Study On Decision Usefulness Of Fair Value Hierarchy

Previous research on the effects of the relevant accounting information for investors decision is based on the efficient market hypothesis,investors homogeneity,so that the entire capital market logic is reversible and all information to investors on the market decision usefulness.However,with the emergence of decision-making useful measurement,the fair value measurement model began to apply to the valuation of accounting information,based on the study of the efficient market hypothesis into question,makes the fair value of the information value relevance research conclusion.So,it is necessary to heterogeneous beliefs hypothesis as the prerequisite to re-examine the value relevance of fair value information.The financial accounting standards board(FASB)promulgated in 2006 "fair value"(SFAS157)in the "fair value hierarchy" concept to solve the reliability of fair value has always been not strong,for countries to develop the rules of the fair value hierarchy laid a solid foundation.Although at present our country lacks that fair value of the public information criterion,but in view of our country listed company annual report found that fair value disclosure level of listed companies showed a trend of rising year by year.So,in order to improve the quality of accounting information disclosure,make capital market more effectively,on the premise of heterogeneous beliefs hypothesis to re-examine the fair value hierarchy to disclose the impact on the decision making is of great significance.Based on the premise of heterogeneous beliefs hypothesis,the use of the price model based on noise trading Shanghai and shenzhen a-share listed financial sector,the two cities in China in2007-2015 data to carry on the empirical analysis,studied two problems:first,explore the fair value hierarchy to disclose or not impact on decision making;second,explore the fair value on the impact of three levels of disclosure on decision making.Results show that it is in the enterprise in notes to the annual report of the public have a higher value of the fair value hierarchy information correlation,investors do not believe that the company does not disclose the annual report notes the fair value of the level of information in the enterprise;the second is thefair value of the level of assets is positive and significant correlation with stock price,the fair value of all levels from high to low arrangement for asset value relevance two,one,three;third,the fair value of each level of debt,only one or two layers is negative and significant correlation with shares,and the fair value of the first level debt value correlation is higher than the fair value of the second level,the fair value of the third level of debt and stock correlation is not significance test.Article innovations have two: the first is the article according to the behavioral finance theory to improve the existing Ohlson model,realize the unity of logic and theory;the second is standing on the perspective of investors heterogeneous beliefs,finance system research the Shanghai and shenzhen two city A shares fair value assets and liabilities influence on decision making at every level,from the perspective of level of specification the fair value of the information value relevance of empirical test.So,the article under the hypothesis of heterogeneous beliefs through study the influence of the fair value hierarchy disclosure of decisions,find the value relevance of accounting information is affected by the investor belief subjective existence,value relevance of fair value hierarchy information just balance of short-term investors heterogeneous beliefs.In order to make more efficient capital markets,the realization of the rational allocation of resources,the article puts forward three Suggestions:one is to improve the quality of the fair value hierarchy information disclosure,the second is to improve accounting personnel's own professional level and moral quality,the third is to strengthen the valuations of the fair value hierarchy information.Hope that through the analysis of the research article,provide help for our country fair value level application.