著名会计学家查特菲尔德在《会计思想史》（1976年）中曾经指出：“会计理论的根本改善将可能始于资产计价程序的变革。目前计量财务状况的理论重点已从原始购置成本转向现时价值，从销货时点实现收益转向一旦能做出客观的计量就确认利润。”，会计理论和会计实务的发展验证了查特菲尔德在30年前的论断。历史成本作为主要计量属性的地位已经逐渐淡化，公允价值取代历史成本成为会计计量理论的研究焦点。对公允价值的研究从理论内涵到估价技术，从会计目标到信息质量特征，从对报表数据的影响到可能有的经济后果，可以说，公允价值计量所席卷起的已经不是计量属性之间的竞争，而是对会计理论的一次重大变革。
尽管早在二十世纪五十年代，公允价值概念就已经出现在无形资产的初始计量之中。但是，直到金融工具迅猛发展，损失和风险相伴而来，公允价值才作为金融工具最主要的计量属性进入计量的“黄金时期”。九十年代以来，公允价值的计量范围已超越了金融工具，呈现出全面计量的趋势，据统计，二十世纪九十年代以来，美国财务会计准则委员会发布的财务会计准则公告中，涉及公允价值的超过70％；在国际会计准则理事员会发布的国际财务报告准则中，涉及公允价值计量的也超过一半以上。
从1997年到2006年，公允价值会计在我国的应用可谓大起大落，随着我国经济的发展和资本市场的进一步完善，以及对会计准则国际趋同的需要，在2006年颁布的新会计准则中，又将公允价值重新列为计量属性之一，并指明公允价值是金融工具等资产的主要计量属性。因此，研究公允价值会计的理论内涵、经济后果和会计环境成为现阶段摆在我们面前亟待破解的重大课题。
本文采用规范研究方法，主要包括以下内容：
第一章，从公允价值的产生、发展和现状出发，介绍了公允价值的研究背景；从理论和实践两个角度阐述了本文的研究意义；从理论研究、会计准则以及经济后果三个方面概括了国内外有关公允价值会计研究文献；说明了本文的研究方法和思路、可能的创新之处和存在的不足。
第二章，梳理概括了公允价值从起源、发展到现阶段的整个过程，提炼出影响公允价值发展的三个最主要因素，即市场经济的发展、投资者信息需求的偏好以及公允价值估价技术的进步，此外，SEC和FASB的政策倾向、经济学理论和会计学理论的融合也对这一历史进程产生了重要的影响，由此验证了“会计环境决定着公允价值的发展方向，也是衡量公允价值计量适合与否的重要依据”这一论点。
第三章，介绍了公允价值概念的演变以及公允价值的主要特征，核心部分是依据财务会计概念框架，对公允价值进行会计学分析。本章将公允价值与财务报告目标、信息质量特征、资产、收益和确认等概念进行了一对一的分析，充分揭示公允价值的会计实质，辨析公允价值与上述概念之间的逻辑关系，探寻一个包含公允价值在内的逻辑严密一致的会计概念体系。
第四章，尝试通过制度经济学这一分析视角，将公允价值从会计学领域延伸到经济学领域，探索公允价值计量更深层次的发展动因以及公允价值计量对委托代理关系的影响。本章从制度需求和制度供给两个方面出发，逐一分析了主要行动集团、次要行动集团、意识形态以及科技知识等因素后认为，将公允价值作为主要计量属性制定的金融工具会计准则反映了制度变迁的一般规律，是制度需求和制度供给互相作用的综合产物。除了降低风险、获取收益等主要利益动机以外，国家权力、意识形态以及路径依赖对公允价值会计准则形成也有不可忽视的作用。本章试图从委托代理关系的角度观察公允价值计量的影响，并得出以下结论：一是公允价值计量对委托－代理关系的影响主要在于它的估价方式，如果估价方式偏离市场信息，就有可能加剧信息不对称，并助长管理层的道德风险；二是使用公允价值计量的范围，依赖于所处的会计环境，如果存在完全的激励机制，而且有可参考的市场价格信息，经理人市场是完全竞争的，使用公允价值计量不一定会诱发机会主义行为；三是正是由于“不完美”市场和委托－代理问题的存在，相关性和可靠性之间的权衡取舍将会一直持续下去，成为影响公允价值实践运用的一个重要因素。
第五章研究了公允价值计量的经济后果，提出会计准则的制定既要依据会计的技术性标准，同时也会受到会计环境的影响。虽然公允价值可以与相关概念形成一个逻辑相对严密一致的体系，但是这种理论“优势”，是否符合会计环境的要求，能否在具体的会计环境中得到应用，还需要我们不断思考。结尾部分对公允价值会计在我国的应用提出建议，为理论研究和会计实务提供支持。
本文的意义在于揭示了公允价值的特性，厘清了对公允价值的相关认识；依据财务会计概念框架和制度经济学，对公允价值进行了会计学和经济学剖析；本文尝试从多个角度分析公允价值的经济后果，构建会计环境—会计理论—会计实务—经济后果—会计环境这一完整的研究体系，力图全面揭示公允价值与会计环境之间的相互影响，为完善和制订我国公允价值会计准则提供参考，为公允价值在我国的发展应用提供支持。
关键词：公允价值 财务会计概念框架 制度经济学 会计环境
Michael Chatfield pointed out in his famous book “A History of Accounting Thought” that “the fundamental improvements in accounting theory will begin with changes in asset measurement procedure. Already theoretical emphasis has shifted from acquisition cost to current value in measuring financial position, and from income realization at the point of sale to recognition of profits as soon as measurements can be made objectively .”
