| The value-relevance of accounting information is effective information for investors when they make a decision. Accounting information includes but not limited to:financial statements reflect the financial position and operating results of an enterprise and enterprise economic performance information. But, the financial statements become a significant basis for investors to judge the future with greater growth potential of public company and whether it is investment value. Public company participates in the moving of economy will has a major impact on the development of capital market. Make use of accounting information to supervise its behavior is the very import way of the Corporation Supervisory Mechanism.The main factors that influence the value-relevance of accounting information are accounting principles、accounting information disclosure system、market efficiency and investor Perception. Market efficiency is the basic factors to decide the value-relevance of accounting information and investor perception self factors influence the understanding and sifting of accounting information.. Accounting principles affect the process of creation of accounting information and it is the first step to decide the accounting information whether it can reflect the management affairs of public company or not. Accounting information disclosure system is a provision of stock exchange to publish accountancy’s information. Accounting information disclosure system decide external information getters whether they can keep the way to get information smoothly or not. After the reform and opening-up policy, Market Economy has been established gradually. Experiencing years of healthy development, China has reached a weak efficient market. With China’s economy accelerated integration into the world economic development, the pace of China’s accounting standards with International Accounting Standards convergence increasingly accelerated in2006, China Ministry of Finance announced a new corporate accounting standards, the first time, consistent with international accounting standards, the value-relevance of accounting information as an important quality characteristics, and highlight the relevance of the specific criteria requirements. Gradually establishing and in-depth development of the stock market also contributed to the information disclosure system of listed companies are maturing. Besides, the investment awareness and risk management concepts become more sophisticated, the investors’requirements of the decision usefulness of accounting information become more urgent.The western academe research the value-relevance of accounting information could be traced back to1968. Empirical evaluation of accounting data was published by Ball and Brown. It researches the relation between premium return rate of risk and the unexpected accounting information. And it has becoming innovative achievements of the value-relevance of accounting information.In a relatively short period of time, china completes the development of Western securities market which takes more than100years with Chinese characteristics. Considering these characteristics, using the accounting information of domestic listed companies, the study of the value-relevance of accounting information can find the existing problems in China’s capital market development, besides this study can both meet the requirements of the investors on the quality of accounting information, but also promote capital market healthy,functioning of great significance for economic development.An important goal of the new accounting standard setters is to establish a decision-useful concept, emphasizing the accounting information should be provided for the users’ decision-making forward-looking, predictive signal, and improve the quality of accounting information. After the implementation of the new standards, has the quality of accounting information really been improved? Has it enhanced decision-making related? These questions, we need to explore the quality of accounting information changes after the implementation of the new guidelines. After the implementation of new accounting standards, the study of the value-relevance of accounting information can both clear new guidelines implementation effect, and verify whether the purpose of the standard-setters. After this study, we can find these problems which exist in the new accounting standards and need to be adjusted, this job can make significance for China to build a sound financial system.At present, domestic and foreign scholars on the decision usefulness of accounting information, mainly around the relationship of accounting earnings and stock price’s volatility expanded. New accounting standards more emphasis on the concept of balance on income measurement, whether the current earnings and stock price balance under the revenue? Does the comprehensive disclosure of income information help improve the value-relevance of accounting information? Which kinds of information can explain more? How do the implementation of the new guidelines improve the quality of manufacturing industry’ accounting information? Troubled by the above questions, this article intends to select the data of the annual report under the old and new standards system, the time window from2004to2009, the accounting information of listed companies in Shanghai and Shenzhen A-share value of the correlation studies, and use manufacturing industry as a representative, discuss the implementation of the new guidelines on the improvement of the quality of accounting information in the manufacturing industry. The new criteria after the implementation of results, provide recommendations for future accounting standards further refined and improved; explore accounting information and decisions of higher classification, analysis of the value of listed companies for investors to form investment decisions to provide theoretical support and methodological guidance.This paper uses the accounting information disclosed in the annual report of listed companies in China, from the cognitive point of view of investors in the original valuation concept mode, modify the classic model-pricing model, making comprehensive study of the relationship between stock price and the accounting information listed in financial table,using the results of empirical