6.财务决策有用性的计量观选读.pptVIP

决策有用性计量观兴起的背景 信息观立论基础——市场有效性面临挑战(P178-195) 对财务报表信息的价值相关性的质疑（P196） 净盈余理论支持了决策有用性的计量观 计量观有助于审计师应对财务危机的法律责任 行为金融学对投资者行为的分析 过度自信(overconfident)：投资者高估了他们自己所收集信息的准确度。 代表性偏误（Representativeness） 自我归因偏误(self-attribution bias)：将好的结果归于自我能力，将坏的结果归因于运气不佳。 二、有关财务报表信息价值相关性的证据 实证证据表明报告盈余只解释了盈余公布日前后证券价格变化的很小部分。 研究表明，R2和ERC（反映会计信息的价值相关性）很小且在不断下降 研究表明，AR（反映盈余的信息含量）却有所上升 如何解释这些现象？ 三、审计师的法律责任 美国储蓄和信贷协会倒闭案 应对法律责任的措施 道德行为 稳健会计（长期资产和负债的减值处理） §2 Ohlson清洁盈余理论（clean surplus theory） 要点： 基于例2.2中的数据，运用三种模型估计企业价值 清洁盈余理论模型的特点和优势 清洁盈余理论与计量观 清洁盈余理论模型的应用 Ohlson模型和F-O模型 估定企业价值的三个模型 企业价值估定模型的应用示例 历史成本基础下的异常盈余 清洁盈余理论模型（OM）应用举例 P 204-207 NI2006 $357 bv2006 $2 785.2 ROE2006 0.14 d2006 $53.8 E（Rjt) 0.09 P220 Q11：Economic Value Added (EVA) EVA=NOPAT-Capital Charge=(r-c)·K r is the Return on Invested Capital C is the weighted average cost of capital K is the economic capital employed Value is created when the return on the firms economic capital employed is greater than the cost of that capital. 比较清洁盈余理论模型中的异常盈余： 比较OM模型和 F-O模型 Ohlson Model Vt:value relevant information other than current abnormal earnings at times t Feltham-Ohlson Model oxa:operating abnormal earnings oa: operating assets 美国SFAS115：债务和权益证券的分类和计量 At acquisition, an enterprise shall classify debt and equity securities into one of three categories:held-to-maturity, available-for-sale, or trading. Investments in debt securities shall be classified as held-to-maturity and measured at amortized cost in the statement of financial position only if the reporting enterprise has the positive intent and ability to hold those securities to maturity. Investments in debt securities that are not classified as held-to-maturity and equity securities that have readily determinable fair values shall be classified in one of the following categories ( trading securities /available-for-sale securities) and shall be measured at fair value in the statement of financial position. IAS39：金融资产和负债的分类和计量 金融资产(financial assets)