CAJ | 학술논문

本文以2005～2006年拥有其他上市公司股权，且属于被投资公司十大股东之一的A股上市公司为研究样本，对股权投资中投资于上市公司与投资于非上市公司的相对价值相关性和投资于上市公司的股权投资在公允价值计量属性下的增量价值相关性进行了实证检验。结果发现：投资于上市公司的股权投资的价值相关性显著高于投资于非上市公司的股权投资的价值相关性，投资于上市公司的股权投资在公允价值计量属性下具有显著的增量价值相关性。这为公司的股权投资策略提供了一定的参考价值，也为我国新会计准则中公允价值计量更为广泛地运用提供了较有力的实证支持。
본문이2005～2006년옹유기타상시공사고권，차속우피투자공사십대고동지일적A고상시공사위연구양본，대고권투자중투자우상시공사여투자우비상시공사적상대개치상관성화투자우상시공사적고권투자재공윤개치계량속성하적증량개치상관성진행료실증검험。결과발현：투자우상시공사적고권투자적개치상관성현저고우투자우비상시공사적고권투자적개치상관성，투자우상시공사적고권투자재공윤개치계량속성하구유현저적증량개치상관성。저위공사적고권투자책략제공료일정적삼고개치，야위아국신회계준칙중공윤개치계량경위엄범지운용제공료교유력적실증지지。
The paper uses Chinese A share companies which have the equity investment of other listed companies and belongs to one of top ten stockholders as samples. It makes an empirical study to analyze relative value of relevance？between equity investment of listed companies and unlisted companies, and incremental value relevance of equity investment of listed companies based on measurement attributes of fare value. The results show that： relative value of relevance？of equity investment of listed companies is significantly higher than that of unlisted Companies. Equity investment of listed companies based on measurement attributes of fair value has significantly incremental value relevance. These provide advisory opinion for the company＇s equity investment strategy, and also provide empirical support for the more extensive use of fair value accounting in new accounting standards of china.