公允价值会计的选择动因、信息质量及经济后果研究
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摘要
美国财务会计准则委员会(FASB)和国际会计准则理事会(IASB)有关公允价值的研究与运用一直处于世界领先水平,目前,公允价值己成为其准则体系中的主要计量模式。为了实现与国际会计准则的协调与趋同,2006年2月,我国财政部颁布了新企业会计准则体系,其中最显著的变化、最大的亮点就是公允价值计量属性的大范围运用。然而,公允价值的广泛运用,引起了理论界、实务界和监管机构的激烈争论,尤其是近年来由美国次贷危机引发的全球范围内的金融危机,更是将公允价值会计问题推到了舆论的风口浪尖。
在此背景下,本文将围绕公允价值会计,对其选择动因、信息质量和经济后果进行相应的实证研究,为我国公允价值会计准则的运用提供经验证据,进而为我国公允价值会计准则的制定和相关监管政策的实施提供重要信息。
论文的研究工作从层次上分为基础研究、理论分析、实证检验和政策建议四个部分,相应的研究内容和结论如下:
基础研究部分为第2章。本章首先从公允价值准则体系建设和应用历程的角度,回顾和梳理了公允价值在美国会计准则体系、国际会计准则体系以及我国会计准则体系中的发展过程;其次分析了公允价值在我国新会计准则体系中的具体运用情况及应用特征,为后文的实证研究提供理论背景和现实基础。
理论分析部分为第3章。本章介绍了企业契约理论、会计信息质量理论和行为公司金融理论,并运用规范分析方法,结合公允价值会计的运用对上述三大理论加以评析,为后文的实证研究提供理论依据和理论支撑。
实证检验部分包括第4章、第5章和第6章,该部分是整个论文的核心。其中,第4章根据我国公允价值会计政策运用的实际情况,以新会计准则首次实行时上市公司的金融资产分类为切入点,运用单变量检验、相关性检验和多变量Logistic回归检验等方法探讨公允价值会计政策选择的经济动因。研究发现:政治成本假设和报酬契约假设均通过了显著性检验,在控制了金融资产重要程度的影响之后,债务契约也通过了显著性检验,此外,管理层是否持股、企业经营状况、金融资产重要程度也会影响我国企业公允价值会计政策的选择。第5章基于相关性和稳健性的研究视角,检验了公允价值会计对会计信息质量的影响,即公允价值会计的实施效果。公允价值会计对会计信息相关性影响的分析主要采用修正Ohlson模型即价格模型,公允价值会计对会计信息稳健性影响的分析主要采用盈余-股价回报模型和盈余持续性模型。研究发现:1)从会计信息的相关性来看,新会计准则的实施增强了每股净资产和每股收益对股价的联合解释能力,可供出售金融资产的公允价值变动额和交易性金融资产的公允价值变动损益,均具有增量价值相关性;2)从会计信息的稳健性来看,公允价值计量属性的引入,降低了确认“好消息”和“坏消息”的不对称程度,对会计信息的稳健性产生了一定的负面影响。第6章研究了公允价值会计的经济后果:对企业财务行为的影响。本章基于行为公司金融理论视角,从公司管理者有限理性的角度出发,分析了公允价值会计对企业三大财务行为即投资、融资和股利分配行为的影响。其中,公允价值会计对企业投资行为影响的分析主要运用单变量检验、交叉检验以及多元线性回归检验方法;公允价值会计对企业融资行为影响的分析主要运用多变量Logistic回归检验和多元线性回归检验方法;公允价值会计对企业股利分配行为影响的分析主要运用多元线性回归检验方法。研究得到了以下基本结论:1)过度乐观组样本公司更可能发生投资过度,公允价值变动损益增加净利润的程度越大,过度投资的程度越严重,而过度悲观组样本公司更可能发生投资不足,公允价值变动损益减少净利润的程度越大,投资不足的程度越严重;2)公允价值变动程度与企业的股权融资行为(即股权再融资倾向)显著正相关,与企业的债务融资行为(即资产负债率和主动性债务融资比例)也显著正相关。按公允价值变动程度的大小进一步细分后,在过度乐观组(悲观组)样本公司中,公允价值变动损益增加(减少)净利润的程度越大,股权再融资倾向或资产负债率和主动性债务融资比例越高(越低);3)每股公允价值变动损益与每股现金股利显著正相关,且持有的未实现损益和已实现损益对企业现金股利发放数量的影响程度无显著差异。
政策建议部分为第7章。本章在本文实证研究结论基本启示的基础上,从完善我国会计制度、公司治理以及证券市场发展入手,提出了完善公允价值会计准则和完善企业财务行为的对策建议:1)编制全面收益表、完善会计信息的相关性以及兼顾会计信息的稳健性;2)建立科学的共同财务决策机制、建立有效的管理者激励机制以及建立有效的证券监管制度。
最后,总结全文的主要研究结论,并针对本文研究不足,提出本文进一步后续研究的计划和设想。
The Financial Accounting Standard Board (FASB) and International Accounting Standard Board (IASB) are always in the leading level on the research and application of fair value accounting. Now, fair value is a main measurement attribute in the standards system. In order to coordinate and convergence with international accounting standards, Chinese ministry of finance issues new enterprise accounting standards system in February 2006, in which the remarkable change is the widely use of fair value measurement attribute. However, the extensive application of fair value has induced sharp debate between the theorists, practitioners, and regulators, especially in recent years the global financial crisis caused by subprime mortgage crisis of America puts the problem to the focus of public opinions.
In this context, the dissertation makes an empirical study on the choice motivation, information quality and economic consequences of fair value accounting in order to provide experience evidence for the application of fair value accounting standards, and further more, provide important information for the establishment of fair value accounting standards and the implementation of regulatory policy.
