公允价值计量对债务契约有用性的影响研究.pdfVIP

允价值计量对债务契约有用性的影响研究 罗楠 刘斌 （重庆大学经济与工商管理学院，重庆 400044） 摘要：公允价值计量模式的采用本质上为了确保债务契约的公平公正，但在实际运用过程中， 管理层对公允价值相关会计政策选择的操控性，以及公允价值“持有收益”的未实现性和暂 时性，往往会使契约相关利益者做出不理性的决策。本文通过机理分析和实证检验探究公允 价值计量对债务契约有用性的影响，得出结论：企业总体债务规模与经常性损益的相关性高 于公允价值变动损益，短期债务规模与公允价值变动损益正相关，长期债务规模与公允价值 变动损益负相关，这些现实状况都证实了债务契约的有用性；但在短期和长期债务契约的回 归分析中，债务规模与经常性损益类收益不存在显著相关关系的结果有悖常理，揭示了债务 契约决策中的不理性。 关键词：公允价值变动损益； 经常性变动损益； 债务契约 bstract: The adop on of t he mo de l of fai r val ue me as ur eme nt i s to subs t an all yens ure t he fairness of debt covenants. While during the prac cal ope r a on process t he man agemen t s manipula on of sel ec ng t he r el ated acc oun ng pol i c yof f ai r val ue a nd t he unac hi ev abl e and transiency of the holding earnings of fair value will frequently lead to irra ona l dec i si ons by related shareholders. T his paper studies on the influe nc e of f ai r val ue me as ur eme nt on de bt covenants serviceability by means of mechanical analysis and empirical examining and come to a conclusion that the correla on bet we en the ov er al l de bt scal e and rec ur rent los s and pr ofit of the enterprise is higher than the loss and profit of fai r val ue cha ng e. Shor t-ter m de bt scal e i s posi vel y c or rel at ed t o l os s and pr ofit of fai r val ue c hange whi l el ong- t ermd ebt sc al e i s nega vel y c or rel at ed t o i t. Thes e act ua l f act s hav e al l c onfirmed t he Serv iceabi l ity of debt covenants. Whereas in the regression analyses of short-term and long-term debt covenants, the conclusion of no remarkable correla vi ty bet we en the de bt scal e and rec ur rent los s and pr ofit is perverse, and this reveals the irra ona l ity in the dec i si on of de bt cov enant s. Key words: loss and profit of fai r val ue cha ng e, rec ur rent los s and pr ofit, debt cove nant s 作者简介：罗楠，女，重庆大学经济与管理学院博士生，研究方