܄ᄍࡎᆴ֥ࡎᆴཌྷܱྟ:Bܢ܄ඳ֥ᆣऌ*邓传洲(ഈݚݓࡅ߶࠹࿐ჽ 201702)}ᅋေ~本文研究了B股公司按国际会计准则第39号(IAS39)披露公允价值的股价反映,以及公允价值揭示对会计信息价值相关性的影响b本研究发现,公允价值披露显著地增加了会计盈余的价值相关性b按公允价值计量的投资持有利得(损失)具有较弱的增量解释能力b而投资的公允价值调整没有显示出价值相关性b公允价值调整及持有利得(损失)对股价的影响存在差异,原因可能在于我国投资者对盈余的关注程度要高于对账面净值的关注程度b公允价值调整及持有利得(损失)缺乏很强的价值相关性的原因在于,公允价值存在计量误差,而投资者也看穿了这一计量误差b}ܱՍ~܄ᄍࡎᆴ ሧ ࡎᆴཌྷܱྟ၂a໙ี֥ิԛथҦႵႨંၘӮູ۲ݓ߶࠹ሙᄵᇅק֥ંࠎԤbೂૅݓҍༀ߶࠹ሙᄵჴ߶(FASB,1978)ᄝֻ1ݼҍༀ߶࠹ۀॿࡏᇏ,ϜҍༀБ֥ۡଢѓקၬູ,/ཟሧದaᅏಃದބఃোරྐ༏Ⴈᆀิ܂ႵᇹႿࣜ࠶थҦ֥ྐ༏0bथҦႵႨྟ֥ྐ༏ܴಪູ,ᆺႵ֒ྐ༏ିڿэሧᆀ֥ྐބྛູൈ,Ҍ൞ႵႨ֥ྐ༏bྐ༏ܴӻႵᆀࠎႿႵི൧ӆࡌഡ,ᆣૼၛൎӮЧູࠎԤ֥,ၛحຓູҀԉ֥ҍༀБۡٚൔ൞Ⴕི֥bथҦႵႨྟ֥࠹ਈܴᇶᅦ๙ݖڿ࠹ਈٚم,ᄹ఼ྐ༏֥थҦႵႨྟbOhlson(1995)࣪႔Ⴥଆᄵູ࠹ਈܴิ܂ਔંᆦӻ,ࠧܢௐࡎ۬ॖၛႨ࣪ሧӁބ࣪൬ၭটጫbᄝ࠹ਈܴ༯,ൎӮЧႮႿఃཌྷܱྟ֥ಌكӉ௹൳֞ጪѨ,܄ᄍࡎᆴ֥ᇗေྟᇯࡶФᇗ൪b܄ᄍࡎᆴ൞၂۱ܼၬ֥ۀbቋିսі܄ᄍࡎᆴ֥൞ᄝ൧ӆࣜ࠶ᇏ,ॖၛܴҳ֥֞aႮ൧ӆࠏᇅ෮थק֥൧ӆࡎ۬bೂݔଖཛሧӁીႵॖܴҳ֥֞൧ӆࡎ۬,طႵކჿܿק֥ࠇॖၛყ௹֥ໃটགྷࣁੀೆ,ᄵॖᄎႨགྷᆴඌ࣍ර(۫ࡅ,2001)bݓ࠽ᇶေሙᄵᇅרࠏܒ(ೂFASBaIASB֩)ၘᄝሙᄵᇅקᇏֹܼٗᄎႨ܄ᄍࡎᆴ,ѩࡼఃቔູࣁವ۽ऎު࿃࠹ਈ֥ᇶေඋྟbݓᄝ܄ᄍࡎᆴ֥ᄎႨഈбࢠࣈര,ᄝ߶࠹ሙᄵሼཟݓ࠽֥Мࣟ༯,ૌླေฐษ܄ᄍࡎᆴᄝݓ֥ൡႨྟbЧ໓ࠎႿᇏݓBܢ܄ඳ1997୍ᇀ2004୍֥܄षҍༀྐ༏ބ൧ӆඔऌ,࣮ਔ൧ӆؓοIAS39uࣁವ۽ऎ:ಒಪބ࠹ਈv֥܄ᄍࡎᆴّ֥႘bЧ໓࣮ਔ۱໙ี:1.ؓႿ࿖IAS39֥܄ඳ,ః߶࠹ඔऌ(ᅬ૫࣪ሧӁބ࣪൬ၭ)֥ࢳି৯൞ڎᄹ఼ਔb2.ᄝሧӁڵᅏіഈ,οIAS39֥ሧ֥܄ᄍࡎᆴ൞ڎऎႵᄹਈ֥ࡎᆴཌྷܱྟb3.οIAS39ಒಪ֥܄ᄍࡎᆴטᆜၭ൞ڎऎႵᄹਈ֥ࡎᆴཌྷܱྟbؽa໓ང߭ܤܱႿ܄ᄍࡎᆴ֥࣮ܿٓ,۫ࡅ(2001)aᅦູݓaᅵდ(2000)aߛൗᇑ(1997)aઔົ(1999)aႥaဗཫफ(2000)aߛ࿐ૹ(2004)֩ࣉྛਔ༥ᇁܼ֥ٗฐ෬bܱႿ܄ᄍࡎᆴ֥ࡎᆴཌྷܱྟ࣮,ݓଢభߎޓಌكb*Ч໓༢༱ն໎࢝൱ᇶӻ֥ݓࡅഠ߶॓࿐ࠎࣁཛଢuᇏݓ߶࠹ᇅ؇აݓ࠽ࢤ݅໙ี࣮v(ሙݼ:04BJY013)֥ࢨ؍ྟ࣮Ӯݔ55
ଢభູᆸ܄ᄍࡎᆴཌྷܱྟ֥໓ངᇶေࠢᇏႿૅݓbᄝFASBܱႿࣁವ۽ऎ֥ཌྷܱሙᄵԛᆭభ,܄ᄍࡎᆴཌྷܱྟ֥࣮ᇶေࠢᇏႿ٤ࣁವሧӁ,ൌᆣࢲݔҵၳࢠնb1979୍,FASBؿ҃SFAS33,ေ܄ඳགྷྛӮЧބᇗᇂӮЧ,BeaverބLandsman(1983)ؿགྷൎӮЧ༯֥൬ၭбགྷྛӮЧބᇗᇂӮЧ༯֥൬ၭ۷ऎཌྷܱྟbBeaveretal(1982)aBeaverބRyan(1985)aBernardބRuland(1987)֤ԛোර֥ࢲંb1982୍,FASBؿ҃SFAS69,ေെႲ฿ಖగ܄ඳؓఃԥਈ֥ໃটགྷࣁੀਈགྷᆴࣉྛܙ࠹ބ(෮໌/ԥСಒಪ߶࠹0,RRA)bHarrisބOhlson(1987)ބMagliolo(1986)ؿགྷᄝࢳಃၭ֥൧ᆴٚ૫,െႲބ฿ಖగᅬ૫ࡎᆴ֥ࢳྟ۷఼,ఃཌྷܱྟေӑݖെႲބ฿ಖగ֥ܙᆴྐ༏b(1988)ؿགྷЇওRRAބൎӮЧ֥චэਈଆбࣇႨൎӮЧ൬ၭ֥ֆэਈଆି۷ݺֹࢳ٤ӈБԏbBell(1983)္ؿགྷ൬ၭੱაെႲ฿ಖగ֥ܙᆴऎႵᆞ֥ཌྷܱྟbBublitzetal(1985)aMurdoch(1986)aHawބLustgarten(1988)ؿགྷ܄ᄍࡎᆴऎႵᄹਈ֥ࢳି৯,ѩࡼၛభཌྷܱྟ֥ࢲݔ݂ࣻႿଆ֥հ༂ഡק,Їওཌྷܱэਈ֥ޭބ࠹ਈ༂ҵbሱSFAS107ؿ҃ၛট,նਈ֥܄ᄍࡎᆴཌྷܱྟ໓ངषࠢᇏႿࣁವ۽ऎbູಀԢࢩ૫ဢЧҵၳ֥႕ཙ,࣮؟