财经研究
財經研究
재경연구
The Study of Finance and Economics
2010年
2期
110~120
,共null页
公允价值计量资产 公允价值计量收益 机构投资者 市场波动
公允價值計量資產 公允價值計量收益 機構投資者 市場波動
공윤개치계량자산 공윤개치계량수익 궤구투자자 시장파동
assets measured by fair value; EPS measured by fair value; institutional investor; market volatility
文章研究了机构投资者对所投资公司公允价值计量的偏好和机构行为与市场波动的关系，以及公允价值计量方式对于市场波动的影响，并且检验了公允价值计量收益和机构交易对于市场波动的交互作用。研究发现，机构表现出对于公允价值计量资产的回避态度。公允价值计量收益减小了市场波动，而机构投资者的持股和交易却显著加剧了波动，这与我国基金普遍存在短视和羊群行为的解释相吻合。研究结论对于促进公允价值计量，限制机构投机，提高市场效率具有参考意义。
文章研究瞭機構投資者對所投資公司公允價值計量的偏好和機構行為與市場波動的關繫，以及公允價值計量方式對于市場波動的影響，併且檢驗瞭公允價值計量收益和機構交易對于市場波動的交互作用。研究髮現，機構錶現齣對于公允價值計量資產的迴避態度。公允價值計量收益減小瞭市場波動，而機構投資者的持股和交易卻顯著加劇瞭波動，這與我國基金普遍存在短視和羊群行為的解釋相吻閤。研究結論對于促進公允價值計量，限製機構投機，提高市場效率具有參攷意義。
문장연구료궤구투자자대소투자공사공윤개치계량적편호화궤구행위여시장파동적관계，이급공윤개치계량방식대우시장파동적영향，병차검험료공윤개치계량수익화궤구교역대우시장파동적교호작용。연구발현，궤구표현출대우공윤개치계량자산적회피태도。공윤개치계량수익감소료시장파동，이궤구투자자적지고화교역각현저가극료파동，저여아국기금보편존재단시화양군행위적해석상문합。연구결론대우촉진공윤개치계량，한제궤구투궤，제고시장효솔구유삼고의의。
The paper studies institutional investors＇ preference for the fair-value-based measurement method and the relationship between institu-tional investors＇ behaviors and market volatility. It also explores the fairvalue-based measurement method and the effects of fair-value-based profit measurement and institutional transactions on market volatility. The results show that the institutions show an evasive attitude to the fair-value-based assets measurement. The profits measured by fair value smooth the market volatility, but the stock-holding and transactions of institutional investors intensify the market volatility, which are consistent with the explanation of the short-horizon and herd behaviors of funds in China. The research conclusions are beneficial to the spreading of the lair-value-based measurement and the restriction on the speculating behaviors of institutional investors.
