Empirical Research On The Value Relevance Of Accounting Information Under Different Accounting System

In 2006, Ministry of Finance enacted a basic accounting standards and 38 specific criteria, which was practiced in the range of Limited Company from 2007 year. The new system is the implementation of accounting standards with IFRS convergence in real times, but also to adapt to the Chinese market, the reality of economic development required. In these 20 years, the promulgation and implementation of the business accounting system, Limited Company accounting system and enterprise accounting system were in order to improve the quality of accounting information and realize effective allocation of resources.The accounting system as an important component of economic institutions has experienced several major changes, and how to understand the economic consequences of the changes in the accounting system has always been emphasized and paid attention to by the theoretical, practical researchers, and the regulators. An in-depth study on the economic consequences of the institutional changes of accounting has an important theoretical and practical significance to evaluate the securities market regulatory policies and test the theories related to economic institutional changes.One of the objectives of accounting standard is to improve the quality of accounting information, but whether the quality of accounting information is improved, So that the accounting information relevance is also improved? Drawing on the basis of the literatures at home and abroad and the accounting institutional Change as the mainline, reviewing and commenting briefly accounting system reform of two features of based on national and for the international for twenty years in china, analyzing the effect of accounting institutional Change on the accounting information relevance in the vertical perspective of different stages and different industry. This thesis positives of accounting information relevance of 1998-2009 year's total samples and 2002-2009 year's retail, high-tech industry and estate samples by using price model and modify price model, involving 1860 listed companies and 13853 samples. The conclusions of this thesis are as follows:(1) The mandatory institutional changes in accounting have affected the total samples usefulness of accounting information, and it shows at different stages of the trend of increasing. (2) Because of retail, high-tech industry and estate have their own management features,exacting differences in accounting treatment, so, the affect of accounting information relevance is different for different industry in the same accounting system of different stages. Conclusively, accounting system reform realizes the target of improving the quality of accounting information, which is helpful to the healthy development of China capital market.