࿊౼ၿྛູဢЧbၿྛᄝࣜႏഈऎႵᇉྟ,ऎႵնᇁোර֥ሧྛູbBarth(1994)ၛၿྛູဢЧ࿊౼ਔ1971୍ᇀ1990୍֥ඔऌ,࣮ؿགྷᆣಊሧ֥܄ᄍࡎᆴऎႵޓ఼֥ࢳି৯,طൎӮЧཌྷؓႿ܄ᄍࡎᆴ҂ऎСᄹਈ֥ࢳି৯bNelson(1996)۴ऌሧӁܿଆ࿊౼ਔ၂Ϥ؟ࡅቋն֥ၿྛ,ࢲݔіૼ,ᆺႵᆣಊሧཌྷؓႿᅬ૫ᆴऎႵᄹਈ֥ࡎᆴཌྷܱྟ,ѩॖौ֥ᆣऌіૼվॻaթॻaӉ௹ᅏಊބіຓࣁವ۽ऎ֥܄ᄍࡎᆴऎႵᄹਈ֥ࡎᆴཌྷܱྟbEccher,(1996)ၛૅݓ֥ჿ300ࡅၿྛ॥ܢ܄ඳູဢЧ,ؿགྷᆣಊሧaվॻaӉ௹ᅏಊࠣఃіຓࣁವ۽ऎ֥܄ᄍࡎᆴྐ༏ऎႵࡎᆴཌྷܱྟ,ᆃᇕཌྷܱྟሱ1992୍ᇀ1993୍Ⴕ߄֥൝bᄝଆᇏࡆೆ12ཛაൎӮЧཌྷܱ֥॥ᇅэਈުؿགྷ,ᆃུіຓᄝ1992୍ऎႵᄹਈࡎᆴཌྷܱྟ,ᄝ1993୍ીႵؿགྷbEccherಪູNelsonᆭ෮ၛ֤ԛࢳି৯ࢠ֥ࢲં,൞ၹູෲؓሱэਈႨਔཌྷؓᆷѓ(܄ᄍࡎᆴӑݖᅬ૫ᆴ҆ٳᄜԢၛᅬ૫ᆴ)bEccherႨሱ֥࠭ဢЧ,Ֆᇏ౼ԛሧӁܿଆࢠն֥ဢЧ,ҐႨඣᆷѓ(ࠧ܄ᄍࡎᆴބᅬ૫ᆴ֥ҵح)ᇗ൫Nelsonଆ,ؿགྷᆣಊሧaվॻaӉ௹ᅏಊࠣఃіຓࣁವ۽ऎ֥܄ᄍࡎᆴྐ༏नऎႵࡎᆴཌྷܱྟ(1996)࿊ᄴਔૅݓ136ࡅၿྛ1992୍ބ1993୍֥ඔऌ,ॉҰਔᆣಊሧaվॻaӉ௹ᅏༀaթॻބіຓཛଢ֥܄ᄍࡎᆴ֥ཌྷܱྟ,ؿགྷభᆀ֥܄ᄍࡎᆴᄝൎӮЧ֥ࠎԤഈनऎႵᄹਈ֥ࢳି৯bࡆೆمקሧЧቔູэਈ,ؿགྷؓႿمקሧЧбࢠ֥֮ၿྛ,վॻ֥܄ᄍࡎᆴაᅬ૫ᆴᆭҵ֥ࢳି৯ࢠ֮,іૼҍༀሑঃᄀҵ,൧ӆᄀ҂ྐః֥܄ᄍࡎᆴэbؓ܄ᄍࡎᆴ֥࣮҂ࣇࣇཋႿૅݓ֥ഈ൧܄ඳbೂ(1995)࿊౼օચၿྛ࣮ਔ൧ᆴ߶࠹b࣮ؿགྷ,ѩ҂թᄝཁᇷ֥ᆣऌіૼܵҪؓ܄ᄍࡎᆴࣉྛਔҠሺ,൧ᆴ߶࠹ࣁحбοൎӮЧ࠹ਈ֥ࣁح۷ିّ႘܄ඳࡎᆴ֥э߄,ҐႨ൧ᆴ߶࠹ၛު,൬ၭ֥ѯྟбၛభཁᇷᄹ఼ਔbBarthބClinch(1998)ٳ٤ࣁವaҐঀބࣁವ۱ྛြ,࣮ਔϏն০֥ሧӁᇗܙ,ؿགྷԢ٤ࣁವఒြؓ৳උఒြ֥ሧຓ,ሧ֥ᇗܙᆴაܢࡎऎႵૼཁ֥ཌྷܱྟbྙሧӁ֥ᇗܙᆴऎႵࡎᆴཌྷܱྟ,ֹӁaӌٜބഡС֥ᇗܙᆴᄵၹ҂ো֥ఒြႵ҂֥іགྷbRichardetal(2000)࣮ਔႇݓሧྟٜӁ֥܄ᄍࡎᆴ,ؿགྷ࣐ܵܙഽ֮ܙਔ܄ᄍࡎᆴ,бൎӮЧေ۷ࣚಒބொba࣮ഡ࠹აBܢ܄ඳ֥࿖1998୍12ᄅ,IASCሙਔIAS39uࣁವ۽ऎ:ಒಪބ࠹ਈv(ቋު၂ՑྩרႿ2005୍4ᄅ)bIAS39ࡼࣁವሧӁٳູ:ູࢌၞطӻႵ֥ࣁವሧӁaӻႵ֞֞௹ರ֥ሧaఒြჷള֥վॻބႋ൬ᅬॻၛࠣॖ܂ԛ൲֥ࣁವሧӁbοIAS39ေ,Ԛಒಪުఒြႋၛ܄ᄍࡎᆴ࠹ਈࣁವሧӁ(ЇওඋႿࣁವሧӁ֥စള۽ऎ),ၛ༯ࠫোࣁವሧӁԢຓ:(1)ఒြჷള҂൞ູࢌၞطӻႵ֥վॻބႋ൬ᅬॻ;(2)ӻႵ֞௹ರ֥ሧ;(3)ᄝࠃᄁ֥൧ӆഈીႵ൧ӆБࡎః܄ᄍࡎᆴ҂ିॖौ࠹ਈ֥ࣁವሧӁbೂݔ၂ཛࣁವሧӁѩໃܒӮଖؓԊܱ༢֥ቆӮ҆ٳ,ᄵః܄ᄍࡎᆴэྙӮ֥ၘಒಪ০֤ބാႋοೂ༯ჰᄵБۡ:(1)ູࢌၞطӻႵ֥ࣁವሧӁࠇࣁವڵᅏྙӮ֥০֤ࠇാ,ႋ࠹ೆ֒௹ၭ;(2)ॖ܂ԛ൲֥ࣁವሧӁྙӮ֥০֤ࠇാ,ॖၛ࠹ೆ֒௹֥࣪ၭ,ࠇᄝھࣁವሧӁФሇಞa൬߭ࠇԩᇂᆭభ,ࠇᄝھࣁವሧӁؿളࡨᆴᆭభ,ᄝಃၭᇏಒಪbФሇಞa൬߭ࠇԩᇂaࠇؿളࡨᆴൈ,ၛభᄝಃၭᇏಒಪ֥࠹০֤ࠇാႋ࠹ೆ֒௹ၭbIAS39ൡႨႿ2001୍1ᄅ1ರၛު֥ҍༀБіbݓ҆ٳBܢ܄ඳοIAS39֥ေ,ࡼሧٳູ/ູࢌၞطӻႵ56
