Research On The Correlation Between Fair Value And Stock Price Of Listed Companies In China

From the beginning of the "fair value" to the continuous development and application of the later stage,scholars in the accounting circles have always been divided about the advantages and disadvantages of their measurement.With the continuous change of the view of the accounting target from the concept of accountability to the decision making,the establishment of the accounting standards in our country is gradually drawing close to the international accounting standards,especially the fair value measurement standard issued by the Ministry of finance of China in January 2014,which has greatly improved the status of the fair value in the field of accounting and makes it develop continuously.It is the core content of China's accounting standards.However,whether the accounting information of the fair value measurement can be embodied in the capital market through the trend of the stock price,that is,whether the fair value information is related to the stock price,and the scholars at home and abroad have not been unified.At the same time,the ownership structure is the property right basis of the corporate governance.Many scholars have confirmed by a large number of normative and empirical studies.It has a significant correlation with the quality of accounting information,but few scholars have studied whether it will regulate the correlation between fair value information and stock price.This paper enriches the theory of the factors affecting the correlation between fair value information and stock price from a new perspective.This paper selects 2606 Shanghai and Shenzhen A shares listed companies(excluding the financial and insurance industry)which adopted and disclosed the fair value of our country from 2012 to 2016(excluding the financial insurance industry)as the research object,uses the revised Ohlson price model to construct the related model,and uses the statistics and analysis of the SPSS20.0 data.The software carries out an empirical test.In the regression analysis,the stock closing price of the balance sheet day is taken as the explanatory variable.The fair value information of the net assets measured by the fair value per share and the fair value of the fair value per share are the explanatory variables,and the correlation between the fair value information and the stock price is tested.Section effects are compared from three aspects: equity structure,ownership concentration and equity checks and balances.The resultsshow that:(1)the incremental interpretation of the net assets measured by the earnings and losses per share and the fair value per share is more significant,indicating that the fair value information is related to the stock price.(2)the increase in the proportion of state-owned shares will weaken the correlation between the fair value and the stock price,and the increase in the proportion of senior executives can,to a certain extent,strengthen the correlation between the fair value and the stock price.(3)excessive concentration of equity has a significant weakening effect on the correlation between fair value and stock price.(4)proper equity checks and balances have a strong moderating effect on the correlation between fair value and stock price.Finally,through the analysis of the empirical test results,combined with the relevant statistical data,the existing problems in the present situation of the fair value application and the equity structure allocation of Listed Companies in China are thoroughly analyzed and combed,and the pertinent countermeasures and suggestions are put forward from the improvement of the fair value standards and the equity structure allocation level respectively,so as to be fair and fair.Value measurement is better used in China,so as to enhance the relevance between fair value information and stock price.