A Research On The Use Of Fair Value In Chinese Listed Companies

February 15,2006, China's Ministry of Finance issued a basic criterion, including 38 specific criteria and a set of new guidelines for corporate accounting system, and in January 2007 in a number of listed companies in the year. This is the second in 1993 after the accounting reform of great significance to our country once again of the accounting reform. The promulgation of new accounting standards and implementation conform to the current situation of economic development, especially economic globalization, the integration of capital markets, as well as the international convergence of accounting standards situation. At the same time, a positive response to China's enterprises after WTO accession faced by "the internationalization of domestic competition," the challenge to provide a strong protection.The new accounting standards there are many historical changes, the full introduction of fair value measurement is one of the major bright spot, its China's securities sector, the business community, academia, have brought far-reaching impact. The application of fair value is experienced in our ups and downs twists and turns:the Ministry of Finance in 1998 the introduction of fair value in the debt restructuring and non-monetary assets, the exchange of such criteria were applied to the fair value; in 2001 and revised in the Ministry of Finance issued guidelines clearly avoided the fair value measurement. This situation has been strongly denounced the people; in 2006, the new enterprise accounting standards promulgated by the re-begun using fair value. Accounting objective was merely an accounting information should be consistent with the requirements of national macro-economic management to meet the relevant parties understand. Fair value for the present and future, in the future economic environment continue to make adjustments based on actual conditions, their relevance than historical cost, strong, better able to meet the statements of users information needs. China's market is gradually improving, but also for the birth of the fair value provides a good soil, while the stakeholders of the relevance of accounting information have become increasingly demanding, the fair value of the stage of history will be welcomed back thing. This road is tortuous, but we can be pleased to see that fair value is still ahead of them, which proved its advanced nature and superiority.At present, the research literature on fair value of the new guidelines after the promulgation of literature in this area is like a "mushroom"-like emergence. However, the vast majority of articles are available from a theoretical point of view the fair value of learning, few empirical points of view from the fair value of proven usefulness and problems. In this paper, based on the theoretical groundwork, select 2007 and 2008 non-zero changes in fair value of domestic listed companies descriptive statistical analysis shows that the use of fair value does affect the profits of listed companies, the listing will indicate companies have to use the fair value of earnings manipulation is suspect. Finally case illustrates how to use the fair value of listed companies operating profit.The overall content of this paper is divided into five parts:The first part of the Introduction, the main article discusses the research background, research purposes, research tools and ideas. The same time, several domestic and foreign common research questions:the definition of fair value, measurement methods, and on several occasions, as well as the reliability of fair value is reviewed.The second part of the theoretical basis of fair value, fair value is an accounting measurement attributes the introduction of fair value measurement properties of this independent,, as far as possible to ensure the reliability of accounting information, making the situation reflected in the financial statements closer to the true state of business. The introduction of new business fair value accounting standards is not a repetition of the previous use of fair values; this is a prudent use of appropriate fair value, to make significant adjustments to the measurement attributes. But there are many common features, and even a certain extent, there is a crossover point exists, indirect evidence of the fair value measurement attribute the usefulness and reliability. Then talk about fair value accounting reports on the use of target selection, to obtain the fair value of the three main ways.The third part of the application of fair value in our history, review of fair value accounting in China three times in the history of the use of the situation, analyze the problems in each application, but also drawn from the fair value of the progressive nature. China's first use of fair value is 1988, the immature market have led to the fair value has become a puppet tool. In 2001 the Ministry of Finance revised accounting standards, eliminating the use of fair value. Fair value measurement is an advanced tool for economic development needs, in 2006 the Ministry of Finance to re-enable the fair value. In these twists and turns, we can conclude that the importance of the fair value and should be resolved.The fourth part of the application of the fair value impact of earnings management, the use of fair value were collected after the year 2007 and 2008 listed companies in the "fair value changes in profit and loss" of data. The profits are to a large extent influence. "Fair value changes in profit and loss" accounts for a large percentage of pre-tax profits, or even cause the business to profitability. Supported in the data is discussed under the premise of fair value and the relationship. Analysis can be drawn from the case, although the fair value measurement and accounting standards, but the use of fair value of debt restructuring and the reorganization of corporate income statement as gains and losses credited to earnings manipulation is indeed a powerful tool for businesses.In the fifth part of sound value utilization's question and the suggestion, obtain three major problems which according to the article in front of analysis in the sound value utilization exists:The market environment is imperfect; Sound value definite technical question. But the criterion decision maker is not the sage and the gods. In view of question which appears, divides the inside and outside two levels to propose that solves the question suggestion; Strengthens the sound value measurement the fundamental research. The formulation and the consummation related laws and regulations system increases the supervision dynamics; the internal measure includes:The perfect company's management structure sharpens accounting personnel's' occupation judgment ability and the competence level; Establishes the comprehensive income table.This article main contribution and the innovation spot lie in:(1) Takes the article by the sound value to the earnings management's influence the core breakthrough point. Before about in the sound value research's literature, majority is elaborates the sound value development from the theoretical side, the sound value obtains the way. This article conducts the research from the sound value to earnings management's influence this angle is a big breakthrough.(2) Uses to be listed report data between the analysis result proof sound value and the enterprise earnings relations. Article utilizes the sound value after the descriptive statistical analysis to be listed the influence which to its profit creates, the analysis result for the following, this is this article other breakthrough point.At the same time, the article also has the following several insufficient aspects:(1) The data information is not very full. Because of the new criterion, in 2007, only then utilizes in to be listed.In 2008 the data will receive the financial crisis to affect, its authenticity can some discounts.(2) This article studies is based on our country environment this angle of view, the union overseas sound value utilization has not carried on the comparative analysis.