The research work of the dissertation can be divided into four levels: basic research, theoretical analysis, empirical tests and policy recommendations. The corresponding contents and conclusions are as follows:
Chapter 2 concerns with the basic research. This chapter which provides theoretical background and reality basis for latter empirical research, Firstly reviews the developing process of fair value in American accounting standards system, international accounting standards system and china’s accounting standards system from the perspective of developing and application of fair value standards system; Secondly analyzes the specific usage and application features of fair value in china’s new accounting standards system.
Chapter 3 constitutes the theoretical analysis. This chapter describes the corporate contract theory, theory of accounting information quality and behavioral corporate finance theory, and assesses these three major theories combined with the use of fair value accounting by normative approach, which provides theoretical basis and support for latter empirical research.
The empirical test which is the core of the entire dissertation consists of chapter 4, chapter 5 and chapter 6. Chapter 4 takes the financial assets classification of listed companies when the new accounting standards was initial implementation as the entry point, uses methods of univariate test, cross-validation and logistic regression test to discuss the economic motivation of fair value policy choice. The research shows that: the hypotheses of political cost and debt contract both pass the significance test, the debt contract also pass the significance test after controlling the impact of importance degree of financial assets, in addition, whether the management holding shares, enterprise performance and the importance degree of financial assets also affect the choice of fair value accounting policy. Chapter 5 tests the impact on accounting information quality caused by fair value accounting, i.e. the implementation effects of fair value accounting, from a perspective of relevance and conservatism. The analysis of effect of fair value accounting on accounting information relevance mainly adopts Ohlson model, i.e. price model, and the analysis of effect of fair value accounting on accounting information conservatism mainly adopts surplus-stock return model and earnings persistence model. The research shows that: 1) From the perspective of accounting information’s relevance, the implementation of new accounting standards increases the joint explanatory ability of net assets per share and earnings per share to stock price, fair value changes of financial assets available for sale and the profit and loss from fair value changes of transaction monetary assets both have incremental value relevance. 2) From the perspective of accounting information conservatism, the fair value measurement attribute reduces the asymmetry degree of identifying“good news”and“bad news”, so it has a definite negative impact on conservatism of accounting information. Chapter 6 studies the economic consequences of fair value accounting: the impact on corporate financial behavior. This chapter based on behavioral corporate finance theory, analyzes the effect of fair value accounting on three major financial behavior