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本文以我国新会计准则实施后股市上升、下降、盘整的整个波动周期为考察期间,应用固定效应模型全面分析公允价值计量资产、损益对市场波动的影响。研究发现:A股市场中,在市场整体下降或盘整时期,公允价值计量资产和损益与市场波动呈负相关,但这种关系并不显著;而在市场快速拉升时期,公允价值计量损益与市场波动显著负相关;从股市上升、下降与盘整的一个完整周期来看,公允价值计量资产和损益都与市场波动显著负相关。研究结果表明:公允价值并没有引发并加速金融危机;相反,从长期看,公允价值在一定程度上还减轻了危机传染。
In this paper, the implementation of new accounting standards in our country after the stock market up, down, consolidation of the entire period of volatility for the study period, the application of fixed-effects model a comprehensive analysis of fair value measurement of assets, profit and loss on the market fluctuations. The research finds that in the A-share market, the relationship between the fair value-measured assets and profit and loss and the market volatility is negatively correlated in the period of overall decline or consolidation of the market, but the relationship is not significant. In the period of rapid market rise, Market volatility was significantly negatively correlated; from a complete cycle of the stock market rising, falling and consolidation, fair value measurement assets and gains and losses were significantly negatively correlated with market volatility. The results show that: the fair value did not trigger and accelerate the financial crisis; on the contrary, in the long run, fair value to a certain extent, reduce the contagion.