| Starting from 1994, the concept of fair value has been formally used in our country. Accounting scholars researched the fair value since 1998. Ministry of Finance defined the fair value as "a fair deal, familiar with the situation of the parties to the transaction or exchange their assets the amount of debt repayment " in the corporate accounting standards issued in 1999. At that time, fair value measurement have been formally introduced. On the Feb 2006, the treasure department issued new accounting principles, which widely introduced fair value and required the listed companies started practicing in 2007. The using of fair value method has been argued for a long time between accounting theory and practice. Despite the global economic integration and international accounting standards, fair value has been widely used trend is inevitable, but the application of fair value at this stage it is not quite that smooth, even it has been saddled with the financial crisis culprits culprit in infamy.In this context, the use of fair value on how to further improve transparency and decision usefulness of accounting information on market price fluctuations and let it more sensitive, while as much as possible to reduce its negative effects? This paper·studies fair value information content of commercial banks, to the sample of the 2007-2009 of listed commercial banks in China, which will study whether the fair value would increase explanatory power of accounting data. In other words, whether the use of the fair value of commercial banks have a significant impact of the performance of the banks. I hope to verify the fair value method used in the special market environment of China and initiate better ideas of the relevant research.The full text is divided into five chapters, the chapters are as follows: The first chapter is the introduction which introduces the research background, the significance of the subject for study, the contents, the method, as well as the structure of this article.The second chapter is the literature review, which Systematically elaborates and summarizes the basis of relevant theories of this research, such as the concept of fair value, the background of fair value, the theory study and the empirical study about fair value at home and aboard. Above all, this chapter establishes the theoretical foundation of the research. We can see through the literature review, the study abroad, mainly in the fair value of empirical research. But because of the immaturity of domestic capital markets and fair value of the application time is shorter, that lead to domestic research is still at the direction of theoretical research, such as the fair value definition, valuation and suitability, etc., only a small amount of empirical research on the fair value. As the fair value of the new accounting standards in a wider range of applications, it is necessary for the scholars to make full and further research of fair value in China, especially in the entire financial system, particularly the banking system. In this paper, for the actual situation, I want to research the use of fair value in our state about listed commercial banks through empirical research methods. So around the fair value measurement of accounting information of listed commercial banks, the core issue of the paper is whether fair value should be widely adopted to provide relevant evidence using empirical methods.The third chapter is empirical design, That is the model design of the empirical research, after the introduction of the sample's data sources and data screening, I put forward two hypotheses of this article. One is that the listed commercial banks' financial assets value, measured at fair value was significantly correlated with the stock price, or the stock price has a corresponding explanatory power. The second assumption is that changes in fair value were significantly related to stock returns in the listed commercial banks in China, which had explanatory power. Then, the author modifies the Ohlson model to build prices and income models, authenticating the assumptions of the two hypothesis. Price model make the company's stock price (P) as the dependent variable and make the per share fair value of financial assets (FINV), basic earnings per share (EPS), changes in fair value per share (FVPS) as explanatory variables. Revenue model make the company's stock return (R) as the dependent variable, and make excluding fair value changes to earnings per share (E), arising from changes in fair value of earnings per share (UGL), changes in the basic earnings per share (△EPS), changes in fair value per share amount (FVPS) as explanatory variables.Chapter IV is the empirical analysis. The paper selected 14 listed banks in 2007-2009 A-share market as a sample, according to the established price model and revenue model, using the EVIEWS statistical software for empirical analysis. The results showed:Financial assets'final value measured at fair value of China's listed commercial banks is significantly related to the stock price, which has corresponding explanatory power and hypotheses are consistent. Second, there are no significant correlation between changes in fair value and stock returns, which is not consistent with the hypotheses II. There are three reasons. The first is that many factors affect stock returns. Besides the accounting factors, China's economic environment, market factors and investors'psychological factors are also very important. Although in 2007 to 2009, the bank's overall earnings grew every year, the market did not response a corresponding positive in equity returns. The second point is China's capital market is inefficiency so accounting data is difficult to generate enough response, which as a basis for empirical research would carry out distortion. Finally, there are not enough emphasizes on the fair value in the market, still uncertainty, which lead to the lack of explanatory power of the fair value of the information content.Chapter V is the conclusions and recommendations. Conclusions of the study, analysis of the limitations and research proposals of the fair value of the further development, these are the end result of this paper. In order to study about the fair value accounting information on how to improve further transparency and decision usefulness of accounting information, while reducing its negative impact as much as possible, the author makes the following suggestions:1. Improve the information disclosure of the fair the value. The financial statements of the current system do not highlight the status of the fair value, in particular, the balance sheet, does not clear in what part of financial statements'assets, fair value is used, and what part is in the use of historical cost.2. Gradually build a strong and efficient capital markets. China should continue to strengthen corporate governance, improve transparency of its operations and build integrated regulatory system of listed companies, etc., to gradually increase the effectiveness of the capital market.3. Pay attention to the fair value of the market. The fair value of the current market is still in uncertain attitude. Even if the new accounting standards vigorously promote the use of fair value, but because the difficulty of the practical application such as the application of fair value for the environment, no uniform application of standards and norms, not to mention how to estimate fair value, so the fair value of information content still lack of explanatory power. For example, as we know the new accounting standards allowing the investment property estimated at fair value, but in fact, basically all the companies are still using historical cost. For more effective application of fair value and the stronger explanatory power of accounting information, it must arouse the attention to the importance of fair value of the business, investors and operators.4. The continuous development of innovative valuation techniques of the fair value.5. To strengthen the supervision of the fair value measurement.6. Regular asset evaluation mechanism and improve the evaluation teams'quality.7. Strengthen the auditing construction of the fair value.The first limitation of this article is the model limitation. Foreign empirical study of fair value is less than 20 years and the fair value of empirical research in domestic just started, still at the stage of imitation of foreign models. That is to say the empirical researches of fair value whether aboard or in domestic, are not mature. My models mainly based on the foreign, though with some changes, there are still indicators do not necessarily apply to China's actual station. Because of that, the revenue model is not significant. Secondly, the limitations of the sample, there are a total of 14 samples, sample size is 80. Although the amount of data is sufficient for statistical analysis, but it's not necessarily able to explain the laws of economics. In addition, the application of fair value is not long in China, imperfect information disclosure of fair value, irregular stock market and other reasons, result in a more difficult process to get the data. So data quality is not high, to a certain extent, affected the empirical findings. Under certain market conditions in China, this is a common problem to do empirical researches. I believe that with the continued implementation of new accounting standards and China's stock market continue to improve and mature, the data of the fair value will be richer and more effective for the future research, continuously improving the reliability of the fair value.The innovation of this research is that, little empirical research of the fair value on the commercial banks listed on the stock market, mainly in theory. With the formal implementation of new guidelines, the sample size of my study also expanded than previous studies, increasing the credibility of the study. |
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