公允价值会计制度对金融稳定的影响——兼论美国金融危机的启示
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财经研究 2009 年 第 35 卷第 06 期, 页码：18 - 29
摘要
参考文献
摘要
文章从公允价值会计制度的两重功能——反映资产负债现有的公平交易价格和向投资者传递信号影响其行为出发,构建均衡模型,并利用美国市场的实证数据分析了公允价值会计制度的缺陷:内生的共振效应、加剧市场波动。在市场繁荣时,公允价值会计制度会促进资产价格的进一步上升,而在危机时期,公允价值会计制度与资本金监管要求共同作用所产生的共振效应会使危机进一步恶化。
[1]参见标普和穆迪《信用评级》方法。
[2]已有很多文献讨论了功能锁定的存在性,如Chang和Birnberg(1977)、McGee(1984)以及Arunachalam和Grant Beck(2002),他们认为美国证券市场长期存在功能锁定。
[3]转引自Danielsson和Shin:The i mpact of risk regulation on price dynamics,http://hyunsongshin.org.2002-06-01.
[4]参见http://chinese.wsj.com,2008-09-22.
[5]参见http://finance.sina.com.cn,2009-02-21.
[1]邓传洲.公允价值的价值相关性:B股公司的证据[J].会计研究,2005,(10):55-62.
[2]姜国华,张然.稳健性与公允价值:基于股票价格反应的规范性分析[J].会计研究,2007,(6):20-26.
[3]Burkhardt,Strausz.The effect of fair vs.book value accounting on banks[EB/OL].http://ideas.repec.org,2006-06-03.
[4]A Enria.Fair value accounting and financial stability[EB/OL].http://www.ecb.int,2004-02-01.
[5]I MF.Global financial stability report[EB/OL].http://www.i mf.org,2008-10-01
[6]Allen,Carletti.Mark-to-market accounting and liquidity pricing[J].Journal of Ac-counting and Economics,2008,45:358-378.
[7]Haresh Sapra.Do accounting measurement regi mes matter-A discussion of mark-to-market accounting and liquidity pricing[J].Journal of Accounting and Economics,2008,45:379-387.
[8]Plantin,Sapra,Shin.Fair value accounting and financial stability[EB/OL].http://papers.ssrn.com,2008-07-01
[9]Adrian,Tobias,Hyun Song Shin.Liquidity and leverage[EB/OL].https://www.i mf.org,2008-04-18.
[10]Allen,Gale.Systemrisk and regulation[EB/OL].http://papers.ssrn.com,2005-08-30
[11]Danielsson,Shin.The i mpact of risk regulation on price dynamics[EB/OL].http://hyunsongshin.org,2002-06-01.
[12]Plantin,Sapra,Shin.Marking to market liquidity and financial stability[J].Monetary and Economics Studies(Special Edition),2005,(10):133-164.
[2]已有很多文献讨论了功能锁定的存在性,如Chang和Birnberg(1977)、McGee(1984)以及Arunachalam和Grant Beck(2002),他们认为美国证券市场长期存在功能锁定。
[3]转引自Danielsson和Shin:The i mpact of risk regulation on price dynamics,http://hyunsongshin.org.2002-06-01.
[4]参见http://chinese.wsj.com,2008-09-22.
[5]参见http://finance.sina.com.cn,2009-02-21.
[1]邓传洲.公允价值的价值相关性:B股公司的证据[J].会计研究,2005,(10):55-62.
[2]姜国华,张然.稳健性与公允价值:基于股票价格反应的规范性分析[J].会计研究,2007,(6):20-26.
[3]Burkhardt,Strausz.The effect of fair vs.book value accounting on banks[EB/OL].http://ideas.repec.org,2006-06-03.
[4]A Enria.Fair value accounting and financial stability[EB/OL].http://www.ecb.int,2004-02-01.
[5]I MF.Global financial stability report[EB/OL].http://www.i mf.org,2008-10-01
[6]Allen,Carletti.Mark-to-market accounting and liquidity pricing[J].Journal of Ac-counting and Economics,2008,45:358-378.
[7]Haresh Sapra.Do accounting measurement regi mes matter-A discussion of mark-to-market accounting and liquidity pricing[J].Journal of Accounting and Economics,2008,45:379-387.
[8]Plantin,Sapra,Shin.Fair value accounting and financial stability[EB/OL].http://papers.ssrn.com,2008-07-01
[9]Adrian,Tobias,Hyun Song Shin.Liquidity and leverage[EB/OL].https://www.i mf.org,2008-04-18.
[10]Allen,Gale.Systemrisk and regulation[EB/OL].http://papers.ssrn.com,2005-08-30
[11]Danielsson,Shin.The i mpact of risk regulation on price dynamics[EB/OL].http://hyunsongshin.org,2002-06-01.
[12]Plantin,Sapra,Shin.Marking to market liquidity and financial stability[J].Monetary and Economics Studies(Special Edition),2005,(10):133-164.
引用本文
郑鸣, 倪玉娟, 刘林. 公允价值会计制度对金融稳定的影响——兼论美国金融危机的启示[J]. 财经研究, 2009, 35(6): 18–29.
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