【作者】 陈晨；

【导师】 朱学义；

【作者基本信息】 中国矿业大学 ， 管理科学与工程， 2014， 博士

【摘要】 新企业会计准则为投资性房地产提供了两种计量模式的选择：历史成本和公允价值。相比历史成本，公允价值可以体现资产的实际价值，但也必须符合严苛的使用条件。市场的活跃性、公允价值评估的可操作性、管理层的主观性都成为影响公允价值可靠性的因素。作为公允价值的评估基础，房地产的市场价格也受到地域特征的影响。我国仅有极少数上市公司选择公允价值计量模式，这一情况与西方截然相反。投资性房地产的公允价值是否适用于我国市场，公允价值的评估是否具有可靠性，选择公允价值计量模式的基本动因及经济后果是论文研究的主要内容。论文在回顾了会计政策选择、公允价值可靠性及相关性、公允价值计量的经济后果、投资性房地产计量模式、地理位置的财务影响等相关文献的基础上，总结契约理论、有效市场假说、决策有用性理论、经济后果学说和知识溢出理论，结合我国市场背景，提出研究思路与研究假设。论文通过理论分析与实证研究，使用了问卷调查、正态分布检验、logistic回归、多元回归、案例分析及事件研究等方法，建立了公允价值可靠性评估量化模型、设置了地理位置评估指标，研究分析了投资性房地产公允价值的适用性和可靠性，投资性房地产公允价值计量选择的动因及其经济后果。研究发现，我国房地产市场效率不高，公允价值仍不适用；投资性房地产公允价值评估的可靠性不高，存在一定程度的高估；投资性房地产公允价值的选择动因源于盈余管理倾向，当存在盈余管理倾向的公司总部或其投资性房地产位于欠发达地区时，更有可能选择公允价值计量模式；投资性房地产的公允价值变动损益被用作收益平滑；投资性房地产的公允价值不具有价值相关性，也没有带来显著的经济后果。最后根据研究结论，论文提出，市场监管者应建立相应的完善机制，强制公允价值信息的披露；市场投资者应增加对公允价值使用的认识；上市公司应暂时避免投资性房地产的公允价值使用，并加强会计人员的专业培训。论文立足我国的房地产市场背景，从投资性房地产的角度，量化研究了公允价值的可靠性，补充了投资性房地产及公允价值可靠性研究的相关文献；建立了地理位置指标，探讨了地理位置对于投资性房地产公允价值的选择影响，丰富了地理位置的财务影响研究；分析了投资性房地产公允价值信息的决策有用性和市场影响力，扩展了有关投资性房地产公允价值计量经济后果的相关实证结论。更多还原

【Abstract】 The new accounting standards provides two measurement options: historical costmodel and fair value model. In contrast to historical cost, the fair value can show theactual value of the assets, but must be applied in harsh conditions. The activity ofmarket, the operability of fair value assessment and the subjectivity of managementall affect the reliability of fair value. As the basis of evaluation, the market price ofreal estate is influenced by the location factors. Only a handful of companies choosethe fair value measurement in China, which is diametrically opposed to westernsituation. The thesis focuses on:1) the applicability of investment property’s fairvalue2)the reliability of fair value assessment3) the motivation and economicconsequences of fair value option.The thesis firstly reviews the related literature of accounting policy choice,reliability and value-relevance of fair value, the measurement model of investmentproperty and the financial impact of locations. On the basis of theory summary―contract theory‖,‖efficient market hypothesis‖,―decision usefulness theory‖,―economic consequences theory‖and‖knowledge spillover theory‖, the thesis putforward research ideas and hypothesis. Based on the theoretical analysis and empiricalresearch, the thesis takes advantage of the questionnaire, normal distribution test,logistic regression, multiple regression, case study and event study; it builds thereliability model of fair value assessment and defines location indicators. Theempirical results show as follows:1) The efficiency of China’s real estate market ispoor, which leads to the incapability of fair value.2)The fair value assessment isunreliable and overvalued.3) The fair value option for investment properties is morelikely to be chosen by firms that had significant prior earnings management activities.Earnings management firms are more likely to adopt the fair value model when thefirms’ headquarters (or investment properties) are located in less developed regions.Firms choosing the fair value model use unrealized gains and losses associated withinvestment properties to smooth earnings.4) The fair value of investment property islittle value-relevance. The economic consequences of investment property’s fair valueis not significant.On the basis of the above findings, author proposes that: the market regulatorshould build a perfect mechanism, require companies to disclose the fair valueinformation. The market investors should raise the level of interest in fair value adoption. The listed company should avoid using the fair value of investment property,and promote training of accountants.Based on the background of China’s real estate market, from the perspective ofinvestment property, the thesis quantitatively examines the reliability of fair value,which supplements the literature of investment property and reliability of fair valueresearch. It also builds the location indicators; explores the location impacts oninvestment property’s fair value option,which enriches the literature of locations’financial influences. In addition, the thesis analysis the decision usefulness andmarket influences of investment property’s fair value information, which extendsempirical results of economic consequences of investment property’s fair valuemeasurement.更多还原