References

finance

Финансы: теория и практика/Finance: Theory and Practice

Finance: Theory and Practice

2587-56712587-7089

Financial University under The Government of Russian Federation

10.26794/2587-5671-2018-22-2-6-25

finance-643

Research Article

ФИНАНСОВЫЕ РЫНКИ И БАНКИ

FINANCIAL MARKETS AND BANKS

ВЛИЯНИЕ РЫНОЧНОГО ЦИКЛА НА ЗНАЧИМОСТЬ БАЛАНСОВОЙ СТОИМОСТИ И ДОХОДОВ В БАНКОВСКОЙ ИНДУСТРИИ ПОЛЬШИ

THE IMPACT OF THE MARKET CYCLE ON THE VALUE RELEVANCE OF BOOK VALUES AND EARNINGS IN THE BANKING INDUSTRY: AN EVIDENCE FROM POLAND

https://orcid.org/0000-0002-5649-181X

Болибок

П. М.

Bolibok

P. M.

Петр Марек Болибок — кандидат экономических наук, Кафедра банковского дела и финансов

Люблин

Piotr M. Bolibok — Ph.D., Department of Banking and Finance

Al. Racławickie 14, 20–950 Lublin

piotr.bolibok@kul.pl

Люблинский католический университет им. Иоанна Павла IIПольшаThe John Paul II Catholic University of Lublin,Poland

2018

25052018

222625

2018

Болибок П.М.

Bolibok P.M.

Данная работа распространяется под лицензией Creative Commons Attribution 4.0.

This work is licensed under a Creative Commons Attribution 4.0 License.

https://financetp.fa.ru/jour/article/view/643

Цель статьи — эмпирическое исследование влияния рыночного цикла на актуальную стоимость балансовых активов и доходов в банковской отрасли. В отличие от большинства предыдущих исследований, в статье непосредственно рассматривается влияние циклических колебаний настроений инвесторов на информативность этих ключевых переменных учета. Кроме того, исследование дополняет литературу, касающуюся проблематики стоимостной оценки финансовой отчетности банков, предоставляя эмпирические данные с формирующегося рынка капитала в Польше. Исследуемая выборка охватывает все отечественные коммерческие банки, котирующиеся на Варшавской фондовой бирже в период 1997–2016 гг. Эмпирические данные, основанные на анализе параметрической и непараметрической корреляции и регрессии, свидетельствуют о значительном влиянии рыночного цикла на стоимостную оценку балансовых значений, которая заметно возрастает (уменьшается) в периоды «бычьего» («медвежьего») состояния рынка ценных бумаг. В отличие от этого, информативность доходов, как представляется, определяется, главным образом, факторами, отличными от настроений инвесторов. Результаты исследования показывают, что течение рыночного цикла частично приводит к колебаниям актуальной балансовой стоимости собственного капитала и чистой прибыли в польской банковской отрасли. Однако необходимо продолжить изучение влияния рыночных циклов на ценностную оценку данных бухгалтерского учета, причем не только по отношению к банковскому сектору.

The paper aims at the empirical investigation of the impact of the market cycle on the value relevance of book values and earnings in the banking industry. unlike most prior studies, the paper directly examines the influence of cyclical fluctuations in investors’ sentiments on the informativeness of these key accounting variables. Moreover, the study enhances the literature on the value relevance of banks’ financial reporting by providing an empirical evidence from the emerging capital market ofPoland. The examined sample covers all domestically-based commercial banks listed on the Warsaw Stock Exchange over the period 1997–2016. The empirical evidence based on the analyses of parametric and non-parametric correlation and regression indicates a significant impact of the market cycle on the value relevance of book values which markedly increases (decreases) in the periods of bull (bear) market. In contrast, the informativeness of earnings seems to be driven primarily by factors other than investors’ sentiments. The results of the research indicate that the course of the market cycle is partially driving the fluctuations of the value relevance of book values of equity and net earnings in the Polish banking industry. There is a need for further investigation of the impact of market cycles on the value relevance of accounting data, not only in the context of the banking sector.

рыночный циклоценка стоимостибухгалтерская информациябанкибалансовая стоимостьприбыль

Market cyclevalue relevanceaccounting informationbanksbook valuesearnings

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The authors declare that there are no conflicts of interest present.