1、1490 单词， 2100 汉字 出处： Deaconu A, Buiga A, Nistor C S. The Value Relevance of Fair ValueJ. Transition Studies Review, 2010, 17(1) 原文 The Value Relevance of Fair Value Author:Adela DeaconuAnut,a BuigaCristina Silvia Nistor This paper investigates the value relevance of revalued tangible assets and its
2、variation depending on industry, size of the firm and age of revalued amounts. It examines the reaction of investors on the Romanian market, a developing market, in the period of economic growth between 2003 and 2007, before Romanias adherence to the European Union. Also, it suggests a model which a
3、llows for the comparative analysis of the influence over share price attributed to two equity growth sources: revaluation reserves and operational profit. The findings confirm the central hypothesis of the study?revaluated amounts of tangible assets are value relevant?and verify the predictive and f
4、eedback value, timeliness, reliability, and the possibilities for fair value implementation, characteristics which have been selected for testing. However, the results are less consistent than the outcome of the variable which reflects the equity growth due to profit, which leads to a moderate value
5、 relevance of fair value in the case of revaluated tangible assets. The value relevance analysis on clusters verifies the established hypotheses regarding the superiority of value relevance for the manufacturing sector as opposed to the service sector and of revaluations older than 2 years compared
6、to more recent revaluationsThe hypothesis regarding higher value relevance of revaluated amounts disclosed by large firms compared to SME is not confirmed, as only the latter presented significant statistical values The quality of accounting information is a complex and hard to establish concept. Ac
7、cording to the internationally accepted accounting system of reference, relevance is one criterion under which quality can be assessed. This criterion can be measured through the differential analysis of the effect triggered by the implementation of certain alternative accounting models such as valu
8、ation models. At the moment, there are two models that compete and complete each other i.e. the historical cost model and the fair value model. With respect to fair value, approaches go from historical to social aspects, comprising both fiscal and economic implications. Moreover, fair value is consi
9、dered both from a conceptual and implementation of techniques perspective It is described in the academic literature, in regulations of professional bodies accounting, asset valuation, in papers issued by public authorities and capital markets, in presentations given by accounting experts and renown
10、ed accounting firms. The studies mentioned above are theoretical, technical or based on empirical tests. More often than not, in the context of financial reporting, the role played by fair value is underlined by comparison to historical cost, which represents its alternative in the valuation of asse
11、ts or firms. Fair value is designated as a paradigm, model, principle or valuation base The following authors conducted studies that focused on the fair value model both from the theoretical and practical point of view: Casta and Colasse 2001, Holmes et al. 2002, Obert 2004. In addition there are ac
12、counting and asset valuation norms which have supported the usage of fair value: the norms of the Financial Accounting Standards Board FASB, the International Accounting Standards Board IASB, the European Directives, the norms of the International Valuation Standards Committee IVSC. There is also an
13、other category of studies which is closer to our research as it has analyzed, through an empirical approach, the relation between fair value disclosed in financial reporting and the reaction of the market, providing solutions for measuring this relation e.g. Barth 1994； Barth et al. 1992； Muller and
14、 Riedl 2002； Herrmann et al. 2006 Some studies are skeptical with respect to the benefits of fair value usage. Its main weaknesses are shaped by its volatility and the risk involved when stakeholders want to make relevant decisions. Other studies, in larger numbers, consider fair value more relevant
15、 than historical cost which would represent the main argument for the decreased trust in disclosed information Lev and Zarowin 1999. The multiple advantages identified by certain authors can be summed up in the following attributes of the fair value: utility, relevance, transparency, superior accura
16、cy of the entitys result and cash-flow, the accountability of managers. All these advantages exist as long as fair value enables users of accounting information to make decisions and predictions in relation to their own actions. In this study we will develop these ideas to the extent in which this a
17、llows us to support the relevance and the importance of fair value with respect to accounting information quality assurance Deaconu et al. 2008 Fair value is not generalized in any accounting system, it coexists with historical cost. Its stipulation in the professional standards, hence its implement
18、ation into practice and the academic studies on its impact, has started with the implementation of financial instruments, then has spread to investment property, investments in agriculture and other transactions which call for discounting and market comparison. Accounting Information and Fair Value
19、The three measurement criteria for relevance developed by the American norms are verified by the advocates of fair value through comparison with historical cost. Moreover, the comparison between the two valuation models is undertaken by simultaneously referring to relevance and reliability which rep
20、resents another qualitative characteristic. Finally, along with these four criteria, we believe it is essential to analyze the relation between relevance and the possibilities for fair value implementation (a) The predictive value is mostly cited by authors of different studies whenever they wish to
21、 establish relevance. They have empirically tested the dependence of predictions their dispersion upon the disclosed accounting informatioLivnat and Zarowin 1990； Barth 1991； Francis and Schipper 1999. In what concerns fair value there is the assumption that it increases the predictive value of acco
22、unting information, although there is not sufficient empirical evidence to support this Herrmann et al. 2006. These authors state that it is easier to demonstrate the predictive value in two particular cases: the liquidation of the entity and the dividend restrictions in some countries. Another stud
23、y shows that fair value established for revaluated assets is more relevant than historical cost if the impacts on the share price and on the share return are analyzed Barth and Clinch 1999. The argument behind this correlation is the fact that fair value improves the predictions on futures earnings,
24、 hence the prediction on dividends. It is argued that the more reliable the accounting information is, considering fair value as well, the more accurate the predictions are Inder and Myung-Sun 2003 (b)Secondly, fair value assures the feedback expected by users from the accounting information subsequ
25、ent to their predictions. The argument is based on the fact that fair value, as opposed to historical cost, reflects the evolution of the market (c )Timeliness is verified by the existence of information available to decision makers before it loses its capacity to influence their decisions Herrmann
26、et al. 2006. The study mentioned supports the importance of fair value in assuring timeliness, through the argument that current values are being asked for by financial creditors in exchange for the guarantees to the loans that they offer, and the government uses current values for tangible assets w
27、hen negotiating with certain strategic industries. Barth and Clinch 1999 show that provided fair value is reliably measured from the point of view of investors it assures timeliness (d) With respect to the relevance?reliability relation, it is argued that relevance is the advantage of fair value whi
28、lst reliability is assured in a higher degree by historical cost. However, as we have shown above, reliability has a direct connection with predictive value and timeliness of information two of the three subdivisions of relevance. Relevance and reliability are the most important criteria indicated b
29、y the FASB to be used when choosing between accounting alternatives Barth 1994. The influence of relevance and reliability can be established by measuring the effect of historical cost and fair value over the share price. A confirmation of the association between the reliability given by investors t
30、o fair value measurements and the timeliness of recognizing tangible assets at such a value can be found in the article written by Muller and Riedl 2002. The study shows that resorting to an external valuer rather than an internal valuation conducted by the manager offers a higher reliability to fai
31、r value because it reduces the information asymmetry and the cost of capital. In the US the advocates of fair value accounting, such as the FASB, use the argument that fair value for assets, liabilities and earnings has a higher relevance than historical cost Barth 1994； Inder and Myung-Sun 2003. Th
32、is point of view has also been adopted by the Securities and Exchange Commission SEC. The purpose of this study does not involve providing detailed information regarding values that represent fair value applications for tangible assets market value, value in use and net replacement cost, nor does it
33、 imply details concerning the contribution of national bodies to the assurance of fair value reliability and relevance. However, we consider that where the regulatory body or authority does not provide implementation guides, the exigency of other organizations involved in this respect would decrease the risk of establishing less reliable fair values on the market in question.
