Research On The Market Response Of Fair Value Application

The pace of economic globalization is not only closely links between different economies,but also improves the market economic information on the quality requirements.In 08years the United States sub-loan crisis rapidly evolved into a global economic crisis on the real economy and fictitious economy brings great harm.Behind the crisis as the market information the most basic carrier of accounting information is again introduced in the teeth of the storm from the attention from all walks of life,the focus of debate is whether fair value of financial assets devaluation by amplifying mislead the market so as to accelerate the deterioration of the subprime crisis.A time represents the future development direction of the fair value accounting measurement for a time became a target for all.In 2006,China promulgated the" accounting standards for business enterprises" in introduced on certain items can be measured through the fair value measurement attribute this to the subsequent measurement requirements,listed companies in China started to make extensive use of fair value measurement attribute of this one,but as a result of fair value measurement attribute of some special(e.g.fair value pricing),resulting in China's listed companies is still unable to handle very skillfully.In this context,this paper concerns due to the fair value of the relevant information disclosure the different ways and content(i.e.,the use of fair value of different)is the foundation of information users have different effects,which make different decisions.If investors for listed companies the use of fair value is relatively sensitive,i.e.use of fair value of listed companies with significant market reaction,we can use the results as the basis,establish a rational,the authority of the use of fair value evaluation to the use of market mechanism,the use of the fair value of options,to gradually standardize,improve the fair value of the use.From this point of view,in order to historical cost measurement mode,to other metering modes metering mode,on the fair value of the disclosure of the relevant information and content of the research has become the accounting profession the broad masses of people of concern.After the financial crisis,many countries accounting experts have refocused on the fair value measurement,they think generally,fair value although the extent of the historical cost measurement methods in information related to the lack of fair value information,but can still cause reliability accounting group discussion.In these problems are promoted,in-depth study of the fair value of the relevant information disclosure has the extremely important practical significance.This paper is divided into six chapters:The first chapter is introduction,in this chapter on the research background of this article has made the simple introduction,mainly includes two aspects:first,the new accounting standards the larger range of application of fair value of the research for this article laid the background;secondly,the Shenzhen Stock Exchange announced the" listed company information disclosure evaluation approach"(later referred to as" approach")in 2008were modified,as the empirical research to provide samples available.The second chapter is the literature review,this chapter separately from overseas and domestic two directions of the fair value of the development of history.From abroad the development history of fair value from the production to the development process,from the development history of fair value measurement attribute in this special use appeared in the process of twists and turns and achievement.Then the fair value information disclosure research literature review and comment.Western scholars have used a large number of empirical methods around promulgated the accounting standards of fair value research,research questions focused on the fair value of the value relevance and reliability of two aspects,the selection of objects but also more widely,including banks,industrial and other industries;in China,the fair value of literature is mainly normal study,in Shenzhen the promulgation of "approach" introduced previously,it is difficult to obtain the.relevant data to carry out empirical.Finally,in the research method,this paper takes the combination of positive research and normative research approach,and a combination of descriptive statistics,but empirical research paradigm mainly.The third chapter of the fair value of the part of basic theory is introduced,including the definition of fair value,fair value hierarchy in three aspects:Connotation and.On the definition of fair value,this paper mainly introduces the FASB,IASB and Chinese accounting standards point of view;on the estimated fair value hierarchy classification problems,theory circle and practice circle made more unanimous view,namely that fair value can be divided into three levels.In the fourth chapter,descriptive statistics as a means,from the fair value in various industries use degree,scope as well as the standard three respects proceed with,use statistical data and case details of China's Listed Companies in the use of the fair value in the process of the existing problems,mainly includes the following several aspects:first,the fair value in the industry application to some extent;secondly,the use of fair value measurement project is too concentrated;here,the use of fair value is the standard of our country;finally,the lack of a direct use of the fair value of the situation to carry on the appraisal standard and authority.The fifth chapter of the listed in Shenzhen financial,insurance and real estate companies associated with the fair value of the information disclosure quality of market response to do the empirical test.First of all,this paper described the line statistics,analysis of the fair value of listed company in China using the basic situation,and problems;secondly,based on the2008,2009 and2010,the Shenzhen Stock Exchange announced the results of the evaluation for representing events,event study method of fair value and related information disclosure quality market reaction were studied,the window period as disclosed,as the center of the three day,that is[-1,1],with Shenzhen appraisal results as the disclosure of fair value information substitution variables,using the cumulative abnormal return rate as the market reaction to replace variable.The test results showed that,the market for high quality fair value disclosure presents positive responses,which in line with expectations.Chapter sixth policy recommendations,according to the conclusions of this study,the author from the fair value accounting standards,fair value disclosure system construction,associated with the fair value information disclosure quality assessment Construction and puts forward relevant policy suggestions.The main contribution of this paper lies in:(1)the previous literature pays more attention to the quality of information disclosure and market reaction,and the accounting information and measurement method study is also more general.This paper aims to study separate refining fair value relevance of fair value theory and practice so as to provide targeted empirical evidence.(2)based on the literature review and overview of the theoretical part systematically summarized commented current on the fair value of correlation between theoretical research and empirical research,and through the deep analysis to the connotation of fair value measurement attribute of an in-depth discussion of the fair value measurement attribute in the relevance and reliability of two aspects of the contradiction,as follow the researchers to understand the essence of fair value and problem make some help.(3)this paper summarizes the current our country finance,insurance and real estate industry fair value use,through the statistical analysis found that fair value current use has been widely applied,a higher degree,but also for the research and design on the timeliness and science has provided effective protection.The deficiencies of this paper is:the selection of sample is only the financial,insurance and real estate,did not put all the industry covers in the future,with fair value in other industry application,aiming at fair value and related information disclosure quality research should be more comprehensive.