摘要
本文从制度涵义的视角考察了公允价值会计对上市公司金融投资行为以及债务风险的影响机理。研究发现,公允价值计量模式由于遵循价值相关性原则和提供了可供出售金融资产利得交易管理工具,因而对金融投资行为具有显著激励作用。进一步研究显示,在公允价值计量的影响下,随着金融资产规模的增加,债务风险呈现了显著上升,主要是有息债务比率显著增加。本文的研究为深入理解公允价值会计及价值相关性原则对微观主体和宏观经济的影响提供了分析基础。
The paper investigates the securities investment and the capital structures of Chinese listed companies during 2004--2011. We find that the size of financial assets has been increased significantly under the fair value accounting because of the value - relevance principle as well as the timing recognition of unrealized gains on available -forsale securities. Furthermore, the securities investment under the fair value accounting lead to an increased debt risk related to the interest - bearing debts. The conclusion reveals that the fair value accounting has a real impact on the financial risk.
出处
《金融研究》
CSSCI
北大核心
2013年第3期181-193,共13页
Journal of Financial Research
基金
国家自然科学基金(71132004)
博士后科学基金(2011M500194)的资助