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金融资产产权特征为风险性、流动性和利益延伸性,这三特征相互作用,造成了金融资产产权的虚拟性。由于存在信息不对称,金融资产顺周期效应是每个投资者在有限信息的基础上做出的理性决策的整体非理性结果。而公允价值会计是金融资产产权的重要界定手段,起着界定和保护金融资产产权的重要功能。在金融资产顺周期效应的形成过程中,公允价值会计一方面起到了界定金融资产产权的作用,另一方面其所提供的会计信息又具有加剧顺周期效应的经济后果。为缓解顺周期效应,应完善公允价值会计的产权保护功能,明确界定公允价值层次,减少信息不对称。
The property features of financial assets are risk, liquidity and extension of interest. These three characteristics interact with each other, resulting in the virtual property rights of financial assets. Due to the existence of information asymmetry, the procyclical effect of financial assets is the irrational result of every investor’s rational decision-making based on limited information. Fair value accounting is an important means of defining the property rights of financial assets and plays an important role in defining and protecting the property rights of financial assets. During the formation of the pro-cyclical effect of financial assets, the fair value accounting plays a role of defining the property rights of financial assets on the one hand, and the accounting information provided by it also has the economic consequence of aggravating the pro-cyclical effect. In order to alleviate the pro-cyclical effect, the function of property right protection of fair value accounting should be improved, the fair value hierarchy should be clearly defined, and the information asymmetry should be reduced.