【摘要】 本文从债务融资的视角出发,考察了我国现行制度环境下,投资性房地产公允价值计量可能带来的经济影响。研究发现,上市公司投资性房地产采用公允价值计量,有利于提高债务融资规模,延长债务期限,增加信用和非信用贷款的数量,但同时也降低了债务资本的使用绩效。这表明,在公司治理较弱的资本市场中,扩大公允价值计量的使用范围尽管为改善融资能力提供了一针短期"兴奋剂",但扩张的债务融资很容易陷入代理冲突的"黑洞"中,进而降低债务资本使用绩效,损害投资者利益和金融资源的配置效率;在交易市场不活跃、评估行业尚不成熟的经济体系中,上市公司融资能力的提升,并非意味着降低信息不对称而缓解了融资约束,而是释放稳健性会计盈余所获得的金融潜力。因此,基于治理环境、金融发展以及市场化进程的现状,我国选择有计划、分步骤的会计准则国际趋同策略,无疑更有利于保护投资者利益并促进资本市场的健康发展。更多还原

【Abstract】 From the perspective of debt financing,this paper analyzed the economic effect which brought by the measurement of fair value of investment property in the current institutional environment.It is found that investment property of listed companies took fair value measurement could improve the debt financing scale,extend its term and increase the number of credit and non-credit loans.Meanwhile,it also reduces the use of debt capital.This showed that in the capital market of weak corporate governance,enlarging the use of fair value measurement would provide a short-term stimulant for improving the capacity of financing,but the expansion of debt financing could fall into the "black hole" of agency conflict easily,and then deceases the use of debt capital and harms the investors’ benefits and the efficiency of the allocation of finance resources.In the economic system of non-activity market and immature assessment industry,the improvement of financing capacity of listed companies does not mean that reducing the information asymmetry would relief financing constraints,but obtaining its potential capacity from releasing the earning of accounting conservatism.Therefore,based on the current situation of governance environment,financial development and market process,keeping up with international accounting standards in planed and step-by-step in China would undoubtedly help to protect the investors’ benefits and improve the healthy development of capital market.更多还原