of enterprise, i.e. investment, financing and stock dividend distribution, from a perspective of bounded rationality of managers. The analysis of impact on corporate investment behavior caused by fair value accounting mainly use univariate test, cross-validation and multivariate linear regression test, impact on corporate financing behavior mainly use logistic regression and multivariate linear regression test and impact on dividend distribution behavior mainly use multivariate linear regression test. The basic conclusions are as below: 1) The sample companies in over-optimistic group will be more likely to occur over-investment, the greater the degree of profit and loss from fair value changes increase the net profit, the more serious of over-investment, in the other
hand, companies in over-pessimistic group will be more likely to occur under- investment, the greater the degree of profit and loss from fair value changes decrease the net profit, the more serious of under-investment. 2) The degree of changes in fair value is significantly positive correlated with enterprise equity financing behavior (i.e. equity refinancing tendency), and is also significantly positive correlated with enterprise debt financing behavior (i.e. the asset-liability ratio and initiative debt financing proportion). Further subdivision according to the degree of fair value changes, the sample companies in over-optimistic (over-pessimistic) group, the greater the degree of profit and loss from fair value changes increase (decrease) the net profit, the higher (lower) equity refinancing tendency or asset-liability ratio and initiative debt financing proportion; 3) Profit and loss from changes of fair value per share is significant positive correlated with cash dividend per share, and the effect on cash dividend amount of the unrealized profit and loss and the realized profit and loss has no significant difference.
Chapter 7 concerns with policy recommendations. This chapter takes the optimization of chinese accounting system, corporate governance and securities business development as an entry point, puts forward a countermeasure for improving fair value accounting standards and corporate financial behavior based on the inspiration of empirical research conclusion. 1) In optimizing fair value accounting standards: preparing comprehensive income table, improving the relevance of accounting information, and synchronously paying attention to conservatism of accounting information. 2) In improving corporate financial behavior: establishing a scientific common financial decision-making mechanism, establishing an effective incentive mechanism for managers and strengthening the legal protection of investors.
Finally, the dissertation makes a summarization of the main research conclusion and puts forwards the further follow-up study plans and ideas according to the inadequateness of this dissertation.
在此背景下,本文将围绕公允价值会计,对其选择动因、信息质量和经济后果进行相应的实证研究,为我国公允价值会计准则的运用提供经验证据,进而为我国公允价值会计准则的制定和相关监管政策的实施提供重要信息。
论文的研究工作从层次上分为基础研究、理论分析、实证检验和政策建议四个部分,相应的研究内容和结论如下:
基础研究部分为第2章。本章首先从公允价值准则体系建设和应用历程的角度,回顾和梳理了公允价值在美国会计准则体系、国际会计准则体系以及我国会计准则体系中的发展过程;其次分析了公允价值在我国新会计准则体系中的具体运用情况及应用特征,为后文的实证研究提供理论背景和现实基础。
理论分析部分为第3章。本章介绍了企业契约理论、会计信息质量理论和行为公司金融理论,并运用规范分析方法,结合公允价值会计的运用对上述三大理论加以评析,为后文的实证研究提供理论依据和理论支撑。
