一引言随着金融改革的深入和金融创新的发展,出现了复杂多样的金融工具。企业可以通过发行优先股、永续债、可转换公司债券等多种金融负债形式来达到筹资的目的。企业发行的金融负债一般采用公允价值进行计量,但是在企业发行以公允价值为后续计量的金融负债的会计处理上,当企业主体信用风险发生变动时,会给投资个体带来一种“反直觉”效应。具体 I. INTRODUCTION With the deepening of financial reform and the development of financial innovation, complex and diverse financial instruments have emerged. Enterprises can achieve the purpose of fund-raising by issuing various types of financial liabilities such as preference shares, perpetual bonds and convertible corporate bonds. Generally speaking, financial liabilities issued by an enterprise are measured at fair value. However, when the credit risk of an enterprise changes due to the accounting treatment of the financial liability that the enterprise issues subsequently measured at fair value, it will bring an “anti-corruption” Intuitive "effect. specific