The Empirical Research On Value Relevance Of The Fair Value Hierarchy Information

In May 2011,the IASB released IFRS 13 “Fair Value Measurements” which changed the situation where fair value scattered in several specific guidelines.In 2014,China released No.39 accounting standards Fair Value Measurements(CAS39),which required public companies to disclose the fair value hierarchy information in the annual reports.It guarantees the reliability of fair value information.So in the context of new accounting standard,studying the value relevance of fair value hierarchy information has important significance on providing empirical evidence to disclose the fair value hierarchy information for public companies and improving fair value accounting standards.This article selects the fair value hierarchy information from 2010 to 2014 in the financial industry as the research object,to study it from the fair value and its hierarchy itself and the corporate governance based on the price model.It turned out that,(1)the fair value has value relevance in whole.(2)For the assets,the value relevance of level 1fair values is higher than level 2 and level 3,but there were no significant differences between level 2 and level 3;For the debt,the value relevance of level 12 fair values is higher than level 3.(3)the quality of corporate governance is higher,the value relevance of level 2 and level 3 fair values is stronger.As a whole,the application of fair value standards is good.However,due to the CAS39 is too broad,there is no detailed application guidelines on how to apply fair value hierarchy,so its maneuverability is low.So,This paper hopes to provide some policy advice through the study on fair value hierarchy for its better implementation in our country.