实证检验部分包括第4章、第5章和第6章,该部分是整个论文的核心。其中,第4章根据我国公允价值会计政策运用的实际情况,以新会计准则首次实行时上市公司的金融资产分类为切入点,运用单变量检验、相关性检验和多变量Logistic回归检验等方法探讨公允价值会计政策选择的经济动因。研究发现:政治成本假设和报酬契约假设均通过了显著性检验,在控制了金融资产重要程度的影响之后,债务契约也通过了显著性检验,此外,管理层是否持股、企业经营状况、金融资产重要程度也会影响我国企业公允价值会计政策的选择。第5章基于相关性和稳健性的研究视角,检验了公允价值会计对会计信息质量的影响,即公允价值会计的实施效果。公允价值会计对会计信息相关性影响的分析主要采用修正Ohlson模型即价格模型,公允价值会计对会计信息稳健性影响的分析主要采用盈余-股价回报模型和盈余持续性模型。研究发现:1)从会计信息的相关性来看,新会计准则的实施增强了每股净资产和每股收益对股价的联合解释能力,可供出售金融资产的公允价值变动额和交易性金融资产的公允价值变动损益,均具有增量价值相关性;2)从会计信息的稳健性来看,公允价值计量属性的引入,降低了确认“好消息”和“坏消息”的不对称程度,对会计信息的稳健性产生了一定的负面影响。第6章研究了公允价值会计的经济后果:对企业财务行为的影响。本章基于行为公司金融理论视角,从公司管理者有限理性的角度出发,分析了公允价值会计对企业三大财务行为即投资、融资和股利分配行为的影响。其中,公允价值会计对企业投资行为影响的分析主要运用单变量检验、交叉检验以及多元线性回归检验方法;公允价值会计对企业融资行为影响的分析主要运用多变量Logistic回归检验和多元线性回归检验方法;公允价值会计对企业股利分配行为影响的分析主要运用多元线性回归检验方法。研究得到了以下基本结论:1)过度乐观组样本公司更可能发生投资过度,公允价值变动损益增加净利润的程度越大,过度投资的程度越严重,而过度悲观组样本公司更可能发生投资不足,公允价值变动损益减少净利润的程度越大,投资不足的程度越严重;2)公允价值变动程度与企业的股权融资行为(即股权再融资倾向)显著正相关,与企业的债务融资行为(即资产负债率和主动性债务融资比例)也显著正相关。按公允价值变动程度的大小进一步细分后,在过度乐观组(悲观组)样本公司中,公允价值变动损益增加(减少)净利润的程度越大,股权再融资倾向或资产负债率和主动性债务融资比例越高(越低);3)每股公允价值变动损益与每股现金股利显著正相关,且持有的未实现损益和已实现损益对企业现金股利发放数量的影响程度无显著差异。
政策建议部分为第7章。本章在本文实证研究结论基本启示的基础上,从完善我国会计制度、公司治理以及证券市场发展入手,提出了完善公允价值会计准则和完善企业财务行为的对策建议:1)编制全面收益表、完善会计信息的相关性以及兼顾会计信息的稳健性;2)建立科学的共同财务决策机制、建立有效的管理者激励机制以及建立有效的证券监管制度。
最后,总结全文的主要研究结论,并针对本文研究不足,提出本文进一步后续研究的计划和设想。
The Financial Accounting Standard Board (FASB) and International Accounting Standard Board (IASB) are always in the leading level on the research and application of fair value accounting. Now, fair value is a main measurement attribute in the standards system. In order to coordinate and convergence with international accounting standards, Chinese ministry of finance issues new enterprise accounting standards system in February 2006, in which the remarkable change is the widely use of fair value measurement attribute. However, the extensive application of fair value has induced sharp debate between the theorists, practitioners, and regulators, especially in recent years the global financial crisis caused by subprime mortgage crisis of America puts the problem to the focus of public opinions.
In this context, the dissertation makes an empirical study on the choice motivation, information quality and economic consequences of fair value accounting in order to provide experience evidence for the application of fair value accounting standards, and further more, provide important information for the establishment of fair value accounting standards and the implementation of regulatory policy.
The research work of the dissertation can be divided into four levels: basic research, theoretical analysis, empirical tests and policy recommendations. The corresponding contents and conclusions are as follows:
Chapter 2 concerns with the basic research. This chapter which provides theoretical background and reality basis for latter empirical research, Firstly reviews the developing process of fair value in American accounting standards system, international accounting standards system and china’s accounting standards system from the perspective of developing and application of fair value standards system; Secondly analyzes the specific usage and application features of fair value in china’s new accounting standards system.
