Study On The Influencing Factors Of Fair Value Stratified Measurement Information Disclosure And Its Economic Consequences

In July1,2014,China issued the new Accounting Standards for Enterprises.The standard of fair value measurement was proposed for the first time.According to the requirements of the fair value measurement standard,the listed companies need to provide fair value information in the financial statements.And according to the reliability of the input value,the information of fair value is divided into three levels.For the financial reporting users,this provision will help them to have a better understanding of the reliability of fair value measurement.Meanwhile,through the full disclosure of the fair value measurement information,the users of financial reports can get more accurate informatioaccn.With these accurate information,they can reduce reverse selection and the capital market can be further developed.In order to study the reliability of the fair value measurement information,we take the listed companies in China's financial industry as samples to test the influence factors of the disclosure of fair value valuation information in this paper.The test is mainly carried out in two aspects.On the one hand,according to the point of view of corporate governance,all relevant variables of corporate governance are taken as a separate hypothesis.In this way,the influence of corporate governance on the disclosure of fair value information can be further studied.On the other hand,because of the reliability of fair value valuation information in different level is inequality,the amount of assets or liabilities that the fair value of listed companies holding at different levels will affect the number of disclosures of fair value valuation.Test results show that for both asset and liability items,the more the fair value of a listed company is measured at the first level,the more the level information of the fair value disclosed in the financial report will be.And for the second and the third level of fair value valuation information,the managers of the listed company tend to conceal the information.From the point of view of corporate governance,perfect corporate governance can significantly improve the quantity of fair value information disclosure at different levels.The paper also examines the economic consequences of fair value measurement information at different levels by value relevance.The revised model of Ohlson price is adopted in the test model.The test results show that for asset items measured at fair value,the first level fair value information has value relevance.The second and the third level fair value information does not have value relevance.For the debt items,all the three levels of fair value liabilities information has value relevance and the correlation was reduced level by level.The reason is that this paper uses the financial industry as sample which is more strict supervised for debt projects.By rating the credit of debt,the disclosure rules of fair value liabilities information have been strengthened.