Efekti primene računovodstva fer vrednosti na finansijski položaj i prinosnu snagu banaka

Abstract

U doktorskoj disertaciji ispituje se uticaj primene računovodstva fer vrednosti (RFV) na finansijski položaj i prinosnu snagu banaka i, posredstvom toga, poslovne odluke koje donose učesnici na finansijskom tržištu. Empirijsko istraživanje bankarskog sektora Republike Srbije otkriva da se pokazatelji prinosne snage banaka (ROA i ROE) utvrđeni u uslovima kada se sva finansijska sredstva i sve finansijske obaveze mere po fer vrednosti statistički značajno razlikuju od istih pokazatelja utvrđenih merenjem tih sredstava i obaveza po modelu zasnovanom na istorijskom trošku. Međutim, uticaj RFV koje se primenjuje u kontekstu aktuelnog koncepta mešovitog merenja sredstava i obaveza na profitabilnost banaka merenu istim pokazateljima nije statistički značajan. Efekti primene RFV na finansijski položaj banaka u Republici Srbiji nisu na statistički značajnom nivou. Način na koji se meri periodični rezultat banaka utiče na percepcije investitora u vezi sa visinom tržišne vrednosti kapitala banaka i tržišnim rizicima kojima su banke u Republici Srbiji izložene. Statistički značajan uticaj RFV na cene akcija banaka i kratkoročne i dugoročne kamatne stope na finansijskom tržištu identifikovan je u uslovima kada se sva finansijska sredstva i sve finansijske obaveze mere po fer vrednosti. Uticaj promena neto rezultata, u koji se uključuju samo određene promene fer vrednosti finansijskih instrumenata, na cene akcija banaka i kratkoročne i dugoročne kamatne stope nije statistički značajan. Promene ukupnog rezultata, koji uključuje dodatne, ali ponovo ne sve, promene fer vrednosti finansijskih instrumenata, ima statistički značajan uticaj na dugoročne kamatne stope, dok uticaj na cene akcija banaka i kratkoročne kamatne stope nije statistički značajan. Istraživanje pokazuje da je profitabilnost banaka u Republici Srbiji podložnija promenama u vremenu kada se primenjuje RFV nego kada se primenjuje računovodstvo istorijskog troška. Učesnici na finansijskom tržištu percipiraju uvećanu promenljivost periodičnog rezultata usled primene RFV kao posledicu promena realnih ekonomskih performansi banaka i finansijskih rizika kojima su one izložene. Istraživanje sugeriše da bi učesnici na finansijskom tržištu periodični rezultat koji bi se utvrdio primenom punog koncepta RFV percipirali kao najkvalitetniju meru realnih ekonomskih performansi banaka i tržišnih rizika kojima su one izložene, iz čega sledi da se obelodanjivanje i priznavanje mogu tretirati kao alternativni računovodstveni postupci (tretmani) kada su u pitanju finansijski instrumenti i da reformu standarda finansijskog izveštavanja koji tangiraju RFV treba usmeriti ka približavanju konceptu punog RFV, kao konceptu koji podrazumeva da se sva finansijska sredstva i sve finansijske obaveze mere po fer vrednosti.

The doctoral dissertation examines the impact of Fair Value Accounting (FVA) application on the financial position and performance of banks and, through that, the business decisions made by financial market participants. Empirical research of the banking sector in the Republic of Serbia reveals that the bank’s profitability indicators (ROA and ROE) determined in terms when all financial assets and all financial liabilities are measured at fair value statistically significantly differ from the same indicators determined by measuring these assets and liabilities according to the historical cost model. However, the influence of FVA applied in the context of the current concept of mixed measurement of assets and liabilities on banks’ profitability measured by the same indicators is not statistically significant. The effects of the application of FVA on the financial position of banks in the Republic of Serbia are not at a statistically significant level. Modality in which the periodic result of banks is measured affects investors’ perceptions regarding market values of banks’ capital and market risks to which banks in the Republic of Serbia are exposed. Statistically significant impact of FVA on bank share price, short-term and long-term interest rates on the financial market is identified in terms when all financial assets and all financial liabilities are measured at fair value. The impact of changes in net income, which include only certain fair value changes of financial instruments, on bank stock prices, short-term and long-term interest rates is not statistically significant. Changes in comprehensive income, which include additional, but again not all, fair value changes of financial instruments, have a statistically significant impact on longterm interest rates, while the impact on bank stock prices and short-term interest rates is not statistically significant. The research shows that the profitability of banks in the Republic of Serbia is more volatile during the time when FVA is applied than when historical cost accounting is applied. Participants in the financial market perceive increased volatility of the banks’ periodic results, caused by FVA as a consequence of changes in the real economic performance of banks and financial risks to which banks are exposed. The research suggests that the periodic results determined by applying the full concept of FVA would be perceived by financial market participants as the best measure of the real economic performance of banks and market risks to which banks are exposed, and that therefore disclosure and recognition can be treated as alternative accounting treatments regarding financial instruments and that the reform of financial reporting standards that affect FVA should be directed towards the full FVA concept approach, as a concept that implies measuring all financial assets and liabilities at fair value.