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论文编号：	2375
作者编号：	2120082072
上传时间：	2010/6/10 14:01:57
中文题目：	金融危机下基于公允价值的盈余管理实证研究
英文题目：	Study on Earnings Management Based on the Fair Value under the Current Financial Crisis
指导老师：	陆宇建
中文关键字：	公允价值 盈余管理 金融危机 前景理论
英文关键字：	Fair Value Earnings Management Financial Crisis Prospect Theory
中文摘要：	公允价值的适度引入是新会计准则的一大亮点，也引起了理论界和实务界大量的争论。公允价值较历史成本信息更具备时效性从而有利于投资者决策；但同时现阶段公允价值信息的可靠性遭到质疑。另外，由于公允价值本身的特点和缺陷，金融危机的爆发无疑使这些缺陷放大而呈现在人们面前。公允价值会计将市场和公司业绩直接联系起来，会造成顺周期效应，从而对金融危机起到了推波助澜的作用。公允价值在我国主要应用在金融工具、投资性房地产、债务重组、非货币性资产交易以及非同一控制下企业合并中。金融危机下以公允价值计量且其变动计入当期损益的金融资产对公司业绩影响较大，因此本文将“公允价值变动损益”作为研究对象，考察金融危机下公司是否利用公允价值进行了盈余管理行为。 本文基于全球金融危机的背景，在现代产权理论、价值理论、前景理论等理论基础的支撑下，分别对公允价值在金融工具、投资性房地产、债务重组、非货币性资产交换以及非同一控制下企业合中的应用和盈余管理空间进行了理论分析，并运用理论研究和实证分析相结合的研究方法，利用修正的琼斯模型分别对市场整体样本、分行业样本以及微利和亏损公司样本是否利用公允价值进行了盈余管理行为进行了检验，同时基于前景理论进一步探讨了金融危机下公司进行了何种方向的盈余管理行为。实证结果表明，金融危机下，公司利用“公允价值变动损益”进行了盈余管理，公允价值已经成为了公司进行盈余管理的工具之一；另外金融危机下，公司进行盈余管理呈现出更集中的趋势，总体上利用“公允价值变动损益”采取了调减利润的盈余管理行为；经济上升时期，公司进行盈余管理方向和程度相对离散，但总体上利用“公允价值变动损益”采取了调增利润的盈余管理行为。最后本文针对实证研究结果，提出了相应的建议和后续研究方向，为完善公允价值和盈余管理提供了帮助。
英文摘要：	As a major bright spot, the moderately introduction of fair value is controversial in both theory and practice. Compares with historical cost information, fair value is helpful for investors’ decision-making timely, but the reliability of fair value has been questioned. In addition, because of the features and shortcomings of fair value itself, financial crisis enlarges and shows these defects in front of people. Fair value accounting is a bridge between market and company performance, and its cyclical effects fueled the financial crisis. Fair value in China is mainly used in financial instruments, investment real estate, debts restructuring, non-monetary assets exchange and business combination under different control. We have noticed that “changes in fair value” plays an important role under financial crisis, so we take it as our researching objective to study whether fair value was used to earnings management. Based on the background of the global financial crisis, and under the supports of the modern property rights theory, value theory and prospect theory, the research analyses the theoretical application and earnings management space about fair value in financial instruments, investment real estate, debts restructuring, non-monetary assets exchange and business combination under deferent control, and test the whole sample, sub-industry sample, samples of small profits and losses of the company respectively with Modified Jones model, then further explores the direction of earnings management under financial crisis with prospect theory. The empirical results show that, in financial crisis, companies use “changes in fair values” as the earnings management instrument, and decrease the earnings on the whole. The dissertation puts forward some suggestions and directions for future research at last, and those would help to improve the fair value and earnings management researches.
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