摘要
本文考察了新、旧准则下合并报表净利润对银行信贷决策有用性的变化，以及新、旧准则下“合并-母公司净利润差异”对银行信贷决策有用性的变化。研究发现，合并报表净利润是银行信贷决策的重要依据，新准则下合并报表净利润与债务契约的相关性减弱，且公允价值变动损益高的公司更明显。论文还发现，新准则实施后，“合并-母公司净利润差异”与企业获得银行借款的相关性减弱，说明新准则下的“合并-母公司净利润差异”为银行信贷决策提供了新的信息含量。
On February 15th, 2006, China issued new accounting standards, which were implemented on January 1st, 2007. The new accounting standards are composed of onebasic accounting principle and 38 specific accounting principles. Compared with the accounting standards before 2007 （hereinafter the old accounting standards）, the new accounting standards have some new rules on fair value measurement, non-current asset impairment and the measurement of parent company＇s long-term equity investments in its subsidiaries. So we need to identify the usefulness of accounting earnings under the new accounting standard.
One notable change is the measurement of parent company＇s long-term equity investments in its subsidiaries. Under the new accounting standards, parent company＇s earnings only include subsidiary earnings which have been realized and distributed to the parent company, while under the old accounting standards, parent company＇s earnings included subsidiary earnings once it realized. But the method of calculating consolidated earnings under the old and new accounting standards is the same, which is the equity method. Thus the new accounting standards enlarged the difference between consolidated and parent earnings.
From the perspective of creditors, this paper analyzes the change of usefulness of consolidated earnings for credit decision-making under the old and new accounting standards, and this paper also analyzes the change of usefulness of the difference between consolidated and parent earnings for credit decision-making under the old and new accounting standards. Our empirical results show that consolidated earnings are useful for creditors, but the association between consolidated earnings and debt contracts declined, especially for companies with large fair value gain or loss. The paper also finds that the association between the difference between consolidated and parent earnings and loans declined under the new accounting standards. The results indicate that the difference between consolidated
出处
《中国会计评论》
CSSCI
2011年第2期159-172,共14页
China Accounting Review
基金
国家自然科学基金(项目批准号70972011和70802003)的资助
关键词
会计准则改革
会计利润
债务契约
Reform of Accounting Standards, Accounting Earnings, Debt Contract
