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Relevance between the degree of industrial competition and fair value information: Study on the listed companies in China

机译：产业竞争程度与公允价值信息的相关性：对中国上市公司的研究

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Purpose: The purpose of this article is to study whether there exists natural relationship between fair value and corporate external market. A series of special phenomenon in the application of fair value arouses our research interests, which present evidences on how competition affects the correlation of fair value information. Design/methodology/approach: this thesis chooses fair value changes gains and losses and calculate the ratio of DFVPSit as the alternative variable of the fair value. In order to effectively inspect the mutual influence between the degree of industry competition and the value relevance of fair value, and reduce the impact of multi-collinearity, we built a regression model on the hypothesis, which supposes that if other conditions are the same, the fair value information has greater value relevance if the degree of the industry competition is greater. To test the hypothesis, we use the comparison of the DFVPSit coefficient absolute value to judge the value relevance of fair value information, and the greater the absolute value is, the higher relevance between the changes in fair value per share profits and losses with the stock prices. Findings: The higher the degree of competition in the industry is, the more fair value information relevance is. Also, there are evidences representing that fair value information often presents negative correlation with the stock price. Originality/value: The main contribution of the article is to show that not only need we make the formulation and implementation of the high?quality of fair value?accounting standards to?suit for both the national conditions and international practice, but also need we further to improve the company's?external governance mechanism to promote fair value’s information correlation.
机译：目的：本文旨在研究公允价值与公司外部市场之间是否存在自然关系。公允价值应用中的一系列特殊现象引起了我们的研究兴趣，为竞争如何影响公允价值信息的相关性提供了证据。设计/方法/方法：本文选择公允价值变动损益，并计算DFVPSit的比率作为公允价值的替代变量。为了有效地检验行业竞争程度与公允价值相关性之间的相互影响，并减少多重共线性的影响，我们在该假设上建立了一个回归模型，该模型假设在其他条件相同的情况下，如果行业竞争的程度更大，则公允价值信息具有更大的价值相关性。为了检验假设，我们使用DFVPSit系数绝对值的比较来判断公允价值信息的价值相关性，并且绝对值越大，则每股公允价值变动损益与股票之间的相关性越高。价格。调查结果：行业竞争程度越高，与价值信息的相关性就越高。同样，有证据表明公允价值信息通常与股价呈负相关。独创性/价值：本文的主要贡献在于表明，我们不仅需要制定和实施高质量的公允价值会计准则以适合国情和国际惯例，而且还需要进一步完善公司的外部治理机制，促进公允价值信息的关联。

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