我国深市A股公允价值的市场反应实证研究

本文对我国深市A股上市公司披露的公允价值会计信息市场反应进行的实证检验表明,市场在短期内对计入当期损益的公允价值变动作出了反应,而对直接计入股东权益的金融资产公允价值变动没有作出反应。一定程度上验证了公允价值在我国A股市场的决策有用性,同时提醒我们在准则制定和实践应用中要特别关注公允价值的可靠性,也从侧面说明公允价值不足以担当引发或加速本轮世界性金融危机的角色。

An Empirical Research on Reaction of Shenzhen A-Share Market to Fair Value Disclosures

The results of empirical test on the response of Shenzhen A-share on fair value disclosures show that,in the short term,there is a reaction to the variation of fair value which is recorded into the profits or losses of the current period,but hardly reaction to the variation of fair value which is included directly in the owner＇s equity.To some extent,it implies the decision-usefulness of fair value in China＇s A-share market.At the same time,it reminds us to pay special attention to the reliability of fair value in norm-setting and practical application.The results also suggest indirectly that fair value is insufficient to play roles of initiating or accelerating the worldwide financial crisis.