Changes In Fair Value Gains And Losses Impact On The Cash Policy

In 2014, China’s Ministry of Finance issued the "Enterprise Accounting Standards No.39-Fair Value Measurements", which is redefining the essence and meaning of the fair value on the basis of the enterprise accounting standard which was executed in 2007. The measurement attribute of fair value changed the traditional attributes of the historical cost which was considered to be the main financial measurement basis. It was more relevant and decision usefulness. Besides, it can reflect the value of the company timely and continuous dynamically. We reviewed the global financial crisis which was triggered by the United States in 2008. The destruction was so severe, making the global economy suffered an unprecedented blow, many scholars claimed that the measurement attribute of fair value led to the financial crisis behind.Relative to the average of listed companies, financial listed companies hold more financial assets and financial liabilities, mostly those assets and liabilities are measured by the fair value measurement attribute. The fair value measurement attribute has been an unprecedented promotion and use in the financial sector. Because it is provided with its own uncertainty, instability and volatility, there may be an adverse effect and poor consequences on the financial sector. So, we evaluate the economic consequences of the introduction of the fair value measurement attribute accurately and objectively. It may be helpful for improving the fair value accounting standards and promoting the financial markets to develop safely and stably.Thesis mainly chose our financial listed companies which introduced the fair value measurement attribute, when the company hold financial assets and liabilities, it can form the changes in fair value, besides, The sample data is from the 2009 to the 2013, that is to say after the international financial crisis in 2008. We want to study whether the company determine the cash dividends and how much the company determine the level of cash dividends, we study it in accordance with the actual control of different people and different concentration of equity. Then we find out that the level of cash dividend payments can be said too few. The non-state-owned holding company, high ownership concentration of the company and moderate level of ownership concentration of financial listed company, all those show a positive correlation between the fair value accounting information and the level of cash dividend payments, however, there is no correlation in other state-controlled company or low ownership concentration of financial listed company.