The Research On Resk-revelance Of Fair-Value Measurement

Our country began to implement the new accounting standards system with the high quality of fair value as the biggest bright spot in the scope of listing Corporation in January 1,2007.The establishment of the new accounting standards system can provide more useful accounting information for the investor and the social public to help them make better decisions,marking the China accounting standards construction realized the historical breakthrough and leap,further to achieve convergence with international standards.In the application of fair value,compared with other industries,the financial industry which has a large number of financial instruments has the most profound influence.This paper,which used financial company that influenced a lot by the fair value as the research object,selected 46 financial enterprises,from 2007 to 2014,that listed on Shanghai and Shenzhen as the research sample and calculated sample enterprise based on the historical cost measurement attribute,fair value measurement attribute of accounting earnings volatility.And positive tested,relative to historical cost measurement and fair value measurement,the accounting incremental volatility and the influence of the volatility of the stock return volatility and market risk.Empirical study shows that,listed financial enterprises in China,the accounting incremental volatility based on the fair value measurement is significantly greater than the accounting incremental volatility based on the historical cost measurement further more,the revenue from the incremental volatility significantly increases the company stock return rate volatility.In this paper,the innovations embodied in two aspects:(1)In theory,scholars at home and abroad and the study of the fair value has been relatively mature,but based on the perspective of financial enterprises to study the risk of fair value relevance is less,this paper studies to a certain extent,can enrich the research in this field.(2)Build the listed financial companies of fair-value accounting risk measurement model,the empirical test relative to the historical cost measurement,the fair value measurement under the increment of accounting earnings volatility,and the increment of volatility of stock return volatility and the impact of market risk.This paper studies help based on risk relevance perspective to understand the economic consequences of fair value accounting,contribute to the future revision of the fair value accounting and the implementation of the relevant regulatory policies.