Study On Value Relativity Of Fair Value Stratified Measurement After CAS39 Document Implementation

The 2008 financial crisis made the fair value measurement attribute almost out of the stage of history.Fortunately,international scholars have made a series of empirical studies of fair value measurement to show that fair value measurement can provide more reliable accounting information than historical cost measurement.The existence of fair value measurement.Later,with the economic recovery,the measurement attributes gradually recognized by the market,is widely used by enterprises,especially in the financial industry listed companies.In addition,as China's market economy continues to mature,financial information users put forward new requirements for corporate accounting standards,they want to be able to get more reliable accounting information to help them make more effective investment decisions.The internationalization of the guidelines under the influence of China's Ministry of Finance in April issued a document CAS39,which is China's fair value measurement properties made the latest requirements,which did not respond to the international call,the document increased the current internationally used Fair value hierarchy theory.In other words,the Ministry of Finance requires enterprises to stratify the fair value to improve the reliability of accounting information to meet the needs of information users.In this paper,based on the fair value stratification,after reviewing a large amount of relevant information,through the improved Ohlson model,from 2014 to 2016,Shanghai and Shenzhen financial listed companies as the study sample,CAS39 document after the implementation of the first-level,the second-level and the three-level fair value measurement of the balance between assets and liabilities and the stock price of the empirical study.Among them,CAS39 document was implemented in 2014,taking into account the impact of the size of the data on the results of the study of the semi-annual data into the scope of the study.This paper chooses the stock price of the last trading day in April and August as the dependent variable P,the financial assets of the listed companies in the financial industry and the first-level,the second-level and the three-level of the fair value assets and liabilities as the independent variables FVA1it,FVA2it,FVA3it,FVL1it,FVL2it,FVL3it,the rest of the variable has the fair value of the total assets of the amount of FVA1it,the total value of the fair value of FVLlit,the book value of the total assets and total liabilities of the difference NFVALit and deducting non-recurring gains and losses after the basic earnings per share.In the data collation process,the data is incomplete sample,get 220 valid samples.In the empirical part of the use of eviews data processing software,the first sample industry distribution,sample size and all the variables made a descriptive analysis,and then the model of the multiple regression analysis.Finally,variable P replaced in April and August last the average of the 15 trading days prior to the trading day was tested for robustness.The final description of the implementation of CAS39 guidelines are relatively good,the level of fair value measurement of the balance between assets and liabilities and the following:First,the assets of the first test,the first layer of the fair value of the assets of the value of the correlation,but also positive correlation,the second and third levels of fair value measurement of asset value correlation is lagging behind,and negative correlation.There is no downward trend in each level.Second,the separate test of liabilities,the level of the fair value of the measured liabilities are valuable and negative correlation.lt is instability of the trend to reduce.Third,the overall measurement of assets and liabilities,the first level of fair value measurement of assets and the first two levels of debt are of value relevance,the second level of assets and the third level of debt value of instability,the third level of fair value assets is not relevant.The overall level of the test did not show a layer to reduce the trend.This may be due to the third level of data disclosure is not standardized and the third level of the data itself is too small,but also shows that companies need to strengthen the valuation of the perfect.