CAJ | 학술논문

公允价值计量的经济后果一直是理论和实务界关注的热点，现有研究多为探析公允价值的价值相关性，较少涉及公允价值的契约有用性。在我国16家上市银行2006～2012年间的高管薪酬和业绩数据分析的基础上，检验了银行持有的公允价值计量的金融资产及其变动损益对银行家薪酬的影响。实证结果发现，银行家薪酬与利润表的会计业绩并没有显著正相关，银行持有的交易性金融资产头寸及公允价值变动损益对薪酬-业绩敏感度都没有增量解释作用，但持有的可供出售金融资产头寸其公允价值变动形成的其他综合收益对薪酬-业绩敏感度有显著增进作用，并且体现出不对称性。这些结论增进了对公允价值契约有用性的理解，深化扩展了薪酬激励研究的视野，对规范银行冒险行为的金融稳定研究以及相关的监管政策具有借鉴意义。
공윤개치계량적경제후과일직시이론화실무계관주적열점，현유연구다위탐석공윤개치적개치상관성，교소섭급공윤개치적계약유용성。재아국16가상시은행2006～2012년간적고관신수화업적수거분석적기출상，검험료은행지유적공윤개치계량적금융자산급기변동손익대은행가신수적영향。실증결과발현，은행가신수여리윤표적회계업적병몰유현저정상관，은행지유적교역성금융자산두촌급공윤개치변동손익대신수-업적민감도도몰유증량해석작용，단지유적가공출수금융자산두촌기공윤개치변동형성적기타종합수익대신수-업적민감도유현저증진작용，병차체현출불대칭성。저사결론증진료대공윤개치계약유용성적리해，심화확전료신수격려연구적시야，대규범은행모험행위적금융은정연구이급상관적감관정책구유차감의의。
The economic consequence of fair value has always been the focus in academic and practical field , and most of the existing research analyzes the value relevance of fair value with little concern of contract usefulness .Based on the executive compensation and performance data of the 16 listed banks in China during 2006-2012 , this paper tests the impact of fair value measurement of financial assets held by banks and its profit and loss change on banker ’ s compensation.The empirical results show no significant positive correlation between the banker ’ s com-pensation and accounting performance , and the banks ’ trading securities position and its gains and losses from changes in fair value has no incremental explanation to pay -for-performance sensitivity , while the available for sale securities ’ position and its other comprehensive income due to the changes in fair value significantly enhanced the pay-for-performance sensitivity with asymmetry.These findings have enhanced the understanding of contrac-tual usefulness of fair value , and expanded the incentive research perspective , which is of great referential signifi-cance to the study of financial stability on bank ’ s risk-taking behavior and other relevant regulatory policy.