公允价值对投资者决策影响研究——来自A股上市公司数据.pdfVIP

Abstract The application of fair value adapts the need of the requirements of the times. Now it has become an international trend. People like fair value because their needs of information are growing. The fair value has its own advantages and these characteristics can meet peoples demands of information. Despite the financial crisis has brought the negative impact to it, countries do not stop use it. In order to converge with international norms, China issued new accounting standards in 2006. They introduced fair value as one of the measurement attributes. Their purpose was to make the financial statements more authentic so that it would help investors make decisions. So when we introduced the fair value, did it really raise the quality of information and help investors to make decisions? Especially after the financial crisis, did the impact of the fair value on the decision change? Did Chinese investors use the fair value information in the process of making decisions? This paper will research these. First, the paper reviews the definition of fair value, the theoretical basis and the change of accounting standards around the financial crisis. Second, the paper elaborates the process of decision and analyses the relations of fair value and decision. Third, the paper uses the Ohlson price model to test how the fair value impact the decision of investors. Then it compares whether the impact of fair value on investors decision has changed around the financial crisis. Finally, the paper chooses Investment Real Estate as an example. This example will compare the change of share price around the announcement of fair value. The aim is to test the impact of fair value on decision. 1. In the profitable firm