Research On The Effect Of Fair Value At Different Levels To Stock Price Synchronicity In Financial Listing Corporation

In 2008,by the U.S. subprime mortgage crisis triggered the global financial crisis sparked controversy on the application of fair value measurement once again. Although the fair value measurement of procyclicality and measurement process lack of reliability problems accelerate the stock price up or down,but including FASB and IASB,the accounting standard setters firmly believe that fair value measurement can provide more relevant information,and to establish and perfect the specific criteria and application guidelines. In order to better integrate with the international accounting standards,China’s Accounting Standards Committee promulgated the "enterprise accounting standards" in 2006,reintroduced and defined the fair value measurement method,put forward to the three levels of the fair value of the amount of confirmation. The accounting standards for Enterprises No. thirty-ninth issued in 2014 and according to IFRS13 to further improve the definition method and level of fair value measurement and make more specific requirements for information disclosure,and urge enterprises to comply with the rules of metrological work and strengthen the fair value measurement in financial statements disclosure of information. The development of the enterprise cannot do without investors,and investors mainly through corporate disclosure of financial report information to make decisions,so how to improve the fair value measurement of the transfer of the relevance and reliability of the information has become the focus of future research.The synchronization of stock price,stock price is up or down phenomenon is the linkage relationship between stock price fluctuation and measure the average market changes,the factors of influence on the stock price synchronicity includes information efficiency view and irrational behavior view. The information efficiency can be explained by the view that lead to the market and industry level information causes the synchronization of stock price on the one hand,on the other hand is affected by enterprise quality of information disclosure of financial statements,but the irrational behavior of the concept of supporters believe that the market is flooded with noise completely conceal the impact of specific information on stock price synchronicity,the higher noise is the fundamental reason for R2 decline. Our country is still in the development stage of emerging markets,the phenomenon of frequent abnormal fluctuations in stock prices,is not conducive to realize the function that the capital market through the price adjustment to achieve the optimal allocation of limited resources. In order to better solve the problem,this paper first from the view of information efficiency perspective,the fair value measurement information should be as firm specific information integrate into the stock price,the research of this trait information through financial statements delivered to the market will reduce the stock price synchronicity,and further improve the test reliability of fair value measurement information is to make investment decisions to help the users of financial information independently,reduce market noise,to achieve the purpose of reducing stock price synchronicity.This paper selects the financial industry as the object of study is because of its intermediary position between people who can provide capital and capital which can be used to investment,held more derivative financial instruments,therefore,the application of fair value measurement of the project is relatively wide. This paper summarizes the development process of the application of fair value measurement methods at home and abroad,and explain it as an important accounting disclosure not only influence single enterprise shares,but also influence the stock price fluctuation of the whole market. Further by looking up the listing corporation annual report and sorting out the empirical data,test the relationship between the fair value of the different levels of input variables and stock price,and from the external securities analysts,the internal shareholding structure and management stock ownership to test the moderating effect of information transparency on the impact of stock price synchronization to promote the transfer of private information. Finally,according to the results of theoretical analysis and empirical analysis,I think according to the fair value of the first and second level measurement of assets to promote the idiosyncratic information into stock price,the securities analyst number and ownership concentration degree in the fair value measurement to affect stock price synchronicity has negative moderating effect. The recommendations include the strengthening of the fair value measurement guidelines and guidelines for the application of norms such as valuation techniques and procedures,attention to the development of securities analysts and do a good job of internal management of enterprises and strengthen supervision.