CAJ | 학술논문

以2007—2012年沪深A股上市公司为样本,检验公允价值分层披露对股票投资者之间信息不对称的影响。研究发现,按公允价值计量的净资产减少了股票投资者之间的信息不对称。按第一、二层次公允价值披露的净资产可靠性较高,显著降低了股票投资者之间的信息不对称,按第三层次公允价值披露的净资产可靠性较差,显著增加了股票投资者之间的信息不对称。总体上看,由于按第三层次公允价值披露资产和负债数量较少,上市公司披露的公允价值信息有利于减少股票投资者之间的信息不对称。
이2007—2012년호심A고상시공사위양본,검험공윤개치분층피로대고표투자자지간신식불대칭적영향。연구발현,안공윤개치계량적정자산감소료고표투자자지간적신식불대칭。안제일、이층차공윤개치피로적정자산가고성교고,현저강저료고표투자자지간적신식불대칭,안제삼층차공윤개치피로적정자산가고성교차,현저증가료고표투자자지간적신식불대칭。총체상간,유우안제삼층차공윤개치피로자산화부채수량교소,상시공사피로적공윤개치신식유리우감소고표투자자지간적신식불대칭。
Using a sample of the A share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2012, this paper tested the impact of fair value hierarchy disclosures on stock investors＇ information asymmetry. It was found that the net assets measured by fair value reduce the information asymmetry among stock investors. Level 1 and Level 2 net assets are more reliable and significantly reduce the information asymmetry among stock investors, whereas Level 3 net assets are less reliable and significantly increase the information asymmetry among stock investors. On the whole, considering the comparatively small amounts of Level 3 net assets and liabilities, the fair value of listed companies is helpful to reduce the information asymmetry among stock investors.