公允价值分层披露与信息不对称

doi:10.15936/j.cnki.10083758.2015.03.007

东北大学学报（社会科学版） ›› 2015, Vol. 17 ›› Issue (3): 260-267.DOI: 10.15936/j.cnki.10083758.2015.03.007

公允价值分层披露与信息不对称

毛志宏¹，冉丹^1,2，刘宝莹³

(1.吉林大学商学院，吉林长春130012;2.吉林大学财务处，吉林长春130012;3.国网吉林省电力有限公司长春供电公司，吉林长春130021)

收稿日期:2015-06-12 修回日期:2015-06-12 出版日期:2015-05-25 发布日期:2015-06-12
通讯作者: 毛志宏
作者简介:毛志宏(1961)，男，吉林省吉林市人，吉林大学教授，博士生导师，主要从事财务会计理论研究;冉丹(1968)，女，吉林长春人，吉林大学高级会计师，博士研究生，主要从事财务会计理论与方法研究;刘宝莹(1986)，男，吉林长春人，国网吉林省电力有限公司助理会计师，主要从事财务会计理论与方法研究。
基金资助:
教育部人文社会科学研究规划基金资助项目(14YJA630042)。

Fair Value Hierarchy Disclosure and Information Asymmetry

MAO Zhi-hong¹， RAN Dan^1,2， LIU Bao-ying³

(1. School of Business， Jilin University， Changchun 130012， China; 2. Finance Department， Jilin University， Changchun 130012， China; 3. Changchun Power Supply Company， Jilin Electric Power Comany of SGCC， Changchun 130021， China)

Received:2015-06-12 Revised:2015-06-12 Online:2015-05-25 Published:2015-06-12
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摘要/Abstract

摘要： 以2007—2012年沪深A股上市公司为样本，检验公允价值分层披露对股票投资者之间信息不对称的影响。研究发现，按公允价值计量的净资产减少了股票投资者之间的信息不对称。按第一、二层次公允价值披露的净资产可靠性较高，显著降低了股票投资者之间的信息不对称，按第三层次公允价值披露的净资产可靠性较差，显著增加了股票投资者之间的信息不对称。总体上看，由于按第三层次公允价值披露资产和负债数量较少，上市公司披露的公允价值信息有利于减少股票投资者之间的信息不对称。

关键词: 上市公司, 公允价值分层信息, 信息不对称

Abstract: Using a sample of the A share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2012， this paper tested the impact of fair value hierarchy disclosures on stock investors information asymmetry. It was found that the net assets measured by fair value reduce the information asymmetry among stock investors. Level 1 and Level 2 net assets are more reliable and significantly reduce the information asymmetry among stock investors， whereas Level 3 net assets are less reliable and significantly increase the information asymmetry among stock investors. On the whole， considering the comparatively small amounts of Level 3 net assets and liabilities， the fair value of listed companies is helpful to reduce the information asymmetry among stock investors.

Key words: listed company, fair value hierarchy, information asymmetry

中图分类号:

F230

毛志宏，冉丹，刘宝莹. 公允价值分层披露与信息不对称[J]. 东北大学学报（社会科学版）, 2015, 17(3): 260-267.

MAO Zhi-hong， RAN Dan， LIU Bao-ying. Fair Value Hierarchy Disclosure and Information Asymmetry[J]. Journal of Northeastern University(Social Science), 2015, 17(3): 260-267.

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公允价值分层披露与信息不对称

Fair Value Hierarchy Disclosure and Information Asymmetry

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