The Influence Of The Fair Value On The Listed Financial Companies' Performance Study

With the development of capital market and the deepening of global economic integration, the application of the fair value becomes an international trend, the wide application of the fair value is imperative. In 2014 the ministry of finance of our country issued the fair value measurement standards, promoting the international convergence of accounting standards in China. Although the fair value standards can support the application of the fair value, but the research of the fair value in China starts late, and in the early days, there is not rich data to support empirical research, so the current research results is not rich. Because of the fair value measurement has strict requirements for the market, and the development degree of the market economy in our country is low, so to provide the possibility of profit manipulation of listed companies. In this paper, it is in this context, for the influence of the fair value of the performance of listed financial companies was studied.This article first expounds the basic theory related to fair value, including the definition, basic characteristics, theoretical basis of fair value(decision-making serviceability theory, efficient market theory, comprehensive income theory), measuring method(the market method, the present value method, the cost method), etc., Secondly, the article do the statistical analysis of the application of fair value in China's financial industry, including the applications of the fair value on the measurement of assets in the banking, securities, insurance and trust industry, as well as the changes in fair value in the share of the profits of listed companies in the financial industry. By analyzing the application of fair value in accounting standards, fair value put impact on firm performance through the analysis of changes in fair value, investment income, operating profit and net non-operating income impact on firm performance. This paper hypothesized that the fair value correlated with the performance of financial listed companies, the performance of listed Banks, the performance of listed securities companies and listed insurance trust company. This article select roe as explained variable, build the net investment profit and loss rate to changes in fair value, net assets yield, net operating profit margin and net assets net non-operating income rate as explained variable, introducing virtual variables, and build the model. This article selected 16 quarterly data of 39 listed financial companies from 2012 to 2015 as sample, using SPSS19.0 to do descriptive statistics, correlation analysis and regression analysis. Through the empirical analysis, this paper draws the following conclusions:(1) The fair value has a positive correlation with the performance of financial listed companies, mainly through the fair value changes in fair value gains and losses, investment income, operating profit and net non-operating income affect listed financial companies.(2) The fair value measurement has different impact on the performance of banks securities and insurance. The fair value has a positive correlation with and the performance of listed Banks, mainly through the fair value changes in fair value gains and losses, investment income, operating profit and net non-operating income affect the listed Banks. The fair value has a positive correlation with the performance of listed securities company, mainly through the changes in fair value gains and losses, operating profit and net non-operating income affect listed securities company performance. The fair value has a positive correlation with the performance of insurance trust company, mainly through the changes in fair value gains and losses, operating profit impact on firm performance. In the end, according to the research conclusion, this article puts forward the corresponding policy.