A Study On The Value Relevance Of Accounting Information Before And After The Implementation Of The New CAS

February 15,2006, the Ministry of Finance issued the "Accounting Standards for Enterprises-Basic Standards " and 38 specific criteria, including corporate accounting standards system (hereinafter referred to as the new accounting standards), requires listed companies to January 1,2007 Date of implementation, while encouraging other companies for implementation. This is another major change in the history of accounting, not only conform to the market economy, but also realized China's accounting standards with International Financial Reporting Standards of the real convergence.The main innovation of the new guidelines is to:highlight the user from the decision-useful financial reporting perspective, emphasizing the value of accounting information quality; to establish the apparent balance in the core of the new guidelines, to change the current business, investors rely too heavily on the income statement The status quo, reducing profit manipulation of space; in the accounting measurement attributes to introduce elements of the concept of fair value, indicating that the subsequent accounting information and the truth and fair both to provide more value to the investor-related information.So if its real that the implementation of the new guidelines to improve the quality of accounting information of listed companies was it? This is academia, the accounting standard-setters, practice departments generally concerned about the issue, but also after the implementation of new accounting standards face the inevitable questions. Therefore, this article from the measurement of the angle of view to Faison-Olsen model, after the implementation of new accounting standards related to information value were studied. Specific contents are as follows:Chapterâ… , Introduction. This chapter describes the reform of accounting standards under study the value relevance of accounting information need, this study points out the background, significance, thesis structure and research methods, and innovations of this article, the final value of the information related to accounting nature is explained.Chapter II, Literature Review. This chapter after the implementation of international standards on the new value relevance of accounting information in the literature review of previous research on this and draw inspiration.Chapter III, the implementation of new guidelines for the value relevance of accounting information on the impact. This chapter reviews China's enterprises to develop and improve accounting standards development process, analysis of the changes in accounting standards, accounting principles from the theory that the amendment may bring to the accounting information quality positive and negative effects, especially in the fair value measurement attribute the introduction, the quality of accounting information on the impact of China is a focus of this paper.Chapter IV, empirical research design. This chapter first Faison-Olson theory of residual income generation, and the model assumes a simple introduction, and analyze the value relevance of accounting information on the impact and contribution of empirical research. Secondly, Faison-Olsen model based on the model used this study proposed, and the model of the design variables. Finally, the research hypothesis of this paper, a paper describing in detail the sample selection methods and data sources.Chapter V, to study the effectiveness of new guidelines for implementation of the test.This chapter first describes the model variables statistical analysis, and then price model based on new guidelines for listed companies in Shanghai and Shenzhen before and after the value relevance of accounting information to test, draw positive conclusions.Chapter VI, the conclusions and policy recommendations. Empirical model in this chapter summarizes the test results and proposed accounting information to improve the value of China's capital market related policy recommendations. Concluded that the inadequacies of this and future research directions.The main contribution of this paper is that after the implementation of new standards within the window a long period of time the value relevance of accounting information has been studied, showing the value relevance of accounting information on the trend, it's the first glimpse of the new guidelines appear in the process of gradual implementation effect.