【作者】 康萍；

【导师】 胡祖光；

【作者基本信息】 浙江工商大学 ， 企业管理， 2012， 博士

【摘要】 本文从公司治理的视角研究公允价值会计的环境适应性,即通过分析公允价值会计对公司治理带来的相关影响,分析公允价值应用的潜在风险。公允价值(Fair Value)亦称公允市价、公允价格,是指熟悉市场情况的买卖双方在公平交易的条件下和自愿的情况下所确定的价格。传统的会计计量模式是以历史成本计量为基础的。然而,随着20世纪90年代以来衍生金融工具的大量产生,历史成本计量开始显示出其“软弱性”,而公允价值会计信息则因其潜在的高度相关性日益受到了人们的重视。FASB在20世纪90年代发布的33项准则中,有23项准则涉及公允价值；2000至2010年FASB发布的31个准则中,则全部涉及公允价值。就这样,从最初个别金融资产适用公允价值计量模式到全部金融资产都具有公允价值计量选择权,从金融资产到金融负债,从金融资产、负债到其他资产、负债,公允价值大有取代历史成本而居主导地位之势。正当公允价值作为一种新型的计量方式在各国尤其在国际会计准则中被推崇之时,2007年底开始的金融危机却对公允价值的应用提出了挑战。实务界不约而同地把矛头指向公允价值,认为在金融危机下的螺旋式下跌的市场上,对某些金融工具以公允价值计量会使市场失去信心,陷入恶性循环。相反的观点则认为,在金融危机中,公允价值计量方法反而能使危机更快地暴露出来,让投资者尽快看到真实的情况。随着各方关于公允价值利弊取舍的争论,似乎道理越辩越明,公允价值不仅避免了被终止的命运,而且对公允价值的应用似乎更加坚定。但基于公允价值确实可能造成的经济风险,危机之后的公允价值应用朝着更加规范、更加完善的方向发展。我国会计准则对公允价值的应用可谓一波三折。从1998年首次引入公允价值,到2001年谨慎限制其使用,再到2006年新准则中再次大量使用公允价值,体现了我国对公允价值应用的犹豫与无奈,这在很大程度上也是迫于顺应会计国际化潮流的压力。那么,我国现阶段的经济环境能否适应这一改变?由于我国上市公司治理起步比较晚,公司治理的内部机制、外部机制还不完善,公司治理环境与欧美等西方国家还存在很大差异,我国企业对公允价值的应用是否做好了准备?公允价值对企业公司治理会带来什么样的冲击?带着对这些问题的思考,本文对公允价值应用情况及其对公司治理带来的影响进行了研究。全文共分四个部分：第一部分为导论(第一章),主要阐述论文选题的理论背景和应用背景,明确研究内容、研究意义与研究方法等,概述论文的研究思路与研究框架。第二部分为公允价值的内涵及公允价值会计的沿革,包括第二章、第三章。其中,第二章专门从理论上对公允价值进行透视,探讨了公允价值的理论基础、公允价值的内涵属性及公允价值的估值等。第三章分析了公司治理环境的变迁与公允价值计量模式的选择,主要分析公司治理的演进及其对公允价值计价提出的潜在的要求,并从理论上阐述了公允价值在国际会计准则、我国会计准则中的应用历程,对其未来发展趋势进行了展望。为进一步分析公允价值对公司治理的影响奠定基础。第三部分为公允价值的应用情况及其对公司治理的影响,包括第四章至第七章。第四章研究公允价值的实际应用及其对利益相关者决策的影响。结合上市公司相关报表数据观察公允价值在我国的实际应用情况,可以看出,我国上市公司对公允价值的应用是比较谨慎的,但在进一步分析公允价值计价对企业经营成果的影响时,我们发现公允价值对经营成果的影响还是比较大的,而且,公允价值计价对各利益相关者都具有相应的影响。第五章研究公允价值对企业盈余管理的影响。首先是简要分析盈余管理的概念、动机及会计政策的可选择性所提供的盈余管理条件。其次,根据公允价值实际应用过程中涉及到的会计政策选择和人为判断因素深度分析公允价值隐含的盈余管理风险。最后通过案例分析和实证分析检验我国上市公司是含存在利用公允价值进行盈余管理的现象。第六章研究公允价值会计对管理者薪酬激励的影响。首先分析委托代理制下薪酬激励的模式；其次分析公允价值会计下薪酬激励的难点,包括公允价值对业绩衡量的影响以及公允价值会计下容易造成的管理者行为异化；最后,通过案例分析和实证分析,检验公允价值对管理者薪酬的影响。第七章研究公允价值会计对资本市场的影响。首先从理论上分析公允价值在虚拟经济中的传导效果和公允价值市场效应的产生机制；其次对公允价值的市场效应进行实证检验。第四部分为相关研究结论与对策(第八章)。简要综合第二至七章的研究结果,并在此基础上,分别从公允价值会计规则及应用方面、公司治理方面、政府监管方面提出相关对策和建议。本文的创新之处在于：1.系统分析公司治理环境的变迁与公允价值计量模式的选择。通过分析市场、制度、经济、科技、信用等外部治理环境及企业治理机制、所有权结构等内部治理环境的变迁,阐明公允价值计量模式选择的必然性；2.分析我国新会计准则实施以来公允价值应用情况及其对企业财务状况、经营成果的影响,以及公允价值应用对不同的利益相关决策的影响；3.系统分析了公允价值会计隐含的盈余管理风险。本文对公允价值可能带来的会计舞弊进行了全面分析,并通过案例分析、实证分析对我国运用公允价值会计进行盈余管理的行为进行了初步验证；4.运用因子分析法对公允价值应用对高管薪酬的影响进行了验证；5.分析公允价值市场效应的产生机制,并通过实证分析,检验了交叉持股的协同效应以及资本市场的顺周期效应。更多还原