֥ሧ0/ӻႵ֞֞௹ರ֥ሧ0ބ/ॖ܂ԛ൲֥ሧ0bਸ਼ຓ၂҆ٳBܢ܄ඳໃ࿖IAS39,ೂധധЏBᄝ2004୍Bܢ୍Бᇏ:/Ӊ௹ሧοӮЧ२ԢࡨᆴሙСު֥Ⴥحਙൕ,؋௹ሧοӮЧა൧ࡎ(ࠇॖൌགྷ࣪ᆴ)ቋ֮ჰᄵਙൕb0ؓႿॖ܂ԛ൲ሧ֥܄ᄍࡎᆴטᆜҵح,ն҆ٳ܄ඳࣉೆ֒௹ၭ,္Ⴕ၂ུ܄ඳ࠹ೆಃၭb2.ଆ࿊ᄴބഡק࣮ҍༀඔऌაఒြࡎᆴཌྷܱྟቋӈႨ֥ଆ൞ࡎ۬ଆބ൬ၭଆ,ؽᆀनՖOhlson(1995)ଆဆ߄طটbࡎ۬ଆऎႵܿଆ႕ཙ,൬ၭଆ֥Ⴊ൝ᄝႿ൞၂ࢨҵٳު֥ଆ,൬ၭଆ֥໙ีᄝႿ߶࠹൬ၭ֥ࢳି৯ສສޓ֮bKothariބZimmerman(1995)ࡹၰൈႨਆᇕଆ,ᆃ္Ӯູোර࣮֥๙Ⴈٚم(ೂBarthބClinch1998,)bЧ໓္ൈҐႨਔࡎ۬ބ൬ၭଆb(1)ဒIAS39֥࿖൞ڎᄹ఼ਔ߶࠹ඔऌ֥ࢳି৯bBܢ܄ඳᇏႵ၂҆ٳሱ2001୍ࠇၛު୍؇ष࿖IAS39,طਸ਼၂҆ٳ܄ඳᆰᇀ2004୍ಯಖીႵ࿖bҐႨ֥ࡎ۬ଆೂ༯:P=Bit0+B1@BV+B+Dit2@Eit0IAS+Dit1IAS@BV+D@E+E(1)itit2IASitititൔᇏP܄ඳiֻt୍֥൬ࡎ۬;BV܄ඳiֻt୍֥ᅬ૫ࡎᆴ(ૄܢඔ);E܄ඳiֻt୍֥࣪൬ၭ(ૄܢඔ);itູitູitູIAS܄ඳiֻt୍൞ڎ࿖ਔIAS39,ೂݔ൞ᄵIAS౼/10,ೂݔڎᄵ౼/00bitູpaBVaEनҐႨૄܢඔ൞ູਔࢆ֮܄ඳܿଆ֥႕ཙbೂݔDitit1aD2ࠇD1+D2ཁᇷֹնႿ0,ᄵіૼ࿖IAS39֥܄ඳitཁᇷิۚਔఃᅬ૫࣪ሧӁބ(ࠇ)࣪൬ၭ֥ཌྷܱྟbҐႨ֥൬ၭଆೂ༯:E$EE$ERET=B+Bitit01@it+BP2@it+DIAS+DP0it1IAS@+DitP2IAS@it+E(2)itPitit-1it-1it-1it-1ൔᇏRET܄ඳiֻt୍֥ܢௐ൬ၭੱ;Pitູit-1ູ܄ඳiֻt-1୍֥ܢௐࡎ۬;$E܄ඳiֻt୍აֻt-1୍֥࣪൬ၭitູᆭҵ,ᆷ܄ඳiֻt୍߶࠹൬ၭ֥э߄حbೂݔD1aD2ࠇD1+D2ཁᇷֹնႿ0,ᄵіૼ࿖IAS39֥܄ඳཁᇷิۚਔః߶࠹൬ၭބ(ࠇ)൬ၭэ߄ح֥ࢳି৯b(2)ဒሧ܄ᄍࡎᆴ֥ᄹਈࡎᆴཌྷܱྟbЧ҆ٳ࣮౼ԛ࿖IAS39֥Bܢ܄ඳቔູሰဢЧ,Ϝࣜݖ܄ᄍࡎᆴטᆜު֥࣪ሧӁٳࢳູਆ҆ٳ:၂҆ٳູࢌၞোሧࠣॖ܂ԛ൲ሧഈ֥܄ᄍࡎᆴטᆜح(FVAD),ਸ਼၂҆ٳູਆཛሧ܄ᄍࡎᆴטᆜభ֥ᅬ૫ᆴ(BVBFV)b๙ݖဒטᆜح(FVAD)֥༢ඔࣼॖဒ܄ᄍࡎᆴטᆜح൞ڎऎႵᄹਈ֥ࡎᆴཌྷܱྟbҐႨ֥ࡎ۬ଆೂ༯ç:P+Bit0+B1@BVBFV+Bit2@E+Bit3@FVAD+E(3)ititൔᇏFVAD܄ඳiֻt୍ᄝਆཛሧ(ູࢌၞطӻႵ֥ሧࠣॖ܂ԛ൲֥ሧ)ഈ܄ᄍࡎᆴ֥טᆜ(ૄܢඔ);itູBVBFV܄ඳiֻt୍֥טᆜਆཛሧ܄ᄍࡎᆴభ֥ૄܢᅬ૫࣪ᆴbଆᇏ,BV=BVBFV+FVADbೂݔFVAD֥༢ඔཁitູitititᇷֹնႿ0,ᄵіૼႵᄹਈ֥ࡎᆴཌྷܱྟb(3)ဒሧӻႵ০֤(ാ)֥ᄹਈࡎᆴཌྷܱྟbᄝ࿖IAS39֥ሰဢЧᇏ,ࢌၞোሧ֥܄ᄍࡎᆴטᆜحन࠹ೆਔ֒௹ၭ;ؓႿॖ܂ԛ൲ሧ֥܄ᄍࡎᆴטᆜ,Ⴕུ܄ඳ࠹ೆၭ,Ⴕུ܄ඳ࠹ೆਔಃၭbгᆀٳԛטᆜࣉၭ֥҆ٳ,ࠧࡼၭEٳࢳູ҂ݣھ҆ٳ܄ᄍࡎᆴטᆜ֥߶࠹൬ၭ(EBFV)ބၛ܄ᄍࡎᆴטᆜሧӁള֥ӻႵ০֤(ാ)(HOLDG)bҐႨ֥ࡎ۬ބ൬ၭଆٳљೂ༯:P=B+B@BV+B@EBFV+B@HOLDG+E(4)it01it2it3ititEBFV HOLDGREitititT=B@it0+B1P+B2@P+B3@it-1it-1P+E(5)itit-1ൔᇏHOLDG܄ඳiֻt୍ࣜݖ܄ᄍࡎᆴטᆜ,ѩّ႘ᄝၭіᇏ֥ሧӻႵ০֤ࠇാ(ૄܢඔ);EBFV܄ඳiitູitֻູt୍֥҂ݣሧӻႵ০֤ࠇാ֥࣪൬ၭ(ૄܢඔ)bᄝ൬ၭଆᇏ,ીႵࡼ୍֒൬ၭ֥э߄ح$Eٳࢳູਆ҆ٳ,ၛ૧֝ᇁ܋ཌྟ໙ีbit္3.૫ϰඔऌ(panelData)ࢩ૫ဢЧ֥ၳٚҵགྷའॖି֝ᇁ܄ᄍࡎᆴཌྷܱྟ҂ཁᇷ֥ࢲݔ[Hopwood,Schaefer(1989)aLobo,Song(1989)],çႮႿ൬ၭଆ၂Ϯ҂ࡼᅬ૫࣪ሧӁቔູࢳэਈ,ၹطᄝھ໙ีᇏໃҐႨ൬ၭଆb57
