利潤表中的投資性房地產(chǎn)在公允價(jià)值模式下的變化：來自于香港的證據(jù)外文翻譯(編輯修改稿)
2025-06-26 15:36 本頁面
【文章內(nèi)容簡介】 20) include only panies with positive changes in the value of their investment properties. Taken together, findings from prior studies of firms in the US, UK and Australian capital markets during the 1990s suggest that investors have been provided with fair value information (whether recognised or disclosed) that is generally reliable and relevant (whether fair value estimated by management or independent valuer). More research should be undertaken to test empirically whether relevance and reliability improve after the implementation of the fair value standards on financial instruments (. IAS 39) and with the extension of fair value accounting to nonfinancial assets (. IAS 40). Like OwusuAnsah and Yeoh (2020), this study examines the extension of fair value accounting to investment properties and the presentation of their fair value changes in the ine statements (rather than in the revaluation reserve) in particular. Unlike OwusuAnsah and Yeoh (2020), this study employs data from accounting periods when the related fair value accounting standard HKAS 40 is implemented. Comparison is then made with those from the immediate preimplementation accounting periods when SSAP 13 (2020) was in effect. Also, unlike OwusuAnsah and Yeoh (2020), this study includes panies with both increases and decreases in fair values and uses a return model adapted from Easton and Harris (1991), Amir et al. (1993) and the earnings capitalisation approach from Barth (1994). Empirical results Although HKAS 40 (2020) allows a free choice between cost and fair value models, all 92 panies in the initial sample chose to adopt the fair value model. All the 92 panies are retained for data analysis,with extreme variable values verified against their sources. Since no procedural errors or extraordinaryevents are identified, all the data collected for the 92 panies are retained for the subsequent 5 analysis. Each pany is evaluated twice, in two consecutive accounting years before and after the adoption of HKAS 40 (2020). Table 1 describes the distribution of accounting yearends, years of lasttime following of SSAP 13 (2020) and years of firsttime adoption of HKAS 40 (2020) for the 92 panies in this study. Appendix A details their identities. Most panies have March 31 or December 31 accounting yearends, and adopt HKAS 40 (2020) for the first time in 2020 or 2020. While HKAS 40 (2020) mandates adoption for annual periods beginning on or after 1 January 2020, 17 panies choose to adopt HKAS 40 (2020) Tables 2A and 2B contain descriptive statistics for the 92 sample panies in the study during the year(s) when HKAS 40 (2020) is adopted for the first time pared to the year(s) when SSAP 13 (2020) is adopted for the last time. On the whole, when panies apply HKAS 40 (2020) for the first time, they are experiencing higher earnings and higher market values and offering their investors higher abnormal returns。 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 t
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