studies to evaluate the influence after the implementation of the guidelines on the value of accounting information.This paper mainly consists of five sections:The first section:Introduction. The writer mainly expatriates writing background and significance of the paper, and gives a brief description to the main contents and research ideas, and expected contribution.The second section:Literature Review. The paper reviews the current system of relative research results of accounting information. First, it researches ideas in theory from the view of information and measurement. Then, the writer summarizes the current study method in this paper.The third section:Theory summary. Based on the definition of the concept of accounting information、information quality and information disclosure quality, this paper expounds on the important basis of the theory of accounting information correlation studies, including efficient market hypothesis、capital assets pricing theory and portfolio theory. The fourth section:The new guideline affects the correlation of accounting information and expounds the change of the new standard. It includes fair value of introduction and asset impairment don’t allow return. This theoretically analyzes the new criteria which affects the correlation of accounting informationThe fourth section:The new guideline affects the correlation of accounting information and expounds the change of the new standard. It includes fair value of introduction and asset impairment don’t allow return. This theoretically analyzes the new criteria which affects the correlation of accounting informationThe fifth section:The new guidelines for the implementation of the accounting information before and after the value relevance of empirical research. Firstly, based on theoretical analysis, the study hypotheses. This study assumes that there are three:Assumption1:The new accounting standards implementation, reflect the asset quality of the information to improve short-term assets, long-term assets, enhance efforts to explain the stock price. Assumption2:The new accounting standards after the implementation of financial assets reflect the accounting information to improve the quality of the non-financial assets, and the increase in stock price, for non-financial enterprises, and reflect the information of the financial assets of efforts to explain the stock price decline. Hypothesis3:the new accounting standards after the implementation of accounting earnings and stock price increased, the operating surplus significantly enhance efforts to explain the stock price. Secondly, the study design, study design, including research methods and models; sample selection and data sources, the paper based on the research purposes, using the price model, set the size of the company, the carrying amount of the market value of more than two control variables, and select2004years ago has been publicly listed company, whichever is the2004,2005,2007,2008and2009Annual Report data, a total of3292samples studied. After that, the empirical analysis on the samples selected description line statistical analysis of each variable, correlation analysis, regression analysis using multiple linear regression models on the explanatory variables and the explanatory variables, and the results analyzed, test the hypotheses. On the basis, further broken down to industry classification, and to explore the degree of improvement of the manufacturing industry, accounting information useful decision making on the implementation of the new guidelines.The Sixth section:Conclusion and inspires. This paper summarizes the main study found and gives related suggestions for the decision of investors. This paper points out the limitation of the study and its deficiency, and the prospects for future research.In this paper, the auditor mainly the following methods:(1) On the basis of normative studies, in-depth empirical research. This paper begins with a theoretical analysis of the important changes of the new criteria decision-making of accounting information, then the use of descriptive statistical analysis, correlation analysis, regression analysis to study the value of accounting information.(2) Comparative analysis. Through before and after the implementation of the new guidelines, the accounting information and stock-control study of the relationship changes in the detection of the new guidelines, whether to raise the quality of accounting information, increase the explanatory power of accounting information on stock prices.Previous study of accounting information value of the correlation relationship between accounting earnings and stock returns, or the use of the Olson model to explain the intensity of net assets per share and earnings per share stock price, this study features is the impact of significant changes for the new guidelines, assets and surplus segments. Guidelines for asset impairment, the asset first broken down into short-term assets and long-term assets, to discuss the decisions of the asset quality of the information in the new implementation of the guidelines, on a test basis, of the entire industry, manufacturing industry representative depth; the impact of fair value, then the assets broken down into financial assets and non-financial assets and explore new implementation of the guidelines for non-financial sector stock prices; taking into account the new guidelines stress the balance apparent core position, this paper comprehensive income concept to analyze the surplus in accordance with the Earnings Persistence of different surplus segments for the operating surplus and non-operating surplus to further study after the implementation of the new standards, the surplus value of the information related.In addition, variable design is this different from previous studies in the past, the accounting information and stock-related research, are accounting indicators to measure the assets, the ratio of earnings quality variables, while the stock price is the point value will inevitably lead to large-scale impact of selected variables in this article are taken directly from the value of the balance sheet and income statement, and makes the explanatory variables and the explanatory variables match better, to improve the accuracy of the model. |
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