New Implementation Of The Guidelines Before And After The Value Of Accounting Data Related To Empirical Research

On February 15,2006, Ministry of Finance enacted a basic accounting standards and 38 specific criteria, then required the listed company firstly implement on January 1,2007. The promulgation and implementation of New Accounting Standards response to the requirements of the development of market economy and achieve with IFRS convergence. The new accounting standards have been used for nearly four years. What's the effect and whether the quality of accounting information have been improved? All of these issues are community focus. So in this paper we do empirical research about value relevance of accounting data, from this angle to inspect the implementation of the new accounting standards.In the paper, we comparison of the income model and the price model and determine the price model as the base model of this paper. We choose the financial data each three years (2004-2009 year) before and after the implementation of New Accounting Standards of companies listed in the Shanghai and Shenzhen Stock Exchange as data material and establish the stock price regression model and carry on empirical test. Through the study result, it can be found that after the implementation of the New Accounting Standards the value relevance of accounting data significantly improved, confirming the conclusion that the New Accounting Standards will help improve the quality of accounting information. Meanwhile, the empirical results also show that the value relevance of the balance sheet is not higher than the income statement, cash flow data and some other indicator information such as company scale is also more associated with a certain value after the implementation of the new accounting standards. At last, this paper put forward some rationalization policy recommendations such as further perfecting the information disclosure rules and strengthening the supervision of capital market etc four angles to help our accounting system further improved, and the level of securities market of our country to raise supervision.