The Research On The Relationship Between Usefulness Of Enterprise Debt Contract And Fair Value Measurement

In the trend of international convergence,The ministry of finance accounting firstly presented standards for fair value in 2006,and recently presented new standards in 2014.Because of America's subprime crisis happening,some scholars question the usefulness of the fair value when valuations.In order to help the development of research and enterprises to make decisions.It is necessary for us to testify the usefulness of fair value and find how to improve the usefulness.Based on the fair value accounting information,usefulness of debt contract has carried on the empirical research,and has tested the degree of earnings management in corporate governance how to impact the usefulness of fair value.In this paper,the topic is the debt contract decision usefulness based on degree of fair value measurements.With relevant literature of the accounting information contract usefulness and the fair value of the debt contract usefulness,describe the current status of the China's fair value measurement and debt contract and put forward the theoretical hypothesis based on enterprise contract theory,information asymmetry theory,agency theory and accounting information quality theory.Then,select the 2007-2014 data for variable selection,data processing,descriptive statistics,correlation analysis and related model design.Reason the correlation degree between the fair value accounting information and the usefulness of the debt contract,and further verify the moderating effect of earnings management on the usefulness of the fair value accounting information.The research conclusions are as follows:(1)the fair value accounting information is useful for the decision of the debt contract;(2)the degree of earnings management has negative effect on the usefulness of the fair value debt contract.Research conclusions provide reference for the development of fair value standards,and enrich the relevant theoretical research.At the same time,provide decision-making guidance for listed companies.It is useful to improve the financing environment,expand financing channels.In order to get more useful information for decision-making,listed companies prefer raising the level of corporate governance and reducing the earnings management degree.It will play a great role in improving information disclosure quality.