Research On The Value-relevance Of Accounting Standards

February 15, 2006, Ministry of Finance announced a set of accounting standards system——《Enterprise Accounting Standards》,which including a basic accounting standards and 38 specific principles. And this system was implemented on January 1, 2007.The promulqation and implement of Existing accounting standards response to the requirements of the development of market economy,and achieve with IFRS convergence.Reporting Standards, which covering various categories of enterprise's economic operations, indicates that China's accounting standards system independent.Existing accounting standard Strengthens the standards for the investors and provids more relevant accounting information. Existing accounting standards compressed present accounting estimates and accounting policy options limits the spatial extent of corporate earnings adjustment,improveing quality of accounting information.The analysis illustrate that high-quality accounting standard is the most important quarantee for high-quality accounting information.And high-quality accounting information.can help the management to make investment decisions.fair value is the biggest bright spot of existing accounting standards.As early as 1998,fair value was introduced in Chinese accounting standards,then standard-setters were afraid of fair value may be influenced by subjective human,which Lead to the loss of the reliability of accounting information,so fair value was repealed in 2001.Now,in order to converge with international norms,standard-setters reintroducted fair value in a large-scale.In theory,this act will help to improve the relevance of accounting information of listed companies,but at the same time, fair value may become the tool of profit manipulation of management of listed companies.Therefore,the practical application's effective of existing accounting standards is the focus of Practitioners and academics.In this paper, A share listed companies as samples to 2004,2005,2007,2008 to the data for the control sample, inculcate price modele and return model, Paper analysis the overall value relevance of accounting statements and the fair value of the value relevance , the results as follows:(1) the implementation of the existing accounting standards improved the overall value of accounting information relevance, but the value relevance of the income statement information related balance sheet remains stronger in the value relevance of the information, not as guidelines expected, the apparent place of the income statement of assets and liabilities concept.(2) fair value related to the historical cost measurement incrementals value relevance ,having a stronger value relevance.