【摘要】 本文研究了B股公司按国际会计准则第39号(IAS39)披露公允价值的股价反映,以及公允价值揭示对会计信息价值相关性的影响。本研究发现,公允价值披露显著地增加了会计盈余的价值相关性。按公允价值计量的投资持有利得(损失)具有较弱的增量解释能力。而投资的公允价值调整没有显示出价值相关性。公允价值调整及持有利得(损失)对股价的影响存在差异,原因可能在于我国投资者对盈余的关注程度要高于对账面净值的关注程度。公允价值调整及持有利得(损失)缺乏很强的价值相关性的原因在于,公允价值存在计量误差,而投资者也看穿了这一计量误差。更多还原

【Abstract】 This study investigates how fair value of investments disclosed under IAS 39 is reflected in share prices and how the disclosure influences the value relevance of accounting information.By examining how share prices reflect fair values,evidence is provided on the measures’ relevance and reliability,and investors’ judgments of the fair value.The findings indicate that fair value disclosure significantly increases the value-relevance of accounting earnings.Holding gains and losses of investments from fair value measurement have moderate explanatory power beyond historical costs.However,investments’ fair value adjustments are found to have no incremental explanatory power over book value.The possible reason for the lack of strong value-relevance of fair value disclosures lies in the errors of fair value estimation and investors’ awareness of the measurement errors.更多还原