Research On The Impact Of Fair Value Measurement On Enterprise Value

As an important accounting measurement attribute,fair value has incomparable advantages in effectively improving the relativity of accounting information and reflecting the market fluctuation of the value of assets and liabilities objectively and timely.However,the spread of the global financial crisis in the 2008 has caused a wide controversy on the rationality of fair value application in the academic circles at home and abroad,especially on how fair value measurement affects enterprise value.China introduced the fair value measurement attribute in 2006,it has been more than 10 years,fair value measurement from start to maturity gradually.This paper chooses the Tobin Q value as the measure index of enterprise value,selects the financial data of 2007-2016 China's listed financial enterprises to study the relationship between fair value measurement and enterprise value.This paper first uses the literature analysis method to comb,analyze and summarize the related research literatures from three angles of the value relativity and reliability research of the fair value,the research of enterprise value intension and the effect of fair value measurement on the enterprise value.Through the theoretical analysis of the application status of fair value measurement attribute in listed financial enterprises and its influence on listed financial enterprise value,it lays a solid theoretical foundation for further empirical analysis.Then,according to the actual situation of the application of fair value measurement in China's listed financial enterprises,the qualitative and quantitative analysis is carried out by using the comparative analytical method.In order to further study the relationship between fair value measurement and the value of listed financial enterprises,through the establishment of multivariate linear regression analysis model,The influence of two kinds of measurement attributes of historical cost and fair value on enterprise value and the effect of fair value measurement on enterprise value in banking,securities and insurance industry are compared.Finally,form the conclusion of this paper,and according to the fair value measurement in China's listed financial enterprises application of the actual situation,put forward some personal policy recommendations.Through theoretical analysis and related data research,it is concluded that fair value measurement improves the relativity of accounting information to a certain extent,so it can reflect the value of the enterprise in the changing market in time.The change of fair value of profit and loss and the fair value of the financial assets available for sale is positively correlated with the value of the enterprise,but it can be seen that the relativity between the fair value change and the enterprise value is weaker than the change of fair value of the financial assets which can be sold.Fair value measurement has different correlation with the value of listed financial enterprises in different industries.Among them,the change of fair value of banking and the change of fair value of financial assets can not be related to the value of the enterprise;The change of the fair value of the securities industry is related to the value of the firm.The change of fair value of insurance industry has no correlation with enterprise value,The change of fair value of financial assets available for sale is positively correlated with enterprise value.