Conditionally Conservative Fair Value Measurements
Conditionally Conservative Fair Value Measurements
复制标题
有条件保守的公允价值计量
DOI：
10.2139/ssrn.2575264
复制
发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Stephen G. Ryan
中科院分区：
文献类型：
--
作者：
M. Badia;Miguel Duro;Fernando Penalva;Stephen G. Ryan
当物品不在流动市场中交易时，公司使用 2 级或 3 级输入来衡量公允价值，从而限制了衡量的市场纪律。我们提供的证据表明，持有按第二级和第三级公允价值计量的金融工具比例较高的公司报告了因公允价值计量而产生的有条件保守的综合收益，这与试图减轻投资者对计量结果贴现的公司一致。我们进一步预测并发现，这种有条件的保守主义（1）随着治理机制的增强和公司保守报告激励的持续性的增强而增强，（2）随着公司盈余管理激励的增强而减弱。
Firms measure fair values using Level 2 or 3 inputs when items do not trade in liquid markets, limiting market discipline over the measurements. We provide evidence that firms holding higher proportions of financial instruments measured at Level 2 and 3 fair values report more conditionally conservative comprehensive income attributable to fair value measurements, consistent with firms trying to mitigate investors' discounting of the measurements. We further predict and find that this conditional conservatism (1) increases with governance mechanisms that increase the strength and persistence of firms' incentives to report conservatively and (2) decreases with firms’ earnings management incentives.