An Empirical Study On The Value Relevance Of Accounting Information Under The Assets And Liabilities View

The new Chinese accounting standards issued in 2006 took the asset-liability view as the accounting concept to guide the accounting standards making.In order to study the application effect of the asset-liability view and investigate whether it has improved the usefulness of accounting information,this thesis uses the empirical research method to test the changes of the value relevance of accounting information before and after the implementation of the assetliability view.In this thesis,a-share listed companies from 2002 to 2017 were selected as research objects.In order to compare the differences before and after the implementation of the asset-liability view,the samples were divided into two groups: the samples from 2002-2006 were taken as the samples under the income-expense view,and the samples from 2007-2017 were taken as the samples under the asset-liability view.This thesis added a dummy variable to the price model to distinguish two groups of samples,and the dummy variable was multiplied by earnings per share and book value per share respectively as two interactive terms.By examining whether the regression coefficients of the two interaction terms are significantly more than zero and comparing them,this thesis finds the change of value relevance of accounting information under the asset-liability view.Firstly,this thesis examines the changes of value relevance of accounting information under the full sample.Secondly,the samples were divided into stateowned holding enterprises and other enterprises.By comparing the test results of the two samples,it was found that the implementation effect of the asset-liability view in enterprises with different property rights was different.Finally,the samples were divided into asset-light enterprises and asset-heavy enterprises.By comparing the test results of the two groups of samples,it was found that the soft power assets that did not enter the balance sheet had an impact on the implementation effect of the asset-liability view.The research results show that,first,the value relevance of accounting information is improved in the whole sample,but the increase degree of the value relevance of balance sheet information is smaller than that of income statement,which does not reflect the fact that the asset-liability view pays more attention to the information of balance sheet.Secondly,the changes in the value relevance of accounting information in the sample of state-owned holding enterprises are similar to that in the whole sample,while the information value relevance of income statement in the sample of non-state-owned holding enterprises is significantly enhanced,but there is no significant change in the value relevance of balance sheet information.Finally,In the case of the assetheavy enterprise sample,the change of the value correlation of accounting information is similar to that of the whole sample,while the value correlation of income statement information in the case of the asset-light enterprise sample is significantly enhanced,but the value correlation of balance sheet information is not significantly changed.Therefore,this thesis puts forward relevant suggestions from the aspects of improving information quality,optimizing regulatory measures,improving the incentive mechanism for executive compensation and promoting the maturity of capital market.In this thesis,the main innovation is that it researches the influence of the asset-liability view on the value relevance of accounting information,and it not only finds out whether the value relevance of the balance sheet and income statement information under the asset-liability view was significantly improved,also focus on the comparison of the degree of change.In addition,this paper divides enterprises into asset-light and asset-heavy enterprises,state-owned and non-state-owned holding enterprises for the first time,and studies the different implementation effects of asset-liability view in different types of enterprises.