The Value Relevance Of Fair Value Accounting Information Under A Hierarchical Perspective

In recent years,fair value has been rapidly developed and widely used,Scholars generally believe that from the perspective of value relevance,the accounting information reflected by the fair value measurement attribute is better than the historical cost,and it can provide more valuable information to the external and internal accounting information users,thus help them to make better decisions,more conductive to achieve the accounting goal of "decision effectiveness",therefor fair value has been received the international strongly promotion and use.The use of fair value in the whole world has been totally mature,and the incoming hierarchical information also injected new vitality into the study of fair value.China has also closely followed the step of international accounting research.In 2014 has issued the "No.39 Enterprise Accounting Standards-Fair Value Guidelines",which indicated that China has established the same standard of fair value with the international has.On the basis of clarifying the related conceptions and relationship between fair value,fair value hierarchical and value relevance,this article use the data of the listed companies in the A-share financial industry for the four years from 2014 to 2017 as samples to carry on the study,and examines whether the fair value hierarchical information has value relevance and the value relevance under the different level of fair value.Some governance factors in the company has been introduced as adjustment variables to observe the impact on different levels of fair value accounting information it makes.The result shows that:the book value of financial assets(liability)measured at the first,second and third levels of fair value is positively(negatively)related to the stock price,and the fair value information at first and second levels are more correlation;In terms of corporate governance,the level of stock equity concentration,stock equity balance and the size of the board of supervisors are all positively regulate the value correlation of fair value information,but the relationship between the fair value and roll the chairman and the general manager into one is not clearly reflected.