Corporate Strategic Difference, Information Disclosure Quality And The Value-Relevance Of Accounting Information

With the continuous development of China’s capital market regulation, the quality of accounting information is getting more and more attention. As one of the most important indicators of the quality of accounting information, the value-relevance has become the research object of many scholars. However, most empirical studies existed concentrate on the value-relevance of accounting information and influence factors of the value-relevance of accounting information. The empirical research on the relationship between the non-financial information such as enterprise strategy and the value-relevance of accounting information is rarely studied.Based on studies of value-relevance of accounting information, this paper adds the variable that can measure the degree of enterprise strategic differences to the Ohlson price model, and analyzes the relationship between the degree of enterprise strategy differences and the value-relevance of accounting information of the listed company in Shenzhen Stock Exchange from the year of 2010 to the year of 2014. Then introducing the quality of information disclosure, empirically tested the relationship between the quality of information disclosure and the value-relevance of accounting information. And through analyzing the different levels of disclosure of the sample respectively, the paper compared the relationship between the degree of strategic differences and the value-relevance of accounting information in the different levels of information disclosure.Through the empirical test of total sample, this paper finds that with the increase of the degree of corporate strategic differences, the value-relevance of the accounting earnings is lower, and the value-relevance of book values of net assets is increased.When firms adopt the extreme strategy which deviate from the industry, investors tend to use the book values of net assets information to make investment decisions, and reduce the valuation weight of accounting earnings. With the improvement of the quality of information disclosure, the value-relevance of accounting earnings is enhanced, while the value of the book values of net assets is weakened. The value-relevance of accounting earnings is higer for good quality of information disclosure company, the value-relevance of book values of net assets is higher for poor quality of information disclosure company.By respectively empirical test the samples of different levels of information disclosure quality, the degrees of strategic difference of the company with excellent information disclosure quality and the company with disqualified information disclosure quality are found that will not affect the value-relevance of accounting earnings and the value-relevance of book values of net assets. For the company with good information disclosure quality and the company with passing information disclosure quality, the increase of the degree of strategic difference will lead to the decrease of the value-relevance of accounting earnings.The empirical results of this paper show that the important role of non-financial information, especially the strategic information in the investment decision-making. And the results explain the importance of information disclosure to improve the capital market of china. The conclusion of this paper is of great significance to the establishment of the financial reporting objective, the revision of the guidelines, and to the construction of non-financial information disclosure rules.