Chapter 3 constitutes the theoretical analysis. This chapter describes the corporate contract theory, theory of accounting information quality and behavioral corporate finance theory, and assesses these three major theories combined with the use of fair value accounting by normative approach, which provides theoretical basis and support for latter empirical research.
The empirical test which is the core of the entire dissertation consists of chapter 4, chapter 5 and chapter 6. Chapter 4 takes the financial assets classification of listed companies when the new accounting standards was initial implementation as the entry point, uses methods of univariate test, cross-validation and logistic regression test to discuss the economic motivation of fair value policy choice. The research shows that: the hypotheses of political cost and debt contract both pass the significance test, the debt contract also pass the significance test after controlling the impact of importance degree of financial assets, in addition, whether the management holding shares, enterprise performance and the importance degree of financial assets also affect the choice of fair value accounting policy. Chapter 5 tests the impact on accounting information quality caused by fair value accounting, i.e. the implementation effects of fair value accounting, from a perspective of relevance and conservatism. The analysis of effect of fair value accounting on accounting information relevance mainly adopts Ohlson model, i.e. price model, and the analysis of effect of fair value accounting on accounting information conservatism mainly adopts surplus-stock return model and earnings persistence model. The research shows that: 1) From the perspective of accounting information’s relevance, the implementation of new accounting standards increases the joint explanatory ability of net assets per share and earnings per share to stock price, fair value changes of financial assets available for sale and the profit and loss from fair value changes of transaction monetary assets both have incremental value relevance. 2) From the perspective of accounting information conservatism, the fair value measurement attribute reduces the asymmetry degree of identifying“good news”and“bad news”, so it has a definite negative impact on conservatism of accounting information. Chapter 6 studies the economic consequences of fair value accounting: the impact on corporate financial behavior. This chapter based on behavioral corporate finance theory, analyzes the effect of fair value accounting on three major financial behavior of enterprise, i.e. investment, financing and stock dividend distribution, from a perspective of bounded rationality of managers. The analysis of impact on corporate investment behavior caused by fair value accounting mainly use univariate test, cross-validation and multivariate linear regression test, impact on corporate financing behavior mainly use logistic regression and multivariate linear regression test and impact on dividend distribution behavior mainly use multivariate linear regression test. The basic conclusions are as below: 1) The sample companies in over-optimistic group will be more likely to occur over-investment, the greater the degree of profit and loss from fair value changes increase the net profit, the more serious of over-investment, in the other
hand, companies in over-pessimistic group will be more likely to occur under- investment, the greater the degree of profit and loss from fair value changes decrease the net profit, the more serious of under-investment. 2) The degree of changes in fair value is significantly positive correlated with enterprise equity financing behavior (i.e. equity refinancing tendency), and is also significantly positive correlated with enterprise debt financing behavior (i.e. the asset-liability ratio and initiative debt financing proportion). Further subdivision according to the degree of fair value changes, the sample companies in over-optimistic (over-pessimistic) group, the greater the degree of profit and loss from fair value changes increase (decrease) the net profit, the higher (lower) equity refinancing tendency or asset-liability ratio and initiative debt financing proportion; 3) Profit and loss from changes of fair value per share is significant positive correlated with cash dividend per share, and the effect on cash dividend amount of the unrealized profit and loss and the realized profit and loss has no significant difference.
Chapter 7 concerns with policy recommendations. This chapter takes the optimization of chinese accounting system, corporate governance and securities business development as an entry point, puts forward a countermeasure for improving fair value accounting standards and corporate financial behavior based on the inspiration of empirical research conclusion. 1) In optimizing fair value accounting standards: preparing comprehensive income table, improving the relevance of accounting information, and synchronously paying attention to conservatism of accounting information. 2) In improving corporate financial behavior: establishing a scientific common financial decision-making mechanism, establishing an effective incentive mechanism for managers and strengthening the legal protection of investors.
Finally, the dissertation makes a summarization of the main research conclusion and puts forwards the further follow-up study plans and ideas according to the inadequateness of this dissertation.
引文
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