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美国次贷危机所引发的全球性金融危机的愈演愈烈,国内外理论与实务界学者纷纷对公允价值计量提出了质疑,将危机的归责于公允价值的顺周期特性。本文采用Feltham-Ohlson(1995)模型对于新准则于2007年实施后,我国交叉持股上市公司采用新准则所提供的会计信息价值相关性进行了检验,结果表明上市公司交叉持股投资以公允价值计量能够如实反映股价的波动,采用公允价值计量提供的会计信息具有价值相关性,而并非诱发危机的根源。
The global financial crisis triggered by the sub-prime mortgage crisis in the United States has become increasingly fierce. Scholars at home and abroad have questioned the measurement of fair value one by one, and attributed the crisis to the pro-cyclical nature of fair value. This paper uses the Feltham-Ohlson (1995) model to test the correlation of the value of the accounting information provided by the new guidelines for the cross-shareholding listed companies in China after the implementation of the new standard in 2007. The results show that the cross-shareholdings of listed companies are valued at fair value Measurement can accurately reflect the volatility of the stock price. Accounting information provided by fair value measurement has value relevance, not the root cause of the crisis.