Research On Value Correlation Of Fair Value Level Information

The 2008 financial crisis swept the world,which led to the extensive discussion of the applicability of fair value.The application of fair value can be described as twists and turns.After being abolished,it experienced the rebirth of Nirvana and expanded its application in the practical field,causing academic circles.Wide attention.The application of fair value in China has been going on for more than ten years and has been continuously developed and improved.In 2014,the Ministry of Finance issued CAS39 and the revision of the 2017 Financial Instruments Guidelines,which brought the fair value to the research hotspot again.The existence of fair value and the characteristics of truthful reflection can reduce information asymmetry to a certain extent,increase the usefulness of decision-making,and increase its value relevance.Among them,the level theory is the biggest bright spot of CAS39 to solve the fair value measurement point of view,and it is also the most prominent feature of the standard.Therefore,this paper starts from the hierarchical theory and explores the value relevance of fair value level information,which is of great significance for improving the fair value measurement criteria.Based on CAS39,this paper refers to the 2010-2017 CSI A-share financial industry listed companies,and uses the modified Ohlson price model to empirically analyze the sample data from the perspective of fair value hierarchy and information environment.The results show that: First,the fair value assets and liabilities of different levels have value correlation,and the value correlation of fair value assets is not reduced layer by layer,and the value correlation of the first level fair value assets is significantly higher than the second.At the three levels,there is no significant difference between the second and third level assets,and the value correlation of the fair value liabilities is not reduced layer by layer.Second,the promulgation of CAS39 significantly increases the value relevance of thirdlevel fair value information.Third,the internal information environment helps to increase the value relevance of third-level fair value information.Fourth,a sound external information environment can increase the value relevance of fair value level information.Last but not least,according to the investigative conclusions,bring forward targeted recommendations to develop and improve China’s fair value measurement research.