The Empirical Research On The Value-Relevance Of Accounting Information And Stock Price On The New Accounting Standards

The new Accounting Standards for Business Enterprises which China issued in2006, not only takes the convergence to International Financial Reporting Standards, but also takes full account of China’s national conditions. The purpose of it is to improve the quality of accounting information.The new Accounting Standards, will or not improve the quality of accounting information, which is very important to the healthy development of China’s market. This paper, on the basis of the theoretical foundation and literature review, analysis the major changes in several aspects of the new accounting standards and proposed in the four assumptions, that is, whether the new Accounting Standards will raise or not the relevance of accounting information and stock prices, investors will take more care of the information of the Balance Sheet or the Income Statement, investors will or not pay much attention to the fair value, and the comprehensive income have or not incremental t information to the stock prices, these four questions will be verified by the price model, to test the effect of the new Accounting Standards.The results show that, the new Accounting Standards raised the relevance of accounting information and stock prices, the market still pay attention to accounting earnings, the relevance of fair value information and stock price is weak negative, the comprehensive income have a little incremental t information to the stock prices, the implementation of the new Accounting Standards had certain effect, but its effects are not fully reflected, and recommend the relevant policy proposals in the hope that the valuerelevance of the financial information and stock prices will be to go a step further.