ᆃ္൞ྸ؟ཌྷܱ࣮न࿊౼ၿྛোഈ൧܄ඳቔູ࣮ؓའ֥ჰၹbݓBܢ൧ӆીႵቀܔ֥ၿྛোഈ൧܄ඳቔູဢЧ,ᆺିᆌؓ٤ࣁವো܄ඳ࣮b܄ඳᆭࡗ֥ҵၳཁಖ൞၂۱ᅰθ,Ч໓ҐႨ૫ϰඔऌၛࢳथᆃ၂໙ีbඹaൌᆣࢲݔ1.૭ඍྟ࠹Ч໓ၛ1997୍ᇀ2004୍֥Bܢ܄ඳູဢЧ,ัԢਔ෮Ⴕಌാ൧ӆඔऌބҍༀඔऌ֥܄ඳ,ၛࠣᅬ૫࣪ሧӁູڵ֥ܴҩ,܋࠹110ࡅ܄ඳa739۱Ⴕིܴҩb໙ี၂֥࣮௹ࡗູ1997୍ᇀ2004୍b໙ีؽބ໙ี֥࣮ဢЧູ2001୍ᇀ2004୍௹ࡗ࿖IAS39֥܄ඳ,ಀԢᆺႵ1୍ܴҩ֥܄ඳު(ၹູ૫ϰඔऌܥקིႋބෛࠏིႋଆ֥ܙ࠹ᇀഒླေਆ୍֥ඔऌ),܋࠹58۱܄ඳa217۱ܴҩbଆᇏ֥p൞ֻt+1୍֥4ᄅ30ರ൬ࡎ;RET൞ֻt୍5ᄅ1ರᇀֻt+1୍4ᄅ30ರ֥௹ࡗ൬ၭੱbᄝ࠹ෘܢௐitit൬ၭੱൈၘࣜݖگಃԩ,ᄝؓ൬ၭଆࣉྛࡆಃൈ,௹Ԛ֥ܢࡎ္ࣜݖگಃԩbᄝٳ൞ڎҐႨIAS39ൈ,؎ѓሙ൞܄ඳ൞ڎؓࢌၞোሧࠇؓॖ܂ԛ൲ሧࣉྛਔטᆜ,ೂݔ܄ඳiᄝֻt୍ؓሧࣉྛਔ܄ᄍࡎᆴטᆜ,ᄵгᆀಪູ܄ඳiᄝt୍ၛު֥߶࠹୍؇္࿖ਔIAS39,Ԣ٤܄ඳiіૼཌྷܱ߶࠹ᆟҦၘႵэ۷bBܢ܄ඳ1997୍ᇀ2004୍ݓ࠽߶࠹ሙᄵ༯֥࣪ሧӁa࣪൬ၭaሹሧӁaᅏༀಃၭбੱ,ၛࠣ࿖IAS39֥Ⴕܱඔऌ(Їও൞ڎ࿖ਔIAS39aࢌၞোሧބॖ܂ԛ൲ሧ֥܄ᄍࡎᆴטᆜحa࠹ೆ֒௹ၭ֥܄ᄍࡎᆴטᆜح),न༢Ֆ܄ष୍֥Бᇏࣜ൭۽Ұ࿘ࠆ֤,ఃඔऌनটჷႿ฿ೈᆣಊඔऌ९bЧ໓෮Ⴈඔऌ༢ᄎႨSAS༢ԩbі1ਙൕਔ۲݂߭эਈ֥࠹ࢲݔb2.࿖IAS39൞ڎᄹ఼ਔ߶࠹ඔऌ֥ࢳି৯і2ᇏ,ଆ1֥Fဒऋधਔ҂թᄝ۱љིႋ֥ࡌഡ,Hausmanဒऋधਔෛࠏིႋࡌഡ,ܥଆҐႨܥקིႨଆܙ࠹bIAS@E֥༢ඔᄝ1%֥ඣ༯ऋधਔ֩Ⴟ0֥ࡌഡ,ਆ۱༢ඔཌྷࡆ္ᄝ1%֥ᇂྐඣ༯ཁᇷֹၳႿ0,ऋधਔ࿖IAS39҂߶ᄹࡆૄܢ൬ၭބૄܢ࣪ሧӁ৳ކࢳି৯֥ࡌഡbіૼሧᆀಪູ,࿖IAS39ѩࣉྛ܄ᄍࡎᆴטᆜު,߶࠹ඔऌ۷ࡆॖौބཌྷܱਔbBVބE֥༢ඔनཁᇷֹၳႿ0,E֥༢ඔбBV֥༢ඔ۷ູཁᇷֹၳႿ0,ᆃіૼݓ֥ሧᆀؓ൬ၭ֥ܱᇿӱ؇ӑݖᅬ૫࣪ᆴbଆ2֥FဒીႵऋध҂թᄝ۱љིႋ֥ࡌഡ,ܥҐႨ๙Ⴈࢩएཛ֥௴๙ቋཬؽӰܙ࠹bDWᆴູ11987,҂ऋधሱཌྷܱࡌഡbໃྩᆞၳٚҵభ,White(1980)ဒіૼթᄝૼཁ֥ၳٚҵགྷའ,Ч໓ၛWhite(1980)ၳٚҵ၂ᇁྟѓሙҵቔູܙ࠹༢ඔ֥ѓሙҵbіᇏDEэਈսіႨ௹Ԛܢࡎטᆜݖ֥֒௹ૄܢ൬ၭ,DECHANGEэਈսіႨ௹Ԛܢࡎטᆜݖ֥֒௹൬ၭэ߄حbIAS@DE֥༢ඔཁᇷၳႿ0,IAS@DECHANGE֥༢ඔѩ҂ཁᇷֹၳႿ0,ਆ۱༢ඔཌྷࡆཁᇷֹၳႿ0,ᆃіૼ࿖IAS39ิۚਔૄܢ൬ၭࠣૄܢ൬ၭэ߄حؓႿܢௐ൬ၭੱ֥৳ކࢳି৯bDECHANGE֥༢ඔཁᇷֹၳႿ0,іૼܢௐ൬ၭੱ۷၇ঠႿૄܢ൬ၭ֥э߄حbDE֥༢ඔཁᇷູڵ,ҐႨܥקིႋଆࠇෛࠏིႋଆ,ࠇࡆഈܿଆބҍༀۗۆ॥ᇅэਈ,DE༢ඔ၇ಖೂՎ,ᆃіૼ൬ၭ֥ۚ܄ඳໃсջটݺ֥߭Бbॖି֥ࢳ൞,ᄝ1997ᇀ1998୍,Bܢ൧ӆᇗ֮,ૄܢ൬ၭࢠ໗ק֥܄ඳбࢠॆי,ᄝࣜݖ1999୍ᇀ2000୍֥նᅨު,ૄܢ൬ၭ֥֮܄ඳّطᅨږ۷ۚb࣐ܵ2003୍ၛު֮൬ၭܢ߭ઋ֤۷ॹ,ཌྷؓႿ1997୍ߎ൞֮൬ၭܢᅨږۚ,іགྷູ൬ၭੱაૄܢ൬ၭӯڵཌྷܱb і1ଆ֥૭ඍྟ࠹ඔऌpanelA:ଆ1aଆ2(1997୍-2004୍)ᆷѓpT1RET(%)EBVIASTA(0'00)LEVनᆴ41315401757011262150124762784812119471ᇏ໊ඔ31801-1712160113062126501884007111056ѓሙҵ219341501394013724113160143192737003513372ܴҩ739739739739739739739܄ඳඔ11011011011011011011058
