市场化程度、借款契约与公允价值计量选择——基于公允价值计量在投资性房地产中应用的实证研究

Abstract

本文以沪深两市2007-2011年A股非金融类上市公司投资性房地产后续计量属性的选择为研究对象，考察了市场化程度对公允价值计量属性选择 的影响。研究结果表明，市场化程度越低的地区，上市公司在投资性房地产后续计量中选择公允价值的比例越高，与公允价值计量应用的条件形成悖论。进一步研究发现，在市场化程度越低的地区，借款水平越高的非国有上市公司，在投资性房地产后续计量中采用公允价值计量的比例越高。

Using the data on accounting choices of the listed companies in non-financial industries in measuring the values of investment properties from 2007 to 2011, this paper investigates the influences of regional marketization on the adoption of fair value accounting in measuring the values of non-financial assets. Contrary to the conditions for choosing the fair value model，we find that firms from regions with a lower level of marketization are more likely to choose fair value accounting in their measurement of investment properties. We show that this accounting for investment properties to facilitate obtaining bank loans..