The Positive Research On The Value-relevance Of Enterprise Group' Consolidated Statements

Consolidated statements is the difficult point and hotspot in research on accounting, since the emergence of it, foreign scholars have carried on a large amount of research on theirs value-relevance and a lot of valuable conclusions and documents have been produced. Compared with foreign countries, domestic research is still in the embryonic stage, the study on the value-relevance test of accounting information has large space to be improved in our country. The value-relevance of consolidated statements is the focus of the investor, so how to improve value-relevance becomes a burning question. Analysis on the influence factors of consolidated statements'value-relevance has theory and practical significance in improving consolidated statements'value-relevance.In this paper,the theories of consolidated statements and value-relevance have been summarized based on some earlier research results.Then the influence factors of consolidated statements'value-relevance have been induced, bracing for establishing empirical model. Finally by adopting the model price , this paper has done a positive analysis on the influence factors of statements'value-relevance, with the sample of Chinese A-share firms in 2009 .The main conclusions of this paper are as follows:(1)Per-share earnings and net assets per share would be impact on the investors'stock valuation in china stock market, our consolidated statements have value-relevance. (2) External factors, the interaction term between the variation of whether only in A stocks or in other stocks simultaneity and share price is significantly positive, implying companies under greater legal environment and investor protection mechanisms with higher value-relevance; the regression coefficient of Shanghai or Shenzhen stock market isn't significantly 0, implying the external supervision of mergers may affect the consolidated statements'value-relevance;the regression coefficient of accounting firm indicates that the size of accounting firm do not play a substantial role in determining the level of value-relevance. (3) Internal factors, the regression coefficients of the state-owned holding and the companies scale are significantly negative, it can be found that companies which is state-owned holding and larger companies scale with lower value-relevance;the regression coefficients of circulation stock and no-ST are significantly positive, implying companies with bigger circulation stock and better company's financial situation with higher value-relevance.