࿃іPanelB:ଆ3aଆ4aଆ5(2001୍-2004୍)ᆷѓpT1RET(%)EBVHOLDGFVADEBFVBVBFVTA(0'00)LEVनᆴ419258-1213901166121885-010112-010321011772621916663714925115272ᇏ໊ඔ417418-1716701138521765-0100009-01003011427221781632413286111489ѓሙҵ213137371369014229115520104140108462014161711545823320602115105ܴҩ217217217217217217217217217217܄ඳඔ58585858585858585858ູဒ༢ඔ֥໗קྟ,ᄝٳ൞ڎҐႨIAS39ൈ,гᆀࡼ؎ѓሙטᆜູ,ೂݔ܄ඳiᄝֻt୍ؓሧࣉྛਔ܄ᄍࡎᆴטᆜ,ᄝՎު֥s୍(s>t),ೂݔ܄ᄍࡎᆴטᆜح҂ູ0,ᄵಪູ܄ඳiᄝs୍္࿖ਔIAS39bטᆜު֥ဒࢲݔѩൌᇉڿэbᄝଆ၂aؽᇏࡆೆሹሧӁ֥ؓඔބᅏༀಃၭбੱቔູ॥ᇅэਈ္҂႕ཙࢲݔbഈඍଆ֥࣮ဢЧಀԢਔ࣪ሧӁູڵ֥ܴҩׄ,ࡌקଖ܄ඳ2004୍࣪ሧӁູڵ,طః୍؇࣪ሧӁಯಖնႿ0,ᄵᆺಀԢ2004୍֥ܴҩbೂݔಀԢູڵ֥܄ඳ,ࠧᆺေଖ୍࣪ሧӁູڵ,ᄵࡼھ܄ඳ8۱୍؇֥ܴҩಆ҆ಀԢ,࣮ဢЧഺ༯103۱܄ඳa711۱ܴҩbၛՎູဢЧ,ቓປಆဢ֥ҩ,ဒࢲݔಯಖᆦӻభඍࢲં,ࠧ࿖IAS39ಒൌᄹ఼ਔૄܢ൬ၭ֥ࢳି৯,ၛࠣૄܢ൬ၭބૄܢ࣪ሧӁ֥৳ކࢳି৯bࡆഈ୍؇эਈު,۲୍ܢௐ୍؇൬ၭੱ֥ҵၳؓఃэਈીႵ႕ཙ,Ⴈ२Ԣ୍֒൧ӆ൬ၭੱᆭު֥טᆜ൬ၭੱսูRETቔҩ,ཌྷܱэਈ֥༢ඔ҂߶ؿളэit߄b і2 ࿖IAS39൞ڎᄹ఼ਔ߶࠹ඔऌ֥ࢳି৯ଆؽଆ၂E$ERET=B+B@it+B@it+DIAS+DIAS@P=Bit01P2P0it1itit0+B1@BV+B+Dit2@Eit0IAS@BVititit-1it-1 +D2IAS@E+EE$EitititititP+D2IAS@itP+Eitit-1it-1StandardStandardErrorVariableEstimatetValuepr>|t|VariableEstimatetValuePr>|t|Error(white)Intercept112263890165471187010615C-3616631481183036-4148038<10001BV011935450109891196010508DE-5016509420157035-2146233010141E112695910122255171<10001DECHANGE611271351318942141409848<10001Ias-0114756013464-0143016702IAS3-2100786371800279-0125741017969Ias@bv010608610111030155015813IAS3@DE302173938511627131554834010004IAS3@Ias@e11423468013851317010002-5518822369187856-0179971014242DECHANGEIAS3@D98-019291301209-4145<10001-5518822369187856-0179971014242DECHANGE59
