公允价值的会计信息是否相关与可靠来自资本市场的证据.doc

PAGE 9 本科毕业论文（设计） 外 文 翻 译 外文出处 Accounting and Business Research 外文作者 Wayne R. Landsman 原文： Is fair value accounting information relevant and reliable? Evidence from capital market research 3. Are fair values useful to investors? Evidence from research 3.1. US-based research When assessing the quality of fair value information, a natural question to ask is whether fair value information is useful to investors. For example, when it was deliberating SFAS No. 107, the FASB was concerned with policy questions relating to the relevance and reliability of disclosed amounts. Regarding relevance, the FASB was interested in whether SFAS No. 107 disclosures would be incrementally useful to financial statement users relative to items already in financial statements, including recognised book values and disclosed amounts. Regarding reliability, the FASB was concerned with whether fair values estimates, especially those relating to loans, would be too noisy to disclose. As Barth et al. (2001) note, policy-based accounting research cannot directly address these questions, but can provide evidence that helps standard-setters assess relevance and reliability questions. A common way to assess the so-called value relevance of a recognised or disclosed accounting amount is to assess its incremental association with share prices or share returns after controlling for other accounting or market information. Much of the value relevance research assessing the relevance and reliability of fair value information focuses on banks, since banks are largely comprised of financial assets and liabilities. Several studies address the value relevance of banks’ disclosed investment securities fair values before issuance of SFAS No. 115 mandating recognition of investment securities’ fair values and effects of their changes on the balance sheet and the income statement. For a sample of US banks with data from 1971–1990, Barth (1994)finds that i