The development of accounting principles and accounting practices has so far endorsed Mr. Chatfield’s conclusion thirty years ago. Historical Cost, as a major measurement attribute, is fading away while Fair Value is replacing historical cost and becoming the focus of accounting measurement theory. Various researches on Fair Value, from characteristics to valuation techniques, from accounting objectives to qualitative characteristics of accounting information, from the effect on accounting statements to possible economic consequences, have been conducted. All in all, Fair Value measurement has launched a major revolution on accounting theory rather than intensifying the competition among measurement attributes.
As early as in 1950s′, the concept of Fair Value was applied in measurement of intangible assets. However, it is not until the explosion of financial instruments, which entail much larger degree of financial loss and unpredictable risk, has made Fair Value the most important measurement attribute and enter its golden era. According to some statistics, since 1990, Fair Value is not limited to measurement of financial instruments but a general measurement attribute. since 1990, among the statement of financial accounting standards of FASB, more than 70% are about Fair Value; while among those of IASB, it is more than 50%.
From 1997 to 2006, the application of Fair Value Accounting has experienced ups and downs in China. With rapid development of China′s economy and improvements in China′s capital market, the accounting standards have shown a trend of convergence between China and other countries. Fair Value was once again listed as one of measurement attributes in the accounting standards promulgated in 2006 and to be a major measurement attribute of financial instruments. Therefore, theoretical fundamentals, potential economic consequences and accounting environment make Fair Value Accounting a subject that requires extensive research.
This dissertation, by using normative research method, consists of the following components:
In Chapter 1, the author gives the general introduction to research background of Fair Value Accounting by describing the history, development and current situation. The author introduces the research objectives from two perspectives: theory and practice. The author summarizes some articles and papers into three aspects: accounting theory, statements of accounting standards and economic consequence at home and abroad. Finally, the author explains research method and framework and emphasizes the potential innovative ideas presented in this dissertation and the area to be further improved.
In Chapter 2, the author outlines an overview of the development of Fair Value Accounting from its origin to current state. Within this framework, the author points out that development of market economy, information preference of the investors, and improvement of measurement techniques for Fair Value are the three main factors that affect the development of Fair Value Accounting. In addition, the policy inclination of SEC and FASB and the convergence of economics theory and accounting theory play important roles in this process. Thus, the author concludes that accounting environment not only is critical to the future development and success of Fair Value Accounting, but also serves as important criteria for measuring the suitableness of Fair Value Accounting.
In Chapter 3, the author introduces the evolution of the concept of Fair Value and characteristics of it. The chapter analyzes the main characteristics of Fair Value with a focus on accounting analysis on it within the conceptual framework of financial accounting. Through meticulous comparison between Fair Value and accounting objectives, qualitative characteristics of accounting information, assets, income and recognition, the author elaborates fully on the accounting nature of Fair Value as well as logic relations between Fair Value and the above concept. Through these efforts, the paper attempts to explore a conceptual framework embedded with Fair Value on a rigorous logic basis.
In Chapter 4, the author, from the standpoint of New Institutional Economics, visualizes the extension of Fair Value Accounting from accounting field to economic area, explores the stimulus for its further development, and points out the potential effect on agency relationship. In this chapter, the author, mainly from the perspective of the demand and supply of institutions, analyzes Primary Action Group, Secondary Action Group, ideology and technology, and then concludes that the recognition of Fair Value Accounting as the major measurement attribute in the accounting standards of financial instrument is the naturally organic product of institutional change. In addition to major motivations such as decreasing risk and reaping benefits, political system, ideology, and path-dependency are all very important to the development of Fair Value Accounting. Based on Agency Theory, the author reaches three conclusions: Firstly, Fair Value affects Agency by its valuation techniques. If valuation techniques deviate from market information, it will aggregate the information asymmetry and increase the morale risk of the management team. Secondly, the scope of using Fair Value Accounting as a measurement is limited by associated accounting environment. If good incentive system exists and related market price information is easily available, manager market will be completely competitive and the use of Fair Value Accounting will not necessarily attribute to speculation. Thirdly, because of the existence of inefficient market and principal-agency problems, the balance between interrelationship and reliability will never reach the end and will always be a factor affecting the application of Fair Value Accounting.
In Chapter 5, the author addresses the economic consequences of Fair Value Accounting and concludes that accounting standard setting is based not only on technology standards but also on accounting environment. Though Fair Value can be well incorporated into a logic conceptual framework, the issue whether its so-called theoretical advantages meet the need of accounting environment still needs further study. And at last the author generalizes some recommendation on how to apply Fair Value Accounting in China, giving some support to accounting theory research and application.
This dissertation is written in a purpose to explore the characteristics and related information of Fair Value Accounting. Also, the author performed some analysis from accounting and economics standpoint. The author attempts to analyze the economic consequence from multiple angle, to construct a complete accounting system from accounting environment to accounting theory, then to accounting practice, and then back to accounting environment, and to disclose the relations between Fair Value and accounting environment. All in all, the author is mainly trying to provide some constructive ideas to improve Fair Value accounting standards and to support the application of Fair Value in China.
Key words: Fair Value, Conceptual framework of financial accounting, New Institutional Economics, Accounting environment
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