新会计准则公允价值信息实证文献研究的批判及重新检验

针对已有研究新会计准则公允价值信息价值相关性及契约有用性的文献忽视了金融资产持有期间产生的"公允价值变动损益"在出售时点需要转回的做法,文章批判了已有实证文献研究直接用利润表的"公允价值变动损益"信息检验价值相关性及契约有用性的研究设计,这一研究设计错误解释金融资产公允价值上涨或下跌的实证影响。为了准确考察公允价值的真实信息价值,文章重新选择了公允价值影响的度量方法,结合考虑"公允价值变动损益"的产生与"转回",对公允价值信息价值相关性和薪酬契约文献进行重新检验。研究结论确实具有一定差异。研究结论对准则制定机构及后续学术研究都具有一定的启发价值,也在一定程度上反驳了非会计界人士对会计准则在金融危机期间执行公允价值的指责。

Review and Retest the Empirical Literatures about Fair Value Information of New Accounting Standards

The current empirical research on the fair value information under new accounting standards ignores the fact that holding period unrealized gain or loss of fair value produced by financial asset would be reversed when the asset is sold. In this condition, the information of unrealized gain or loss of fair value from income statements would be applied directly to the study of value relevance and contract validity in these literatures, which would lead to the misinterpretation of empirical results of the information of fair value up and down of financial assets. In order to understand the exact role of fair value in Chinese new accounting standards, this paper combines unrealized gain or loss of fair value and the effect of reversion and retests the value relevance and contract validity of fair value information. Fortunately, study results are not completely same as before. The results have important implications to standard setters and later academic research. Furthermore, the paper also provides the evidences supporting that accounting standard setter stick to use fair value measurement during the period of financial crisis which has been criticized by outsiders of accounting circles.