监管环境、公允价值计量与现金股利——来自中国上市公司数据的经验证据

被引：4

作者：

杨书怀

机构：

[1] 江西财经大学会计发展研究中心

来源：

当代财经 | 2016年 / 04期

关键词：

公允价值计量; 监管环境; 现金股利; 投资者保护;

D O I：

10.13676/j.cnki.cn36-1030/f.2016.04.011

中图分类号：

F275 [企业财务管理]; F832.51 [];

学科分类号：

摘要：

选取2007-2013年我国A股上市公司面板数据作为样本,从行业监管、境外上市和分红政策三个维度,分析了监管环境对公允价值计量与现金股利关系的影响。本文的发现与西方研究结论截然不同,上市公司向上的公允价值损益调整与现金股利显著正相关;境外较完善的监管制度和较高的监管水平有效遏制了在境外融资的中国上市公司利用公允价值损益调整进行分红;201 2年以来实施的一系列"分红新政"成效显著;由于受到更为严格的监管,金融保险行业公允价值计量引起的未实现损益被用于股利分配受到了限制。公允价值计量的可靠性需要技术和制度的双重机制来保障。除了迫切需要为公允价值计量的运用和推广提供应用指南外,还应该加强对公允价值计量的监管,有必要针对特殊行业完善公允价值计量规范。

引用

页码：102 / 114

页数：13

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