The Alienation Of The Fair Value Of The Application And The Investment Behavior Of Listed Companies Empirical Study

Chinese ministry of finance issues New Enterprise Accounting Principle has 5 years, Which is most highlighted by the practice of fair value. In the very act of carrying out New Enterprise Accounting Principle by Chinese Accounting Circles, the serious financial crisis breaks out in America on the other shore of ocean, and so the tremendous controversy on Fair Value Accounting Principle happens, What it involve and impact are strange since 50 years of bringing forward Fair Value Accounting Principle and putting it in practice by American Accounting Circles. In despite of this controversy abeyance finally by moderate concession of Financial Accounting Standards Board and declaration of American Securities Regulatory Commission, but it doesn't end off. So under the background of international financial crisis, studying and thinking of enterprise's behavior change after the actualization of Fair Value Accounting Principle, is a theoretic and practical problem exacting to be resolved by financing and Accounting Circles.The paper combined the normative and empirical research methods. First, research results and scholars from home and abroad based on the theory of the fair value and business investment, This paper analyzes the relationship between the application of the fair value and the corporation investment behavior alienation. On this basis, made some relevant assumptions. In the specific method of statistical analysis, This paper analyzes the use of fair value of listed companies in China's overall status and level of investment behavior of alienation with the general descriptive statistics analysis method. Second, I get the regression residuals the investment model by regression analysis, and then analyzes the use of fair value and the investment behavior with the Regression method based on 2007 -2009 annual date of the listed companies in China. Finally, using the mean test of independent samples T test, verify the degree of alienation in different years of investment whether there were significant differences.The paper comes to the following conclusions: The application of the fair value of listed companies increased investment in the degree of alienation behavior; there is a positive correlation between the use of fair value and the investment behavior when SPS is greater than 0, there is a negative correlation between the use of fair value and the investment behavior when SPS is less than 0.when the market is expected to rise, irrational managers and investors are more optimistic about corporation'foreground, the probability of over-investment is more, corporation investment behavior alienation is more serious, but when the market is expected to fall, irrational managers and investors are more pessimistic about corporation'foreground, the probability of under-investment is more.Finally, conclusions Suggestion: Establishment of a common financial decision-making mechanism; in different market conditions, the Points of investment behavior of enterprises appropriate guidance; development of institutional investors; establish a scientific and reasonable investment project evaluation system.