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Empirical Research on the Phenomenon of Tunneling Caused by Fair Value Measurement

Author: ZhuZuo
Tutor: LiuGuoWu; FengHao
School: Hubei University
Course: Accounting
Keywords: fair value accounting measurement tunneling stakeholders
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 5
Quote: 0
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Abstract


Fair value measurement has experienced three repeated stages in China. The large scale introduction of fair value in the Accounting Standards for Business Enterprise2006caused fierce debate among the domestic academic circles. In fact, according to the implementation of the new accounting standards in the listed companies, fair value measurement has been used increasingly year by year. Based on this, the paper focus on the use of fair value measurement and the phenomenon of tunneling in listed companies, whether the use of fair value measurement ultimately affect the management decision-making, the behavior of investors and creditors, whether and how fair value measurement causes involvement of the relevant government departments will be discussed.This article used the empirical test data listed companies2002-2011allocationof unproductive revenue obtained after the introduction of the fair value measurementbetweenthevariousstakeholderstostudyalternativetunnelingphenomenonofth elisted companies. The study results shows that the adoption of fair value measurement, unexpected changes in fair value gains, executives remuneration and government’s "unexpected" tax are positively correlated, and shareholders "unexpected" dividends is negatively correlated with the fair value measurement. That favorable factors measure fair value by the use of new accounting standards developed by the government to promote the growth of executive pay, departure from prompted executive pay and the actual profit, get high pay of executives of listed companies from the true realization of profits, the resulting unproductive income appear unfair transfer, and also this not real profits realized by way of tax profit-long develop bound to be tunneling the situation of enterprises, so that the enterprises cannot be sustainable development. At the same time, this part of the profits are not allocated to other shareholders, shareholders of listed companies cannot transfer the part of the non-productive income by way of dividend.The empirical research shows that investigated fair value gains brought the change in the distribution of profits to the company’s management, the use off air value provides a convenient to the management of the company to encroach on the interests of the company, and also benefits for the government as well, their high pay and tax lead the tunneling of listed companies. Shareholders have to reduce the dividend because they cannot transfer the non-productive interests to high bonus.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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