次贷危机与公允价值计量的关系及启示

[摘要]  在美国次贷危机背景下，公允价值问题受到了空前关注。公允价值会计准则饱受争议，批评者与捍卫者对公允价值计量的观点各异。本文在剖析公允价值计量在次贷危机中扮演的角色基础上，指出公允价值计量是全球经济市场化发展的必然结果，是体现公司财务状况的相对较佳的计量方法。我们不应完全抛弃或停止使用公允价值计量，而应该顺应历史潮流，在不断实践的过程中完善公允价值计量准则。通过具体分析，提出对应用公允价值的启示。

[关键字]  公允价值计量  次贷危机  金融资产  积极意义

Relations and Enlightenment subprime crisis and fair value

[Abstract]  In the United States subprime mortgage crisis, the fair value of the issue has been unprecedented attention. FVA controversial, critics and defenders of the fair value of different perspectives. In this paper, the role played Basis of the fair value of the sub-prime crisis, the stated fair value is the inevitable result of the development of the global market economy, is relatively better measurement method reflects the company's financial position. We should not completely abandon or discontinue use fair value, but should follow the historical trend, and improve fair value criteria in the process of continuous practice. Through detailed analysis, presented to Applied fair value.

[Key word]  measured at fair value; subprime crisis; financial assets; positive

目  录

引  言1

一、次贷危机和公允价值1

（一）次贷危机及其直接诱因1

1.次贷危机1

2.次贷危机的直接诱因2

（二）次贷危机与公允价值存在必然联系2

1.公允价值计量引起银行收益和资本波动性增加2

2.公允价值计量削弱了银行平滑经济冲击的功能3

3.公允价值计量降低了银行的流动性转换功能3

4.公允价值计量不能真实反映金融资产的真实价值4

二、次贷危机产生后关于公允价值计量的争议4

（一）批判者及其观点4

（二）捍卫者及其观点5

三、公允价值计量对金融稳定的积极意义5

（一）公允价值计量扩大了市场约束的范围5

（二）公允价值计量消除了银行利得交易行为的动机6

四、公允价值计量需要完善6

结  论8

致谢语9

参考文献10