࿃іଆؽଆ၂E$ERET=B+Bit+DP=Bit01@it+BP2@it0+B1@BV+Bit2@E+DP0IAS+Dit1IAS@itit0IAS@BVititit-1it-1 +D2IAS@E+EE$Eitititit+DIAS@it+EP2itPitit-1it-1StandardStandardErrorVariableEstimatetValuepr>|t|VariableEstimatetValuePr>|t|Error(white)D99-012144401206-1104012983D99117115761114780910120706<10001D00614121420120553112<10001D0041512611113066136172727<10001D013160789101216716165<10001D01910636341114811601789436014302D022133576301228110124<10001D02221249431116842511904225010573D03118613260123487193<10001D03351336951117671931003008010028WaldTest:D1+D2=0 WaldTest:D1+D2=0NumDFDenDFFValuepr>FNumDFDenDFFValuepr>F161718160100011614914560100223.ሧ֥܄ᄍࡎᆴטᆜح൞ڎऎႵᄹਈ֥ࡎᆴཌྷܱྟଆ3֥ဒࢲݔೂі3෮ൕbFVAD֥༢ඔѩ҂ཁᇷֹၳႿ0,ᆃіૼູࢌၞطӻႵሧࠣॖ܂ԛ൲ሧഈ֥܄ᄍࡎᆴטᆜح,ᄝఃൎӮЧ֥ࠎԤᆭഈ,ಌكᄹਈ֥ࡎᆴཌྷܱྟbࡆഈሹሧӁ֥ؓඔބᅏༀಃၭбੱቔູ॥ᇅэਈѩໃڿэࢲંbҐႨܥקིႋࠇ௴๙ቋཬؽӰܙ࠹,ᄝໃБ֥ۡဒᇏFVAD֥༢ඔಯ҂ཁᇷֹၳႿ0,ࡆഈሹሧӁބҍༀۗۆ֥॥ᇅэਈ္مڿэᆃ၂ࢲݔbᆃіૼ܄ᄍࡎᆴטᆜح֥ᄹਈࡎᆴཌྷܱྟ൞҂ཁᇷ֥b і3܄ᄍࡎᆴטᆜح൞ڎऎႵᄹਈ֥ࡎᆴཌྷܱྟଆ(RandomEffects):P=Bit0+B1@BVBFV+Bit2@E+Bit3@FVAD+EititVariableEstimateStandardErrortValuePr>|t|VariableEstimateStandardErrortValuePr>|t|Intercept412673460194974149<10001D02-111278112786-0188013787Bvbfv014848980109984186<10001D03-115070511279-11180124E212294580133926157<10001D04-2121015112826-1172010863Fvad-0183599115014-01560157834.࠹ೆ֒௹ၭ֥ሧӻႵ০֤(ാ)൞ڎऎႵᄹਈࡎᆴཌྷܱྟі4ᇏ,ଆ4֥HOLDG༢ඔѩ҂ཁᇷֹၳႿ0,іૼ࠹ೆ֒௹ၭ֥ӻႵ০֤ᄝఃൎӮЧ֥ࠎԤᆭഈ,აܢࡎಌكཌྷܱྟbࡆഈሹሧӁ֥ؓඔބᅏༀಃၭбੱቔູ॥ᇅэਈ,HOLDG֥༢ඔಯಖ҂ཁᇷֹၳႿ0b60
ଆᇏDHOLDG֥༢ඔᄝ10%֥ᇂྐඣ༯ཁᇷֹၳႿ0,іૼ࠹ೆ֒௹ၭ֥ӻႵ০֤ᄝఃൎӮЧ֥ࠎԤᆭഈ,აܢௐ൬ၭੱऎႵཌྷܱྟbDEBFV֥༢ඔཁᇷֹၳႿ0,іૼܢௐ൬ၭੱაൎӮЧ༯֥ૄܢ൬ၭऎႵཁᇷ֥ཌྷܱྟbDECHANGE֥༢ඔູڵཁᇷֹၳႿ0,іૼᄝᆃ۱௹ࡗૄܢ൬ၭ֥э߄აܢௐ൬ၭੱӯڵཌྷܱ,ᆃა2001୍ᇀ2004୍֥ࢌၞྛ౦൞ٳ҂ष֥bBܢ൧ӆႿ1999୍ᇀ2000୍ؿളࣝநྛ౦,2001୍Ⴥಣߎᄝ,ሧᆀಯಖಣᇓႿ࿙ᅳ/ڶႵམའॢࡗ0֥܄ඳ,ૄܢ൬ၭᄹӉᄀॹ֥܄ඳ۷ڶམའॢࡗ,Ֆطၛбࢠ֥ۚ൧႔ੱࢌၞbᇀ2004୍,ӻ࿃֥ܢௐ֮ᆃུ܄ඳ֥ܙࡎष߭ઋ,ط൬ၭбࢠ໗ק֥܄ඳࠆ֤ਔಪॖbᆃაଆ2֥౦ঃुර҂,ൌ࠽ഈࢣൕਔဢ֥ൌᇉ,ࠧ൬ၭбࢠݺ֥܄ඳᄝ൧ӆ֮ൈॆיྟ఼,൬ၭᄹӉॹ֥܄ඳᄝ൧ӆݺ֥ൈީᅨږ۷ۚ,ᄝ൧ӆ҂ݺൈי֤۷ॹbࠧनط,ૄܢ൬ၭ֥ۚ܄ඳཌྷؓႿ൧ӆऎႵࢠ֥֮B༢ඔ(ޙਈཌྷؓڄག),ط൬ၭᄹӉࢠॹ֥܄ඳऎႵࢠ֥ۚB༢ඔbࡆഈሹሧӁ֥ؓඔބᅏༀಃၭбੱቔູ॥