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題名:利潤波動性與衍生工具使用:基於國有上市公司的實證研究
書刊名:會計研究
作者:郭飛郭慧敏張桂玲
出版日期:2017
卷期:2017(3)
頁次:22-29+94
主題關鍵詞:利潤波動性衍生工具中介效應CAS39號公允價值計量
原始連結:連回原系統網址new window
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基于756家國有上市公司2012-2015年的年度數據,本文實證檢驗了衍生工具使用對利潤波動性的影響。研究結果表明:(1)衍生工具使用顯著降低利潤波動性;(2)應計項目是衍生工具降低利潤波動性的中介變量,且可操控性應計項目的中介效應顯著,表明公司使用衍生工具進行利潤平滑,而現金流的中介效應不顯著;(3)衍生工具種類與經濟復雜性影響利潤平滑效果;(4)2014年7月1日實施的CAS39號公允價值計量準則顯著削弱了衍生工具的利潤平滑效果。本文首次明確了衍生工具影響利潤波動性的作用機制,并發現了公允價值計量準則對于規范衍生工具使用的積極效果。
Using the data of 756 state-owned listed firms from year 2012 to 2015,this paper focuses on the effect of derivatives usage on earnings volatility.We find that:(1)derivatives can decrease the earnings volatility significantly;(2)the mediator of derivatives affecting earnings volatility is accruals rather than cash flows,implying that firms smooth earnings by derivatives;(3)both the types of derivatives and the economic complexity have an impact on it;(4)the Fair Value Standard in 2014 weakens the effect of derivatives on earnings smoothing,indicating that it can regulate the usage of derivatives well.We firstly specify the mechanism of derivatives usage on earnings volatility and offer empirical evidence on the effect of CAS39 Fair Value Measurement.
期刊論文
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