利潤表中的投資性房地產(chǎn)在公允價值模式下的變化：來自于香港的證據(jù)外文翻譯-免費閱讀
【正文】 雖然整體 R2 只是 %,這是符合原有較短的研究的結(jié)果。在投資性質(zhì)的公允價值中的 平均利潤和損失為 827m 港元 ,幾乎相當(dāng)于在 848m 港元損益下收益。 表 2A 和 2B 包含研究中的 92 家樣本公司在與最后一次采用會計實務(wù)準(zhǔn)則 13號（ 2020）那年相比，第一次采用香港會計準(zhǔn)則第 40 號（ 2020）那年期間的描述性統(tǒng)計分析。 實證結(jié)果 雖然 HKAS 40期 (2020年 )允許在成本與公允價值模式之間自由選擇 ,92家公司在首次樣品中選擇采用公允價值模式。迪特里希孫俐 (2020)等人還發(fā)現(xiàn)了考核信度 在由部監(jiān)測評估師和六大核數(shù)師的監(jiān)控下，在不斷上升 。 股票價格和投資證券的公允價值之間的關(guān)聯(lián) ,以及分享收益和公允價值之間證券的利得和損失，這些都被發(fā)現(xiàn)了。本研究集中在第三期 ,投資性房地產(chǎn)的公允價值變動 ,在利潤表和估價準(zhǔn)備金。 this may be attributable to the strong economy in Hong Kong in 2020 and 2020. The CentaCity Index has indeed been increasing during the sample period, although at a significantly lower rate when HKAS 40 (2020) is applied for the first time. Firm size and CentaCity index changes are both controlled for in this study. Also all independent variables in this study are scaled by the pany’s beginning market value. Results show a significant increase in the proportion of investment properties relative to total assets, from when SSAP 13(2020) is applied to when HKAS 40 (2020) is applied. There is also an indication of higher earnings volatility14 as a result of applying HKAS 40 (2020). The mean gains and losses in fair value of investment properties are HK$827m which is almost equal to the earnings before such gains and losses of HK$848m. In contrast, the mean investment properties open market value excess deficits or surpluses of HK$24m amounts to only 3% of the earnings before such excess deficits or surpluses of HK$757m. Further indication of higher earnings volatility15 is available in Table 3 showing 6 the results of a pairedsample ttest performed to pare the earnings volatility before and after the application of HKAS 40 (2020). Earnings volatility is expressed as the number of standard deviations from a fiveyear mean (mean of the earnings of the five years ending on the year of HKAS 40 (2020) application). Earnings volatility is significantly higher after the adoption of HKAS 40 (2020) (t = , p = ). . Short window event study Table 4 reports the regression results from the estimation of equation (1). Results for the shortwindow event study provide evidence that the presentation of changes in fair value of investment properties in the ine statements as required by HKAS 40 (2020) is more informative to investors than the presentation required by SSAP 13 (2020).Investors respond to the information on changes in fair value in the ine statement, as released in the results announcement, causing abnormal returns. The coefficient 8 of the interaction variable IPVC*AFTER in equation (1) is positive and significant at the 5% level (p = ). As expected, neither earnings (EARNB) nor earnings change before investment properties’ open market value/changes in fair value ( EARNB) is significant in explaining the abnormal return within the short window when SSAP 13 (2020) is adopted in the financial statements. Although the overall R2 is only %, this is consistent with the results from prior shortwindow studies. All the coefficients are positive except that of investment properties’ value changes (. IPVC),which is negative (but not statistically significant).Barth et al. (1990) and Barth (1994) also find similar negative coefficients for securities market price gains and losses and interpret them as evidence of a market that perceives that securities gains and losses are used to smooth earnings. . Longwindow abnormal return – unexpected earnings association The regression results for the long window abnormal return and unexpected earnings as
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