A Study On The Value Relevance Of Accounting Information Before And After The Changes Of Accounting Standard

The listed companies have adopted for three years. As more and more financial reports are disclosed, we will focus on the current accounting standard again, examine the implementation effect of the current accounting standard, and finally perfect the drawing up and implementation of our country's accounting standard. So the study use data from 2003 to 2009, know more about the implementation effect of the current accounting standard by horizontal comparison and vertical comparison, positive research and normative research grasp the market's reaction with accounting information.The study is divided into six parts. In the first part, it describes the development and the achievements of value relevance of accounting information. In the second part, it introduces the theory points in the study. In the third part, it discusses the main influence factors of accounting information value relevance, using them for positive research. In fourth part, it analysis the positive research framework, at first it puts foreword the examining standard of the implementation effect of the current accounting standard, and then, presents the empirical test hypothesis. In the fifth part, it describes the empirical test of accounting information before and after the changes of accounting standard. Based on the sample period of 2003, 2004, 2005, 2007, 2008 and 2009, we compare the data of the listed companies in Hong Kong Exchange and Shenzhen Stock Exchange , Shanghai Stock Exchange, compare the data of the listed companies in Shenzhen Stock Exchange and Shanghai Stock Exchange in different years. Finally, by the result of empirical test, we draw a conclusion and propose some suggests.The innovation of this paper is:(1) There are two comparisons in this paper. Firstly, it compares the value relevance of accounting information under CAS with the value relevance of accounting information under IAS. Secondly, it compares the value relevance of accounting information in different years. The study will provide empirical basis for international convergence.(2) It explores how the investors use the financial ratios under the accounting standard, know more about the investors'elective tendency of accounting information.