An Empiric Analysis Of The Association Between Quality Of Accounting Information Disclosure And The Value Relevance In China's Security Market

The security market is an important place of resource distribution, and the accounting information disclosure is the important link between the market and listed companies. Based on decision-making serviceability high quality accounting information can improve its value relevance. Under the existing accounting standard and supervising system in our country, does the quality of accounting information disclosure improve? Can the high grade accounting information increase its value relevance? How can we further standardize accounting information disclosure system to enhance its quality? This paper attempts to answer the questions above.First, this paper separately analyzes the theory foundation of accounting information disclosure and the value relevance, and analyzes the relationship between them from decision-making serviceability angle. Then, this paper constructs the quality standard of the accounting information disclosure, taking the quality standard of FASB and IASC as the reference and unifying our country's actual condition. On this foundation we analyze the concrete factor which affects the accounting information disclosure. Next, we adopt the reward model and the price model to study the relation between the accounting information disclosure and value relevance yearly and rankly, basing on the Shenzhen Stock Exchange critique result which issued from year 2001 to 2004 as the substitution variable of accounting information disclosure. The results are as followed: The quality of accounting information disclosure has enhanced, but its overall level is not certainly high. The quality of accounting information disclosure can increase the value relevance. The value relevance of the earnings level is higher than the earnings change and the value relevance of each income is higher than each net assets. Shenzhen stock market information examination and critique work has obtained the result which it should have, and it can help low quality investors to carry on the judgment to the accounting information quality in our country, for which it displays its function. Finally, this paper carries on the thorough analysis to the research conclusion, puts forward the corresponding policy proposal.