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金融危机使得公允价值会计准则备受关注,损失惨重的金融界认为公允价值加剧了金融危机,而会计界认为公允价值会计不是金融危机的根源。本文实证分析了在金融危机前后,公允价值会计对我国上市金融机构股票收益率以及金融系统风险的影响。得出以下结论:公允价值计量收益项目对股票投资收益率有很好的解释力,但以公允价值计量的资产负债项目没有得到市场认可,在上升市场中这样的解释力更强;我们没有充分证据证明我国上市金融机构整体采用公允价值越广泛,就越可能发生金融传染性的结论;公允价值计量收益项目与金融行业景气程度的交互影响,证明公允价值的“顺周期性”使得公司股价被传染,进而引起了资产价格循环。
The financial crisis has made the fair value accounting standards of concern. The financial sector, which suffered heavy losses, aggravated the financial crisis because of its fair value. The accounting profession considered fair value accounting not the root cause of the financial crisis. This paper empirically analyzes the impact of fair value accounting on the stock returns of listed financial institutions and the financial system risk before and after the financial crisis. The following conclusions have been reached: The fair value measurement income item has very good explanatory power for the investment return rate of the stock, but the assets and liabilities items measured by the fair value have not been approved by the market, and such explanation force is stronger in the rising market; we do not have enough The evidence shows that the more general the fair value of listed financial institutions in our country is, the more likely it is that financial contagion will occur. The interaction between fair value measured earnings and the financial industry sentiment shows that the fair value of “procyclicality” The stock price is contagious, which in turn causes the asset price cycle.