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本文对会计准则国际趋同后,我国资本市场对公允价值信息是否存在“功能锁定”现象进行了研究。通过对具有相似净资产回报率但公允价值变动损益占利润比重显著不同的分组样本进行分析后发现,我国投资者并不能透彻地理解公允价值变动损益,他们仅关注上市公司盈利的表象而并不能“看穿”公允价值变动损益属于非持续的盈利。对于公允价值信息来说,我国资本市场的确存在“功能锁定”的现象。本文又采用观察上市公司公允价值变动净收益与利润总额之比与年市盈率的关系的方法检验了本文得出的结论,也证明了我国资本市场对公允价值信息的“功能锁定”现象。
After the international convergence of accounting standards, this paper studies the phenomenon of “lock-in” of fair value information in China’s capital market. By analyzing the subgroup samples with similar return on net assets but different fair value gains and losses on the proportion of profits, it is found that Chinese investors can not fully understand the changes in fair value gains and losses, they only focus on the appearance of listed companies and earnings can not “See through ” changes in fair value gains and losses are non-continuous earnings. For fair value information, there is indeed a phenomenon of “functional lock-in” in China’s capital market. This paper also uses the method of observing the relationship between the ratio of the net income of the listed company to the change of the fair value and the ratio of the total profit to the annual price-earnings ratio. It also verifies the conclusion of this article and also proves the “lock-in” phenomenon of the fair value information in our country’s capital market.