【Abstract】 Environment adaptability of fair value accounting is studied in this paper from a corporate governance perspective. By analyzing the influence of fair value accounting on corporate governance, this paper tries to judge whether fair value accounting is adaptable to corporate governance environment in China, and the potential risk of the application of fair value accounting.Fair value (fair market value), also called fair price, is the price determined by knowledgeable parties under a fair market and willing conditions. Traditional accounting measurement is based on historical cost. However, with the development of derivative financial tools since1990s, historical cost shows its limitations, and more and more attention was paid to fair value accounting for its high relevance. Then, among33standards issued by FASB in1990s, there are23standards referred to fair value measurement. And among31standards issued in2000s, all standards referred to fair value measurement. This, from initially applied in individual financial instruments to all financial instruments have fair value options, then financial debts, then other assets and debts, fair value tends to substitute historical cost as the dominant position in accounting measurement system.When fair value gains high popularity as a new measurement, especially in international accounting standards, the financial crisis which began at the end of2007brought forward new challenges to the application of fair value. Practical circle has been targeting fair value, and deemed that, some financial instruments measured with fair-value under spiral drop stock market in financial crisis will lead to the losing of market confidence. Then, market gets trapped in a dangerous cycle. On the contrary, the opposite view is that, fair value measurement can make potential crisis exposing rapidly in the crisis, and bring the true situation to investors as soon as possible, with the debate of the advantages and disadvantages, and acceptation or rejection of the fair value, it seemed that, instead of stop using fair value measurement, the lively debate made the application of fair value more confirmative. Certainly, based on that the potential risks really exist in the economy, the future of the application of fair value develops in the direction of regulation and improvement after the crisis.It has been a twisted road for the China Accounting Standards adopting fair value. Fair value measurement was first adopt in1998. then it was limited when revising related standards in2001, and then fair value has been reused in new standards issued since2006. Extensive use of fair value again in CAS reflects our hesitation; this is largely under the pressure of the tendency of the accounting internationalization trend. Then, could our present economy environment adapt to this change? As for corporate governance of listed company begins relatively late in China, internal and external mechanism of corporate governance is not perfect. And Chinese corporate governance environment is greatly different from the western developed countries. So, are Chinese companies ready for that? What is the affection of fair value on corporate governance? With the thinking over these questions, this paper studies the application of the fair value and the affections on corporate governance. There are4parts in this paper:The first part is the introduction (chapter1), which explains the research theoretical and application background, clarifies the research contents, significance and methods, and briefly reviews the research steps.The second part is the connotation of fair value and its evolution, including chapter2and chapter3. Chapter2theoretically penetrates fair value. The theory bases, attributes and valuation of fair value are discussed in chapter2. Chapter3analyzes the transition of corporate governance and the choice of fair value measurement. In this part, we analyze the potential request of fair value measurement putting forwarded by corporate governance with its development, and illustrate the course of the application of fair value in international accounting standards and Chinese accounting standards, and look forward to the future of the fair value’s development. This provides the foundation for further analysis of the affection of fair value on corporate governance.The third part is the application of fair value and its impact on corporate governance, including chapter4, chapter5, chapter6, and chapter7. Chapter4analyzes the practical application of the fair value and its affection on stakeholders’decision-making. By observing actual application of the fair value with statements of listed companies, we found that the application of fair value is very cautious in Chinese listed companies, but further analysis of fair value on the impact of performance of enterprise indicates that the influence is quite large, and the application of fair value do have impacts on stakeholders.Chapter5is the study of the fair value impact on earnings management. Firstly, this paper briefly analyses the earnings management’concept, motivation and the alternative of accounting policies which provide facilities to earnings management. Secondly, according to the process of the practical application of the fair value which involved in accounting policy choice and human judgment, this paper analyzes the potential risk of earnings management lies in fair value accounting. Finally, case studies and empirical analysis by testing the existence of earnings management in China’s listed companies by using fair value accounting policy.Chapter6is the study of the impacts of fair value accounting on managers’incentive pay. First, this paper analyses of the patterns of incentive pay under the principal-agent system; then analyzes the difficulties of incentive compensation under fair value accounting, including the difficulty in performance measurement and the likelihood of managers accounting behavior alienation under fair value accounting; Finally, through case studies and empirical analysis, the paper tests the fair value’s impact on executive compensation.Chapter7is the study of the impact of fair value accounting on the capital market. First, from the theoretical analysis of the fair value’s effects in the virtual economy, and the mechanism of the market effects of the fair value; second empirically tests the market effects of the fair value.The fourth part is related research findings and countermeasures (Chapter8). Review the research results of previous chapter, based on this, put forward the countermeasures and suggestions from the perspective of fair value accounting regulations and applications, corporate governance and government supervision.The thesis contains the following innovations.1. Systematic analysis of the corporate governance environment changes and the choice of fair value measurement. By analyzing the change of external governance environment, such as the market, institutional, economic, technological, credit, etc. and the change of internal governance mechanisms, such as ownership structure, this paper illustrates the inevitability of choosing fair value measurement, and the fair value accounting will be the dominant measurement pattern in the future;2. Analysis of the impact of the fair value application on firms’financial situation, profit, and stakeholders’ decision-making since the implementation of new accounting standards in China;3. System analyzes the earnings management risk contained in fair value accounting. This paper comprehensively analyzed the likely accounting fraud brought by fair value, and through case studies, empirical analysis, earnings management behavior by use of fair value accounting is primarily validated;4. Factor analysis is used in this paper to test the effect of fair value application on executive compensation;5. Analysis of the market effects and its mechanism, and empirical analysis is used to test the synergistic effect of cross-holdings and the pro-cyclical effect in capital markets.更多还原