上市公司公允价值相关性分析——基于我国A股市场面板数据的实证研究

2006年我国新会计准则再次引入公允价值计量后,与历史成本计量属性相比,"每股可供出售金融资产公允价值变动净额"和"每股公允价值变动损益"对股票价格具有增量的价值相关性,其中后者的价值相关性显著高于前者。在我国的资本市场中,我国投资者依据公允价值计量的会计信息进行决策选择上也具有增量的价值相关性,体现出公允价值计量所表现的会计信息比历史成本计量的会计信息更具有一定的信息含量。根据2006新会计准则要求采用公允价值计量所披露的现时会计信息比历史成本计量所披露的账面价值信息更具有显著的解释力。

Relevance Analysis of the Fair Value of Listed Companies——Empirical analysis of panel data of our A-share market

Since our new accounting standards’ reintroduction of fair value in 2006,with comparison of the attribute of historical cost measurement,"one share’s net change of fair value in financial asset available for sale" and "gains from changes in one share’s fair value" enjoy relevance of the incremental value of stock price,and the latter seizes higher relevance than the former.In our capital market,the decision-making options also have incremental value relevance,while our investors make a strategic decision according to accounting information of fair value.It indicates the fair value measurement possesses more accounting information than that measured by historical cost measurement.Therefore,the present accounting information measured by fair value in light of new accounting principles issued in 2006 shows more explanation strengths than the book value of information published by historical cost measurement.