ᇅэਈު,DHOLDG֥༢ඔཁᇷྟႵ෮ࡨ,ಯಖᄝֆҧ10%֥ᇂྐඣ༯ཁᇷb і4ሧӻႵ০֤(ാ)൞ڎऎႵᄹਈ֥ࡎᆴཌྷܱྟଆඹଆEBFV$EHOLDGP=BBV+B+Bit2@EBFVit3@HOLDG+ERET=Bit+Bit2@+Bit3@+Eit0+B1@ititit0+B1@Pitit-1Pit-1PitVariableEstimateStandardErrortValuePr>|t|VariableEstimateStandardErrortValuePr>|t|Intercept41307339019364416<10001Intercept512413790164028119<10001BV014885090110074185<10001Debfv14168741213693612<10001Ebfv21163647013433613<10001dechange-31521711597-2121010286Holdg212103532164210184014038dholdg2511008113187561181010719D02-1112609112612-018901373D03-0196004110728-0189013719D03-1150725112614-1119012335D04-1159924110793-11480114D04-2119422112648-1173010842აBarth(1994)҂,Ч໓ؿགྷᆣಊሧᅬ૫ᆴ֥܄ᄍࡎᆴטᆜحಌكᄹਈࡎᆴཌྷܱྟ,طӻႵ০֤(ാ)ᄵႵࢠ֥ᄹਈࡎᆴཌྷܱྟ,ࠧაܢௐ൬ၭੱཌྷܱb֝ᇁᆃ၂ࢲݔ֥ॖିჰၹᄝႿ,ݓBܢ൧ӆഈ֥ሧᆀؓ൬ၭ֥ܱᇿေ؟Ⴟᅬ૫࣪ሧӁ(Ֆଆ1ᇏEބBV༢ඔ֥ཁᇷྟॖই၂Ϫ),ӻႵ০֤(ാ)ၹᆰࢤ႕ཙ൬ၭط۷ႵॖିФܱᇿbBarthܱႿ࠹ਈ༂ҵ֥ࢲંؓЧ໓ဢൡႨ,࠹ਈ༂ҵॖି֝ᇁ܄ᄍࡎᆴטᆜބӻႵ০֤(ാ)ᆜุಌكޓ఼֥ཌྷܱྟbႵਆ۱ٚ૫֥ჰၹॖିྙӮ࠹ਈ༂ҵ,၂൞܄ᄍࡎᆴ֥౼֤টჷ҂ॖौ,ؽ൞܄ᄍࡎᆴ൳ܵၩ֥ҠሺbሧᆀॖିၹູुԬਔᆃུ႕ཙ܄ᄍࡎᆴ֥ၹ,ၹط҂ᄝၩטᆜਔ؟ഒ,طᄝၩ൞ڎҐႨਔ܄ᄍࡎᆴbaࢲંЧ໓࣮ਔᇏݓBܢ܄ඳ࿖IAS39֥൧ӆّ႘,ູक़ڛֆ၂ࡎ۬ଆࠇ൬ၭଆ֥ಌཋ,ൈҐႨਔਆ۱ଆbູक़ڛဢЧҵၳࠣ၌эਈ֩໙ี,ҐႨਔ૫ϰඔऌԩbЧ໓ؿགྷ,܄ඳؓIAS39֥࿖ཁᇷֹᄹ఼ਔૄܢ൬ၭؓܢࡎ֥ࢳି৯,္ཁᇷᄹ఼ਔૄܢ൬ၭؓ൧ӆ൬ၭੱ֥ࢳି৯b൬ၭଆّ֥႘ѩ҂Ⴟࡎ۬ଆّ֥႘,ჰၹॖିᄝႿ႕ཙBܢ܄ඳܢࡎ֥ᇶေၹߎ൞୍֥֒࣪൬ၭ,ၹط൬ၭଆ֥ᇌުིႋѩ҂ૼཁbൎӮЧ֥ᅬ૫ᆴބ߶࠹൬ၭनႵࡎᆴཌྷܱྟbᄝൎӮЧ֥ᅬ૫ᆴࠎԤഈ,ᆣಊሧᅬ૫ᆴ֥܄ᄍࡎᆴטᆜحಌكᄹਈ֥ࡎᆴཌྷܱྟ;طӻႵ০֤(൬ၭ)ᄵऎႵࢠ֥ࡎᆴཌྷܱྟ,ࠧӻႵ০֤(ാ)აܢௐ൬ၭੱթᄝཌྷܱྟbЧ໓֥ࢳ൞,܄ᄍࡎᆴটჷࠇܵҠሺ֝ᇁਔ܄ᄍ61
ࡎᆴ֥࠹ਈ༂ҵ,ሧुԬਔᆃ၂࠹ਈ༂ҵ,ၹطؓטᆜحᆺ۳ჍႵཋ֥ܱᇿbႮႿᇏݓ֥ሧᆀ۷ܱᇿ൬ၭ,ၹطӻႵ০֤Ⴕࢠ֥ᄹਈࡎᆴཌྷܱྟطሧᅬ૫ᆴ֥܄ᄍࡎᆴטᆜحીႵb൞ڎࡼ܄ᄍࡎᆴቔູࠎԤ࠹ਈඋྟѩ۷ֹܼٗҐႨ܄ᄍࡎᆴ,ᆃ၂໙ีᄝݓ࿐ඌࢸ၂ᆰԩႿᆚંᆭᇏbЧ໓֥࣮ิ܂ਔᆰࢤ֥ᆣऌ,ႮႿթᄝ࠹ਈ༂ҵ,طሧᆀޓॖିၘुౢᆃ၂ׄ,ܥ܄ᄍࡎᆴࣇႵࢠ֥ᄹਈࡎᆴཌྷܱྟ;ሧᆀಪ܄ᄍࡎᆴิۚਔ߶࠹ྐ༏֥ࢳି৯bၹط,ሙᄵᇅקᆀ҂ႋ൳ॖौྟݖ؟֥ඏں,ႋॉ੮ൡ؇ঔն܄ᄍࡎᆴ֥ᄎႨٓຶbᇶေҕॉ໓ང۫ࡅ.2004.ҍༀ߶࠹ۀॿࡏ࣮֥бࢠაሸ.߶࠹࣮,6:3~10۫ࡅ.2001.ܱႿ߶࠹࠹ਈ֥ྍඋྟ-܄ᄍࡎᆴ.ഈݚ߶࠹,1:3~5ߛൗᇑ.1997.܄ᄍࡎᆴ߶࠹:૫ཟ21ൗࡀ֥࠹ਈଆൔ.߶࠹࣮,12:1~4ᅦູݓaᅵდ.2000.߶࠹࠹ਈa܄ᄍࡎᆴაགྷᆴ.߶࠹࣮,5:9~15IASB.ҍᆟ҆߶࠹ሙᄵჴ߶ၲ.ݓ࠽߶࠹ሙᄵ2002v.Кࣘ:ᇏݓҍࣜԛϱഠ,708~,:&Economics20,207~225Bernard,.,Merton,.,andPalepu,..