The objective of this paper is to determine if fair value measurement for inventories is value-relevant. Inventories are measured at historical cost and investors will have to estimate the fair value for themselves. For a sample of firms listed in the UK and reporting from 2009 to 2018, multivariate regression results show that the historical cost component of inventories on the balance sheet is value-relevant, but that the fair value component is not. By contrast, both historical cost earnings and changes in the fair value of inventories are value-relevant. Results therefore imply that investors need both historical cost earnings and fair value movements to make decisions. By extension, fair value measurements complement, rather than replace, historical cost information.

中文翻译：

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存货公允价值计量的价值相关性

本文的目的是确定存货的公允价值计量是否与价值相关。存货按历史成本计量，投资者必须自行估计其公允价值。对于 2009 年至 2018 年在英国上市的公司样本，多元回归结果显示，资产负债表上存货的历史成本部分与价值相关，但公允价值部分则不然。相比之下，历史成本收益和存货公允价值的变化都与价值相关。因此，结果意味着投资者需要历史成本收益和公允价值变动来做出决策。推而广之，公允价值计量补充而不是取代历史成本信息。