Research On The Value Relevance Between Fair Value Measurement And Marketization

This paper takes the listed companies which use fair value measurement to measure the investment real estate in 2007-2015 Shanghai and Shenzhen stock market as the research obj ect,combines normative research with empirical research,adopts the method that theoretical research as the foundation and empirical research as the core research method.In terms of normative research,it is carried out from three aspects:the choice of fair value model of investment real estate,the relevance of fair value of investment real estate and the economic consequences of fair value of investment real estate.On the basis of empirical research,this paper conducts empirical research on the value relevance of accounting information by directly using fair value dates,and further analyzes the relationship between the value relevance of investment real estate and the degree of marketization.In addition,this paper not only verifies the relationship between fair value information and stock price,but also considers other influential factors such as company size and financial leverage in the empirical study.The analysis shows that:(1)The fair value measurement model can significantly improve the persuasion and interpretation of the stock price,that is,the investment real estate information reflected by the measurement model plays a positive role in the stock price pricing;(2)With the improvement of the marketization,the fair value has a stronger explanatory power for the stock price,that is,the level of the marketization plays a crucial role in the reasonable evaluation of the stock price by investors.At present,although fair value can enhance the explanatory power of stock price,this measurement model has not been widely used in the field of investment real estate.Therefore,we need to take necessary measures to further improve the environmental level of our legal system;Actively improve the information disclosure mechanism,reduce the degree of information asymmetry;Establish and improve the internal and external supervision and governance mechanism;At the same time,attributes to promote the promotion and application of the fair value measurement model in practice,we should also actively promotes the market-oriented reform in China and improves the marketization level in various regions.