The Influence Of The Fair Value Measurement On The Value Relevance Of Accounting Information Under The International Convergence Of Accounting Standards

In recent years the fair value has been a hot topic at home and abroad of the accounting profession. In September 2006 the issue of US Financial Accounting Standards No.157—the fair value(SFAS157) by FASB marked a new phase of fair value, after that in response to the call of the Group of Twenty and Finance Council, IASB issued the guidelines IFRS 13- Fair Value Measurements In May 2011, apparently it has been widely used in GAAP of the United States and international accounting standards. In order to maintain convergence with international norms, the Ministry of Finance introduced the fair value into the accounting standards, but it has gone through the process of three stages, during which it issued the "Continuing Full Convergence Roadmap Of China Accounting Standards And IFRS", and eventually released No.39—fair value(CAS39) of Accounting Standards of Enterprises in January 2014,in order to achieve single convergence criteria at the same time.Whether in domestic or foreign countries, standard setters use the fair value to provide more relevant information—enhancing the value relevance of accounting information, but after the adoption of fair value, whether the value relevance of accounting information is improved as expected needs empirical testing. This paper summarizes the research results at home and abroad, using five-year time span from 2009 to 2013, using a combination of theory and research methods, selecting classic price model to do the empirical analysis, based on this on one hand using the background of the guidelines as an adjustment variable to analysis how does IFRS13 influence the application of fair value, on the other hand because the application of the fair value in the financial industry’s is extensive, so choose the financial industry as the standard division of the sub-sample analysis, analysis if it is different that the financial industry and the non-financial sector affect the use of fair value to the value relevance of accounting information. Through empirical analysis we make the following conclusions: the fair value can increase the value relevance of accounting information; because the affect of fair value and the value relevance of accounting information are often subject to the constraints of the economic situation, and with the type of industry, so the implementation of international norms for two Relations have a significant impact, while the sample of financial sector is also more significant than the empirical results of samples of non-financial sector.The empirical results of this paper in favor of corporate management to manipulate profits constrained behavior, helping stakeholders make reasonable value judgments, enhancing confidence in our use of fair value, providing a reliable empirical data for the makers of China’s accounting standards and providing the basis for speeding up the process of internationalization of accounting reform.