-to-marketAccountingforBanksandThrifts:,1~,,&Economics22,43~77Dietrich,,Harris,,&Economics30,125~,,&Economics22,79~:-countingReview71(April),161~182Kothar,.,&Economics20,155~:,1~,,(Oct.),513~,,lTangible,andIntangibleAssets:,199~&Economics22,327~,&Economics21,3~75WilliamBeaver,CarolEger,StephenRyan,,SupplementalDisclosures,,157~,:PrenticeHal,l144~,:PrenticeHal,l284~30762
,:EvidenceformB-shareCompaniesDengChuanzhou ,evidenceisprovidedonthemeasuresprelevanceandreliability,,,AgencyCostandExternalAuditingDemandZengYing&YeKangtao Basedonatwo-stagelargeshareholderexploitationmode,lweexaminetherelationshipamongownershipstructure,-shapedwithfirmpsvalue,butareverseU-shapedrelationwithexternalauditingdemand,.ie.,themoresevereafirmpsprinciple-agentproblemis(theloweritsvalueis),-stageOLSregression,,wefindthatdebtfinancingmayre-duceexternalauditingdemandbyreducingagencycost,&XuZhenggang BigCPAfirmshavetheadvantageofscaleeconomy,butthescaleeconomy,whichmainlyappearsinthelargemarketsegment,-ity,,/big40showsobviouseffectsofscaleeconomyinthelargemarketsegment,:regulationofentrypermissionandprice,distrustofregulationauthority,-examinationoftheAuditorIndependenceinChinaChenXiao&ChenWuzhao Inthisstudy,,,specificallytherightsoffering,areinvolved, Thispaperstudies,onthebasisofCAC40oftheParisstockexchangemarketand21EuropeancompaniesexchangedonotherEuropeanstockmarkets,,asignificantincreaseoftheirnetprofitlevelhasbeenobserved,:theprincipalfactorsresultingthefinancialreportingdifferencesaregoodwil,lintangibleassets,treasurystock,changesinforeignexchangerates,revaluationofassets,pensioncost,financialinstruments,andlargescalecompanieshavehigherprofitabilityindicatorsadjus-tmentsunderIFRS.
