The Empirical Study Of Measurement Of Fair Value To Value Relevance Of Accounting Information

With the development of the economy,the accounting target has turned to providinghelpful information. Measurement perspective advocates strengthening the availability of theaccounting information,which leads to the birth of fair value.With the America financialenterprises bankrupt, the historical cost measurement was questioned, fair value measurementwas paid more attention. FASB and IASB developed into the application and revision of fairvalue accounting standards.In China, fair value was first introduced in1997, but it was abolished in2001.Along withthe development of economy, in2006,it was reintroduced.,but the global financial crisiscaused much criticize.In2014January, the Ministry of Finance issued the accountingstandards for Enterprises No. thirty-ninth--fair value measurement,it have extended the rangeof fair value measurement, further emphasizes the relevance of accountinginformation.Whether the use of fair value measurement is benefit,so far, there is still noauthority. Whether the introduction of fair value accounting information to enhance the valuerelevance? This is the question which this article needs to study.Based on the usefulness theory, the effective capital market theory and valuation theory,The author selected the A share listed companies from2007to2012in China as the researchsample,by using price model,the author analyzed the impact of fair value measurement on thevalue relevance of accounting information. Through empirical testing, the overall conclusionis obtained with the value relevance of fair value.Specific performance in:there is asignificantly positive correlation between the variation of fair value and the stock price;lossor profit from changes of fair value and changes of fair value of financial assetsavailable-for-sale are both positive correlated with the stock price, loss or profit from changesof fair value is more significant than changes of fair value of financial assetsavailable-for-sale.That is to say, investors are more concerned about the profitability.Throughthe profit and loss packet inspection,we can find that,there is a significantly positivecorrelation between the changes in fair value gains and the stock price.The use of fair value is a systematic project, there are many deficiencies to be improved.The author argues that the establishment of a fully competitive market, improve the country’slegal system and the accounting system, improve accounting personnel occupation level andmoral quality, ensuring fair value can be effectively implemented in our country.