of Finance;Xiamen University;China |
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| Abstract: | Fair value accounting functions as the reflection of current transaction prices of assets and liabilities, and the signaling role to investors. Based on the above dualistic functions of fair value accounting, the paper constructs an equilibrium model and demonstrates the defects of fair value accounting to a certain extent, namely, endogenous resonance effect and the promotion of market volatility. In the booming market, fair value accounting will promote the further increase of asset prices. When an econom... |
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| Keywords: | fair value accounting financial stability pro-cyclicality |
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