Empirical Research On The Effect Of The Use Of Fair Value On Listed Companies

The fair value is the direction of accounting development. The new "Accounting Standards System" is realizing the convergence of International Financial Reporting Standards, which one mark is the full application of fair value. Then, the application results of fair value, the role for fair value to value relevance of accounting information, and the factors influencing the value relevance of accounting information, these guidelines are the important issues of common concern for accounting standards setters, the market regulators, providers and users of financial reports and the auditors. Based on the results from domestic and foreign scholars, we will discuss three levels of the new guidelines on accounting information quality from three subjects. First of all, after the implementation of new standards, accounting information is whether increasing the overall value relevance; followed for the control of other factors (as joint-stock reform, macroeconomic situation, the stock market environment), we take the accounting information as two subjects, part of the new guidelines affect the impact of new guidelines and not part of the implementation of new guidelines, studying on the relevance of the two effects whether are the same. Finally, to study the implementation of fair value results, we further have two parts, one affected by some of the new guidelines into effect, and one not by the fair value of the fair value impact, studying two types of new types of value after the implementation of the guidelines which is more relevant:On this basis, we test whether the introduction of fair value accounting standards on our financial sector and non-financial listed companies have different effects.Through the study we found:After the implementation of the new guidelines, the value relevance of accounting information was significantly improved and not affected part by new criteria is the more improvement clearly than affected part by the new guidelines, this study shows that the new accounting standards will indeed amend the irrational part of the original criteria, and its implementation contributes to the overall quality of accounting But this amendment does not simply blindly adopt the fair value, but a mix of different valuation results. And the implementation of fair value measurement results vary by industry, for non-financial sector, non-fair net assets over the fair value of net assets of more relevance, but for the financial industry, the fair value of net assets is relevant.