对于美国爆发的金融危机,现有研究主要是从金融体系角度来分析其扩散和放大作用的,而从微观角度分析研究公允价值与金融危机关系的并不多。鉴于此,从会计计量角度,通过研究公允价值与次贷危机关系找出金融危机扩散和放大的原因及其现实意义。此次次贷危机中,住房抵押贷款机构、投资银行、商业银行依次出现问题,问题的严重程度也是依次从大到小。这和三类金融机构中公允价值计量的资产占总资产的比例密切相关。简言之,公允价值计量的资产占总资产的比例越大,越先受到冲击,受冲击的程度也越大。因此可以认为,公允价值扩散和放大了金融危机,公允价值对金融资产价格的负面影响不容忽视,公允价值在特殊时期更容易加剧市场的起落。当市场处于急剧变化时,“以市值计价”存在放大风险的作用,增大经济萧条期下的悲观预期,从而引致资本市场的剧烈震动。但公允价值的推出是具有理论基础和环境基础的,公允价值计量仍是会计未来发展的方向,不应废除。更重要的是,在金融危机背景下要完善公允价值会计计量,应建立一套非正常市场条件下的公允价值会计操作框架,完善金融体系的相关规章制度,并充分发挥政府部门的宏观调控职能,强化对金融市场的监督管理。 For the financial crisis that broke out in the United States, the existing studies mainly analyze its diffusion and amplification from the perspective of the financial system. However, there are not many studies on the relationship between fair value and the financial crisis from the microscopic point of view. In view of this, from the accounting measurement point of view, through the study of the relationship between fair value and the sub-prime crisis to find out the reasons for the spread and amplification of the financial crisis and its practical significance. The subprime mortgage crisis, housing mortgage lending institutions, investment banks, commercial banks in turn problems, the severity of the problem is followed by descending order. This is closely related to the ratio of assets measured by fair value in the three types of financial institutions to total assets. In short, the larger the ratio of assets measured at fair value to total assets, the more the impact will be hit first and the greater the impact will be. Therefore, it can be considered that the fair value spread and enlarged the financial crisis, the negative impact of fair value on the price of financial assets can not be ignored, and the fair value is more likely to aggravate the rise and fall of the market in a special period. When the market is in a drastic change, there is the risk of amplifying the risk by “valuing at the market value,” increasing the pessimistic expectation under the economic depression, which will lead to a severe shock in the capital market. However, the introduction of fair value is based on a theoretical foundation and an environmental basis. Fair value measurement is still the direction for accounting’s future development and should not be abolished. More importantly, in the context of the financial crisis, we must improve the fair value accounting measurement. We should establish a fair value accounting operating framework under abnormal market conditions, improve the relevant rules and regulations of the financial system, and give full play to the macro-control functions of government departments , Strengthen the supervision and management of financial markets.