Fair Value Accounting,Securities Investment and Capital Structure in China
研究了2004-2011年中国上市公司在公允价值会计下证券投资规模显著增加，并导致有息债务风险上升，表明公允价值会计对财务风险有实际影响。
The paper investigates the securities investment and the capital structures of Chinese listed companies during 2004—2011.We find that the size of financial assets has been increased significantly under the fair value accounting because of the value - relevance principle as well as the timing recognition of unrealized gains on available - for - sale securities.Furthermore,the securities investment under the fair value accounting lead to an increased debt risk related to the interest - bearing debts.The conclusion reveals that the fair value accounting has a real impact on the financial risk.